Tuesday, February 24, 2009

Dubai property market re-gaining buyer-interest

According to property agents in Dubai, there has been considerable buyer interest for completed properties during recent weeks. Increased transactions are being witnessed with banks regaining confidence, and beginning to approve mortgages.

Past two months, although there hasn't been any viewing, during the past ten days, viewings have picked up considerably, and there is more consumer interest returning to the market, says Ronald Hinchey, Resident Partner, Cluttons.

Another Independent Property Consultants, Sherwoods, says that those planning to buy property now live in the property. With prices to the decline, people are considering affordable homes, says Iseeb Rehman, the Managing Director.

In the meanwhile, Owners are looking out to sell their properties, amidst growing concern over fall in prices, the agents report. Rehman mentioned that Sherwoods made five sales during the past week, in major sought-after areas such as Discovery Gardens, Dubai Marina and Jumeirah Village.

Rehman also mentioned that a growing interest is seen in office space, with more property coming on to the rental market, as owners seek stable revenue stream.

Property Advisor at Choueri Real Estate, Rima Moukarim, mentioned that owners' who have been holding on to property, anticipating a price recovery, can now look for a quick sale. He confirmed that the market is witnessing more sales and transactions.

The Assistant Director General of the Department, Mohammed Thani, mentioned that about Dh.2bn worth of mortgages have been registered with the Dubai Land Department this year. Moukarim said that banks seem more confident about lending. Also, with the banks resuming property lending, it is hoped that they would adopt a less stringent approval process.

In the meanwhile, the property experts have expressed their opinion that the market should offer incentives to lure back buyers and instill confidence by offering permanent residence visas to freehold home-owners.

When people purchase freehold property, it is the duty of the Government to offer permanent residence for the rest of their lives, as long as they own that property, says Hinchey.

1 comment:

Dubai Rental Index said...

Wow - Dubai is an incredible place with a lot to offer. I can’t believe how much it changed in 13 years. Thanks for all the details about UAE

Regards,
Ali@ dubairentalindex.com