Please Contact: Provident Estate
Tel: 04-3233609
E-mail:david@providentestate.com
info@providentestate.com
rentals@providentestate.com
Tuesday, June 30, 2009
Large 2 Bedroom Garden Apartment in Uptown Mirdiff for Rent
A large 2 bedroom apartment in Uptown Mirdiff for rent. A new development near the airport and within close proximity of all the shops of the Uptown Area. Rental Price: AED 105,1000.00
Friday, June 26, 2009
Oversupply in Dubai residential market expected to keep real estate rents low
Property rents in Dubai are expected to continue falling this year with the oversupplied residential apartment sector likely to see the steepest falls.
The third quarter will see further falls but it is hoped that prices will stabilise after that, according to the latest report from real estate consultants Landmark Advisory.
There is also hope that the sales market is stabilising. Distressed sales opportunities are largely finished, as sellers refuse to lower existing prices, the report claims.
In some cases, buyers are paying increased rates for sought-after residential developments with limited homes available, according to the transaction-based reference map.
'Smaller villa developments with a limited supply that have tapped into sufficient value recognition among end-users with regards to location, layout, build quality and amenities/facilities are among those residential developments experiencing price increases,' said Jesse Downs, director of research at Landmark Advisory.
Landmark said apartments had experienced a steeper fall in rental and sales prices than villas, and that this would continue to be the case.
The combination of the economic downturn and the completion of a large number of high rise apartments last year have resulted in an oversupply in that segment, the report said.
Meanwhile rents in Qatar are expected to rise over the next year as units from the $14 billion real estate The Pearl hit the market and fuel demand. Properties in Qatar are also expected to hold their value well compared to other GCC countries, according to property broker LifeStyle Homes.
'While the initial panic created by the economic crisis led to selling of some properties, the value of high quality projects in Qatar are expected to remain higher as opposed to the rest of the GCC countries,' a spokesman said.
Dubai Property Rental | Properties for Rent Dubai
The third quarter will see further falls but it is hoped that prices will stabilise after that, according to the latest report from real estate consultants Landmark Advisory.
There is also hope that the sales market is stabilising. Distressed sales opportunities are largely finished, as sellers refuse to lower existing prices, the report claims.
In some cases, buyers are paying increased rates for sought-after residential developments with limited homes available, according to the transaction-based reference map.
'Smaller villa developments with a limited supply that have tapped into sufficient value recognition among end-users with regards to location, layout, build quality and amenities/facilities are among those residential developments experiencing price increases,' said Jesse Downs, director of research at Landmark Advisory.
Landmark said apartments had experienced a steeper fall in rental and sales prices than villas, and that this would continue to be the case.
The combination of the economic downturn and the completion of a large number of high rise apartments last year have resulted in an oversupply in that segment, the report said.
Meanwhile rents in Qatar are expected to rise over the next year as units from the $14 billion real estate The Pearl hit the market and fuel demand. Properties in Qatar are also expected to hold their value well compared to other GCC countries, according to property broker LifeStyle Homes.
'While the initial panic created by the economic crisis led to selling of some properties, the value of high quality projects in Qatar are expected to remain higher as opposed to the rest of the GCC countries,' a spokesman said.
Dubai Property Rental | Properties for Rent Dubai
Sunday, June 21, 2009
Luxurious 6 Bedroom Villa in Al Barari
Fore sale spacious 6-bedroom villa is an Acacia Type A - inside and out it is a breathtaking sight.This flat-roofed villa is throwback on traditional Arabian luxury chalets; this has attached swimming pools, private gardens & water features.
This villa is exclusively listed with Provident Estate, a Dubai Property Agents. And you cannot find anywhere, not even with the Developer.
For more information, visit Al Barari.
Dubai Property for Sale | Dubai Property for Rent
This villa is exclusively listed with Provident Estate, a Dubai Property Agents. And you cannot find anywhere, not even with the Developer.
| Master Development: | Al Barari |
| Project: | Acacia Villa - Al Barari |
| Property Type: | Villa |
| No. of bedrooms: | 6 |
| No. of bathrooms: | 6 |
| Size of Property: | 12,180 sq.ft. |
| No. of Storeys: | G+3 |
| Plot Size: | 16,404 sq.ft. |
| Completion Date: | June 2009 |
For more information, visit Al Barari.
