Thursday, November 20, 2008

Property agents optimistic about Dubai property market

Several property agents in Dubai predict a bright property market, with the sector expected to pick-up within next six months.

The CEO of Dubai Properties, Mohammed Binbrek, said that the current issue is more due to public sentiment, than due to liquidity or resource availability. Once the fears and concerns of the people are addressed, the business would return to normal.

The same optimism was seen among the respondents of a survey, involving 170 Dubai-based property agents, out of which 77 percent felt that the issues currently plaguing the Dubai real estate sector would vanish in six months time.

Pointing out to other markets, the Managing Director of Better Homes, Ryan Mahoney, said that the markets had a slow phase for a couple of months, and then improved in terms of transactions, depending on the availability of financial lending.

But Mahoney predicts that although the transactions may not rise to previous levels within next six months, the prices would stop falling, and then grow again, which may take about a year.

1 comment:

Anonymous said...

More than 30% of working people in property market are loosing their jobs. In the other hand, oversupply is pushing prices down and there's no demand, nobody can sell her property to afford her future payments.

Actually most of people who have invested in property market cannot afford their payments because developers and real estate companies are firing them this is in the same time that governement is setting developer-friendly rules!

How we can judge the current situation is just resulting of public sentiments and fears, if we narrow our point of view on rich people, it's true but how many percent of investors and end-users are among rich people? Majority of population are in hardship right now. How long authorities can lie themselves?
Why people expect the market would run forward in 6 months time? which economic justifying is lying under these analysis?
I wish there would be even a single speaker in this country that publish news based on real and justifiable facts!