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Predictable real estate
According to some of the latest news in the real estate industry, prices are down in Dubai and growing supply means more options, but tenants should be cautious. Plus ça change…
September 5, 2010 3:50 by Samuel Potter
“The UAE’s property market, at a very basic level, relies heavily on attracting professionals from around the globe,” says Property Magazine. “Not just to design, manage and build real estate, but to inhabit it as well. With a projected vacancy rate for Dubai between 25 and 28 per cent in two years, Dubai lease prices could decline through that period and perhaps beyond, as market conditions favour renters more and more. … Corrections in the leasing market could have lasting benefits — with renters becoming ultimate beneficiaries, the changed market could lure new tenants to the UAE and will eventually only help to stabilise the market.”
Indeed, the article says property investors may be benefiting already: figures from real estate consultants the Landmark Advisory reveal that prices are falling faster than rents. Ultimately this pushes up the yield for property investors, and higher yields means more investors, and that will stabilize and ultimately increase prices.
For now, however, it’s the tenants reaping the benefits. And with 50,000 new units expected in 2011, Emirates 24-7 has some advice for renters thinking about a new location. It’s the most obvious advice in history, courtesy of Land Sterling Property Consultants, but we thought we’d include it because if you haven’t thought of all this, you need all the help you can get.
When apartment hunting, bear in mind the following ten points:
5. Quality and layout
7. Local amenities
10. Registered agents
Told you it was obvious.
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