Dubai Property for Sale | Dubai Property for Rent
Demand picking up for Dubai Property
Prices of apartments in master developments such as Dubai Silicon Oasis, International City and Discovery Gardens have stabilised in the past three months, making them "affordable" for middle income earners in the emirate, according to real estate agents.
"The most affordable areas in the emirate are Dubai Silicon Oasis, International City and Discovery Gardens, where prices have levelled off in the past three months," said Vineet Kumar, Head of Sales-Dubai, Asteco Property Management.
According to Gowealthy. com, apartments in affordable housing projects have recorded a marginal drop of about five to 10 per cent in the past quarter. In International City prices for a studio, one-bedroom and two-bedroom apartments were about Dh290,000, Dh475,000 and Dh578,000, respectively, during the first quarter of 2009. The current prices for these properties stand at Dh275,000, Dh450,000 and Dh550,000, respectively, reflecting a decline of roughly five per cent since the past quarter, said Parvees Gafur, Executive Vice-President for International Sales, Gowealthy.com.
Prices stabilising
Mohanad Alwadiya, Director, Harbor Real Estate, said prices in affordable housing are now stabilising but there is an increasing demand.
"In Motor City, the residential apartment prices were about Dh900 a square foot in the second quarter of 2008 and is now about Dh600 per square foot. In International City, the average price per square foot has dropped from Dh830 in the second quarter of 2008 to Dh600 in the second quarter of 2009. In Discovery Gardens prices were Dh1,050 per square foot in the second quarter of 2008 and are now about Dh650 per square foot," he added.
From a rental perspective, Rose-Marie Kilzi, Leasing and Resale Director at Great Properties, said Discovery Gardens, International City and Springs villas continue to offer the cheapest rental rates in Dubai.
"A one-bedroom apartment in Discovery Gardens is currently in the range of Dh55,000 to Dh65,000 per annum. For a two-bedroom villa, the Springs is the cheapest rental property going for Dh100,000 per annum upwards. The rents have stabilised over the past three months," she said.
According to realtors, mortgages are easier to find for affordable housing units with banks generally lending at around 75 to 80 per cent loan-to-value ratio (LTV).
Alwadiya said most banks are offering mortgages on finished properties or those that will be ready within the next 45 days. The LTV ratio is still hovering around 75 per cent on average at an interest rate ranging between nine to 11 per cent, he said.
"Some banks are even offering mortgages on some off-plan projects," he added.
Asteco said mortgage availability on finished properties hovered around 75 to 80 per cent of the assessed value of the property.
"Four banks are very actively providing mortgages including HSBC, Abu Dhabi Commercial Bank, Dubai Islamic Bank and RakBank," said Kumar.
No oversupply risk
Analysts said people with incomes starting from Dh20,000 per month upwards were able to buy affordable housing in Dubai. They all said there was no risk of affordable housing becoming oversupplied in the market due to demand not yet picking up very strongly and the fact that a number of properties are yet to come into the market.
Kumar said: "Affordable housing supply is limited. The market has more projects on going, which are mid-market to luxury. The only affordable projects built so far are International City and Discovery Gardens. What has happened with the correction is that a lot of the finished projects have now become affordable and end users are taking advantage of this correction."
Alwadiya said: "We are witnessing an earlier than expected recovery signs in the market today that will help enhance and boost the demand on property. Affordable projects will benefit first and most during the early recovery stages, which will ease the pressure on the supply of such projects."
Gafur believes supplies are not pouring into the market as expected or predicted earlier last year.
Also, considering existing units and their expected delivery dates, it is still not enough to meet the entire demand for affordable housing from both a sales and rental perspective.
"Current demand levels may seem a bit lean due to various factors such as summer holidays, price drop expectations etc. But the latent demand for affordable housing is still quite strong and it is just a matter of time and initiation of positive factors such as increased lending before the demand levels show a visible upward trend again," he added.
