Demand For Property In Dubai By The Day Restored

The development of real estate markets suggests that there will always be times of take-off phase and downs, but in recent years, the UAE real estate sector has demonstrated unprecedented growth. However, the only constant every cycle – this that after each reduction is necessarily positive growth. Rental rates for real estate on an artificial island Palm Jumeirah and prestigious residential area of The Springs in the first quarter of 2010 increased by 5 and 2% respectively. Except addition, these areas of Dubai recorded the highest level of deals, thanks to affordable credit and prices. (A valuable related resource: Stephen M. Ross). Rent villas in the emirate has not changed significantly compared with the previous quarter, and some areas even increased slightly. Despite the demand for real estate projects with an easy exit in the direction of Abu Dhabi, such as The Green Community and the Arabian Ranches, the increased number of free objects has led to some reduction rental rates. A similar situation exists in the residential area of Mirdif. On average in the first quarter of the price of apartments in the Dubai real estate market fell 5%, but in areas with completed infrastructure, such as new center of the city and Downtown Dubai man-made island The Palm Jumeirah property values increased by 2%.

Market players say that rent or sell an apartment in buildings that have only recently been put into operation, rather difficult. This is explained by the fact that the new buildings come on the market at the same time hundreds of apartments and to sell real estate or rent owners have to make concessions in terms of housing prices. On According to experts, because the supply of new finished property will be hardest hit areas of Discovery Gardens, Dubai Marina and Jumeirah Lakes Towers. There is still demand for residential property in Dubai is concentrated in the closed locations with good infrastructure, but there is a gap between asking price and one that buyers are willing to pay. Demand for office property in Dubai is reduced, which leads to a drop in rental rates averaging 7%. In addition, reason for the decline was the surrender of the new buildings in areas of International Financial Centre, JLT and Tecom. Interestingly, some of the developer in response to shifting market conditions they want to redesign the office buildings into residential or Building a mixed type. This suggests that developers will not seek quick profits by selling the property off-schedule and set a long-term use of assets through the delivery of objects for rent or lease.

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