Demand picking up
According to agents, demand for affordable projects is picking up as buyers are continually seeking to take advantage of the low prices.
"Demand on affordable residential assets is exceeding demand on affordable offices. This is mainly driven by the fact that the number of ready affordable residential projects exceeds the number of ready affordable office projects today," said Alwadiya.
Kumar said the demand for affordable residential units was higher than affordable commercial properties in Dubai.
"Demand is for locations that are established in terms of infrastructure and buyers prefer to be closer to such areas. It is difficult to put a number but the market sentiment is high for affordable housing projects," he added.
Since affordable housing developments have so far been attracting bachelors/ single families, the developments are not fully equipped with community facilities and amenities, said Gafur.
"The developments are not fully geared to provide all the support elements such as groceries and other shops. Once these services are up and running fully, a wider and general audience will consider buying into these properties and drive demand levels much further."
No major defaults
Analysts said there were no defaults arising in the affordable housing sector.
Alwadiya said: "The rate of influx of population to the emirate still exceeds the rate of departures and if we examine the profiles of the inflowing and outflowing population, we will notice that most of the departures were from the blue collar population who were forced to leave because of the slowdown in the construction sector. On the other hand, the influx has been fuelled by white collar or investor population."
Gafur said: "We have not noticed major defaults on payments across the affordable housing sector mainly because the developers have started to adopt flexible payment schedules."
"The initial panic mode that did prompt a few from even the affordable housing sector to relinquish their investments has stopped now. Current defaults are few and far between, with buyers understanding the medium- to long-term positive ramifications of property investments. Investors and homeowners having repayment-related issues also have the option to work out relaxed payment plans through developers or mortgage providers, thereby reducing default risk even further."
According to Kumar, in the early days of freehold property, the affordable real estate was bought mostly by investors who retained it for rental return or capital appreciation.
"Even though rents have corrected, first buyers of these projects enjoy a fair return on their investment. These products are always preferred by investors as well as end users and now that the market has been regulated, more end users will come forward to buy affordable housing projects," he said.
Kilzi said buyers of affordable units are the ones most affected by the economic crisis as they were the ones intending on staying long-term and relying on their monthly income to cover their mortgage.
Careful with agreements
Analysts said the current economic crisis has taught buyers to become more careful when it comes to reviewing their sales and purchase agreements.
"Compared to the earlier days of property sales, sales and purchase agreements have come a long way in terms of transparency. Reputed developers providing housing solutions within both the affordable and high-end sectors have placed a lot of emphasis on their sales and purchase agreement documentation policies, especially since the emergence of local authorities such as the Real Estate Regulatory Agency. There are further improvements that still need to be made in order to achieve the effectiveness and transparencies seen in the developed markets. That will happen as the market evolves and grows, and there are many instances of this taking place currently," said Gafur.
Kilzi added: "Most real estate developers have become aware of the market situation today and have learned that transparency is the best policy. With many having to agree to lower prices and give discounts and compensations to prevent people from defaulting, it is more apparent recently that transparency in communication as well as in purchase agreements has become a critical need."
"The most affordable areas in the emirate are Dubai Silicon Oasis, International City and Discovery Gardens, where prices have levelled off in the past three months," said Vineet Kumar, Head of Sales-Dubai, Asteco Property Management.
According to Gowealthy. com, apartments in affordable housing projects have recorded a marginal drop of about five to 10 per cent in the past quarter. In International City prices for a studio, one-bedroom and two-bedroom apartments were about Dh290,000, Dh475,000 and Dh578,000, respectively, during the first quarter of 2009. The current prices for these properties stand at Dh275,000, Dh450,000 and Dh550,000, respectively, reflecting a decline of roughly five per cent since the past quarter, said Parvees Gafur, Executive Vice-President for International Sales, Gowealthy.com.
Prices stabilising
Mohanad Alwadiya, Director, Harbor Real Estate, said prices in affordable housing are now stabilising but there is an increasing demand.
"In Motor City, the residential apartment prices were about Dh900 a square foot in the second quarter of 2008 and is now about Dh600 per square foot. In International City, the average price per square foot has dropped from Dh830 in the second quarter of 2008 to Dh600 in the second quarter of 2009. In Discovery Gardens prices were Dh1,050 per square foot in the second quarter of 2008 and are now about Dh650 per square foot," he added.
From a rental perspective, Rose-Marie Kilzi, Leasing and Resale Director at Great Properties, said Discovery Gardens, International City and Springs villas continue to offer the cheapest rental rates in Dubai.
"A one-bedroom apartment in Discovery Gardens is currently in the range of Dh55,000 to Dh65,000 per annum. For a two-bedroom villa, the Springs is the cheapest rental property going for Dh100,000 per annum upwards. The rents have stabilised over the past three months," she said.
According to realtors, mortgages are easier to find for affordable housing units with banks generally lending at around 75 to 80 per cent loan-to-value ratio (LTV).
Alwadiya said most banks are offering mortgages on finished properties or those that will be ready within the next 45 days. The LTV ratio is still hovering around 75 per cent on average at an interest rate ranging between nine to 11 per cent, he said.
"Some banks are even offering mortgages on some off-plan projects," he added.
Asteco said mortgage availability on finished properties hovered around 75 to 80 per cent of the assessed value of the property.
"Four banks are very actively providing mortgages including HSBC, Abu Dhabi Commercial Bank, Dubai Islamic Bank and RakBank," said Kumar.
No oversupply risk
Analysts said people with incomes starting from Dh20,000 per month upwards were able to buy affordable housing in Dubai. They all said there was no risk of affordable housing becoming oversupplied in the market due to demand not yet picking up very strongly and the fact that a number of properties are yet to come into the market.
Kumar said: "Affordable housing supply is limited. The market has more projects on going, which are mid-market to luxury. The only affordable projects built so far are International City and Discovery Gardens. What has happened with the correction is that a lot of the finished projects have now become affordable and end users are taking advantage of this correction."
Alwadiya said: "We are witnessing an earlier than expected recovery signs in the market today that will help enhance and boost the demand on property. Affordable projects will benefit first and most during the early recovery stages, which will ease the pressure on the supply of such projects."
Gafur believes supplies are not pouring into the market as expected or predicted earlier last year.
Also, considering existing units and their expected delivery dates, it is still not enough to meet the entire demand for affordable housing from both a sales and rental perspective.
"Current demand levels may seem a bit lean due to various factors such as summer holidays, price drop expectations etc. But the latent demand for affordable housing is still quite strong and it is just a matter of time and initiation of positive factors such as increased lending before the demand levels show a visible upward trend again," he added.
Demand picking up
According to agents, demand for affordable projects is picking up as buyers are continually seeking to take advantage of the low prices.
"Demand on affordable residential assets is exceeding demand on affordable offices. This is mainly driven by the fact that the number of ready affordable residential projects exceeds the number of ready affordable office projects today," said Alwadiya.
Kumar said the demand for affordable residential units was higher than affordable commercial properties in Dubai.
"Demand is for locations that are established in terms of infrastructure and buyers prefer to be closer to such areas. It is difficult to put a number but the market sentiment is high for affordable housing projects," he added.
Since affordable housing developments have so far been attracting bachelors/ single families, the developments are not fully equipped with community facilities and amenities, said Gafur.
"The developments are not fully geared to provide all the support elements such as groceries and other shops. Once these services are up and running fully, a wider and general audience will consider buying into these properties and drive demand levels much further."
No major defaults
Analysts said there were no defaults arising in the affordable housing sector.
Alwadiya said: "The rate of influx of population to the emirate still exceeds the rate of departures and if we examine the profiles of the inflowing and outflowing population, we will notice that most of the departures were from the blue collar population who were forced to leave because of the slowdown in the construction sector. On the other hand, the influx has been fuelled by white collar or investor population."
Gafur said: "We have not noticed major defaults on payments across the affordable housing sector mainly because the developers have started to adopt flexible payment schedules."
"The initial panic mode that did prompt a few from even the affordable housing sector to relinquish their investments has stopped now. Current defaults are few and far between, with buyers understanding the medium- to long-term positive ramifications of property investments. Investors and homeowners having repayment-related issues also have the option to work out relaxed payment plans through developers or mortgage providers, thereby reducing default risk even further."
According to Kumar, in the early days of freehold property, the affordable real estate was bought mostly by investors who retained it for rental return or capital appreciation.
"Even though rents have corrected, first buyers of these projects enjoy a fair return on their investment. These products are always preferred by investors as well as end users and now that the market has been regulated, more end users will come forward to buy affordable housing projects," he said.
Kilzi said buyers of affordable units are the ones most affected by the economic crisis as they were the ones intending on staying long-term and relying on their monthly income to cover their mortgage.
Careful with agreements
Analysts said the current economic crisis has taught buyers to become more careful when it comes to reviewing their sales and purchase agreements.
"Compared to the earlier days of property sales, sales and purchase agreements have come a long way in terms of transparency. Reputed developers providing housing solutions within both the affordable and high-end sectors have placed a lot of emphasis on their sales and purchase agreement documentation policies, especially since the emergence of local authorities such as the Real Estate Regulatory Agency. There are further improvements that still need to be made in order to achieve the effectiveness and transparencies seen in the developed markets. That will happen as the market evolves and grows, and there are many instances of this taking place currently," said Gafur.
Kilzi added: "Most real estate developers have become aware of the market situation today and have learned that transparency is the best policy. With many having to agree to lower prices and give discounts and compensations to prevent people from defaulting, it is more apparent recently that transparency in communication as well as in purchase agreements has become a critical need."
Saturday, June 20, 2009
Banks lending more to property buyers in UAE
Mortgage lending in Dubai appears to be increasing amid growing confidence in the real estate sector that better liquidity will see a recovery by the end of the year.
Noor Islamic Bank reported that its mortgage business is 40 to 50% up on the start of the year. Dubai Islamic Bank has announced it would offer 90% financing on properties in the United Arab Emirates.
'Things have improved from last year, it's a stable situation. The market has improved,' said Fahd Reaz senior product manager in personal and home finance for Noor Islamic Bank.
Anecdotal evidence has shown over the last three months that liquidity is returning to the banking system. In March HSBC increased its loan to value ratios to 75% and 70% on villas and apartments.
But there is still some reluctance to lend to off-plan properties. Reaz admitted the bank was 'apprehensive' about lending to buyers of off-plan properties, which some suggest has fallen up to 50% in Dubai in the wake of the global crisis.
Charles Neil, chief financial officer at Dubai-based broker Landmark Properties, said 30% of the group's total transactions were mortgage financed in May this year, compared to just 17% between January and April.
Neil said it was critical for mortgage availability to increase otherwise prices could continue to fall hurting the UAE property market further. But he predicted no substantial increase in home loan financing in the next two years and predicted house prices would not rise before 2011.
Dubai Islamic Bank is also offering re-financing solutions for properties that are already completed.
'Property buyers in the UAE are seeking easy home financing solutions. At DIB, customers are our top priority and we are pleased to open new doors for them by offering up to 90% finance,' said Adnan Chilwan, Chief of Retail and Business Banking, DIB.
Noor Islamic Bank reported that its mortgage business is 40 to 50% up on the start of the year. Dubai Islamic Bank has announced it would offer 90% financing on properties in the United Arab Emirates.
'Things have improved from last year, it's a stable situation. The market has improved,' said Fahd Reaz senior product manager in personal and home finance for Noor Islamic Bank.
Anecdotal evidence has shown over the last three months that liquidity is returning to the banking system. In March HSBC increased its loan to value ratios to 75% and 70% on villas and apartments.
But there is still some reluctance to lend to off-plan properties. Reaz admitted the bank was 'apprehensive' about lending to buyers of off-plan properties, which some suggest has fallen up to 50% in Dubai in the wake of the global crisis.
Charles Neil, chief financial officer at Dubai-based broker Landmark Properties, said 30% of the group's total transactions were mortgage financed in May this year, compared to just 17% between January and April.
Neil said it was critical for mortgage availability to increase otherwise prices could continue to fall hurting the UAE property market further. But he predicted no substantial increase in home loan financing in the next two years and predicted house prices would not rise before 2011.
Dubai Islamic Bank is also offering re-financing solutions for properties that are already completed.
'Property buyers in the UAE are seeking easy home financing solutions. At DIB, customers are our top priority and we are pleased to open new doors for them by offering up to 90% finance,' said Adnan Chilwan, Chief of Retail and Business Banking, DIB.
Friday, June 19, 2009
Real estate shortage expected in 2012
The year 2012 will see a shortage in real estate in Dubai, despite reports suggesting an 8% population decrease this year, according to a top finance officer.
Speaking to Construction Week, Landmark Properties chief financial officer Charles Neil said the real estate market can expect a rise and fall in the supply of properties in the next few years.
“At the moment there is a bit of an oversupply [of properties] because we estimate about 20,000 properties coming onto the market this year and another 20,000 next year,” he said.
“But, there will be very few units coming into the market after that because of a lot of projects have started but have been put on hold.”
Recent news reports contradict this argument and have suggested there will be a decline in population this year.
Furthermore, in April, a panel of construction experts including Emaar called for measures to halt the decline.
However, a new survey from Investment Boutique suggests that the question over population decline is unclear.
“One of the most pressing questions raised recently has been the question of whether the population of Dubai will continue to grow at break neck speed, simply slow down, or begin to decline,” the report said. “This question remains paramount because without expatriate growth, economic activity will decline causing a ripple effect that negatively impacts the property sector. “
But Neil said that this decrease is not affecting the current market. He said, due to the drop in property prices, more and more expatriates and nationals are living in Dubai now and commuting to their jobs elsewhere.
This could ultimately mean an undersupply of properties in the next few years, due to a drop in active construction, he said.
“We are [currently] finding that properties are still selling very quickly and if you want to rent a place they are not available for long. We are also seeing people from Abu Dhabi coming to live here,” he said. “But, come 2012 the market can expect to see a shortage in property supply.”
Source: Constructionweekonline
Dubai Property for Rent | Dubai Property Rentals
Speaking to Construction Week, Landmark Properties chief financial officer Charles Neil said the real estate market can expect a rise and fall in the supply of properties in the next few years.
“At the moment there is a bit of an oversupply [of properties] because we estimate about 20,000 properties coming onto the market this year and another 20,000 next year,” he said.
“But, there will be very few units coming into the market after that because of a lot of projects have started but have been put on hold.”
Recent news reports contradict this argument and have suggested there will be a decline in population this year.
Furthermore, in April, a panel of construction experts including Emaar called for measures to halt the decline.
However, a new survey from Investment Boutique suggests that the question over population decline is unclear.
“One of the most pressing questions raised recently has been the question of whether the population of Dubai will continue to grow at break neck speed, simply slow down, or begin to decline,” the report said. “This question remains paramount because without expatriate growth, economic activity will decline causing a ripple effect that negatively impacts the property sector. “
But Neil said that this decrease is not affecting the current market. He said, due to the drop in property prices, more and more expatriates and nationals are living in Dubai now and commuting to their jobs elsewhere.
This could ultimately mean an undersupply of properties in the next few years, due to a drop in active construction, he said.
“We are [currently] finding that properties are still selling very quickly and if you want to rent a place they are not available for long. We are also seeing people from Abu Dhabi coming to live here,” he said. “But, come 2012 the market can expect to see a shortage in property supply.”
Source: Constructionweekonline
Dubai Property for Rent | Dubai Property Rentals
Thursday, June 18, 2009
Property Prices In The Emirates On The Rise
Those with property investment interests in the UAE may welcome research from HSBC which shows that property prices are rising in the emirates.
The new Property Ladder study shows that there has been a marked growth in the UAE property sector, in part spurred by a relaxation of maximum loan-to-value (LTV) rates that have allowed more people to get on the housing ladder.
“Anecdotal evidence also suggests that foreign investors seem to be back in the market and there are bulk buyers of property for investment purposes,” the report claimed.
Cash has continued to be the dominant force in UAE property sales, although mortgages are gaining ground and are becoming an important part of the market, the study goes on to state.
In March, HSBC announced that it would be relaxing its lending criteria for those looking to buy Dubai properties and elsewhere in the UAE, with the company now offering an LTV rate of up to 75 per cent on villas, 70 per cent on completed apartments and 50 per cent on off-plan property.Your browser may not support display of this image.
The recent opening of prestigious estate agency and property management firm Hamptons International in Abu Dhabi confirms the evidence of increased foreign investment interests. Recent ‘roadshows’ held by Hamptons in Abu Dhabi and Dubai attracted a number of UAE property development agencies, seeking to boost the healthiness of the region’s property market.
Speaking at the Cityscape Connect business breakfast, UAE real estate specialists including the chief executive of Dubai-based property agency Asteco, Elaine Jones and Steven Henderson, partner in legal firm Clifford Chance, concurred that the prospects for strong growth were becoming evident.
“Industry sentiment has moved into positive territory and it is equally important that Cityscape through the Connect series of events continues to provide a platform for open debate,” said Rohan Marwaha, managing director of the company.
Dubai Real Estate | Dubai Property
The new Property Ladder study shows that there has been a marked growth in the UAE property sector, in part spurred by a relaxation of maximum loan-to-value (LTV) rates that have allowed more people to get on the housing ladder.
“Anecdotal evidence also suggests that foreign investors seem to be back in the market and there are bulk buyers of property for investment purposes,” the report claimed.
Cash has continued to be the dominant force in UAE property sales, although mortgages are gaining ground and are becoming an important part of the market, the study goes on to state.
In March, HSBC announced that it would be relaxing its lending criteria for those looking to buy Dubai properties and elsewhere in the UAE, with the company now offering an LTV rate of up to 75 per cent on villas, 70 per cent on completed apartments and 50 per cent on off-plan property.Your browser may not support display of this image.
The recent opening of prestigious estate agency and property management firm Hamptons International in Abu Dhabi confirms the evidence of increased foreign investment interests. Recent ‘roadshows’ held by Hamptons in Abu Dhabi and Dubai attracted a number of UAE property development agencies, seeking to boost the healthiness of the region’s property market.
Speaking at the Cityscape Connect business breakfast, UAE real estate specialists including the chief executive of Dubai-based property agency Asteco, Elaine Jones and Steven Henderson, partner in legal firm Clifford Chance, concurred that the prospects for strong growth were becoming evident.
“Industry sentiment has moved into positive territory and it is equally important that Cityscape through the Connect series of events continues to provide a platform for open debate,” said Rohan Marwaha, managing director of the company.
Dubai Real Estate | Dubai Property
Wednesday, June 3, 2009
Dubai 'set for a comeback'
Dubai is set to bounce back from its recent property market dip because it still offers the infrastructure to attract investors, it has been stated.
Organiser of the Worldwide Property Show Mike Bridge said of the emirate: "Dubai is very much seen as a good place to live offshore," commenting that people from the UK may look to move there to avoid higher taxes being raised to pay for pensions.
He noted that factors such as the infrastructure, weather and high quality hotels are "not going to disappear" and that these will help draw back buyers.
Mr Bridge stated that there has been a recent upsurge in buying in the emirate, following a period of downturn when things were "pretty quiet".
Figures from HSBC have shown that Dubai property prices rose by four per cent in April and five per cent in May, while in Abu Dhabi saw a two per cent jump in April and a seven per cent increase last month.
Dubai Real Estate | Dubai Property
Source: PropertyShowrooms.com
Organiser of the Worldwide Property Show Mike Bridge said of the emirate: "Dubai is very much seen as a good place to live offshore," commenting that people from the UK may look to move there to avoid higher taxes being raised to pay for pensions.
He noted that factors such as the infrastructure, weather and high quality hotels are "not going to disappear" and that these will help draw back buyers.
Mr Bridge stated that there has been a recent upsurge in buying in the emirate, following a period of downturn when things were "pretty quiet".
Figures from HSBC have shown that Dubai property prices rose by four per cent in April and five per cent in May, while in Abu Dhabi saw a two per cent jump in April and a seven per cent increase last month.
Dubai Real Estate | Dubai Property
Source: PropertyShowrooms.com
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