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Having endured sluggish growth this year, the majority of Dubai investors believe the real estate market will pick up in a few months, according to a survey by market research company YouGov. It revealed that 60 per cent of investors believe the market will grow during the next 12 months; over half of the homebuyers (54 per cent) feel positive about the realty sector's continued growth; and three fifths (58 per cent) expect an increase in sales and rents.
The survey also showed that location is a significant factor in determining where investors purchase their property in the UAE. Properties near public transportation are the most in demand (56 per cent), followed by those close to grocery stores (44 per cent), shopping malls (41 per cent) and mosques (37 per cent). ''The study highlights positive sentiment across the board,'' said You-Gov's Head of Real Estate Research Lara Al Barazi.
''Investors, potential homebuyers as well as real estate professionals are expecting growth to continue in the Dubai real estate market in the coming year. The most positive news is the extent of trust investors place in the residential property market, which reveals the sector's high potential and the importance of understanding what appeals most to prospective buyers.''
Conducted exclusively for Informa, the organizer of Cityscape Global, which is being held at the Dubai World Trade Centre until tomorrow, the study also revealed that studios and one bedroom apartments are growing in popularity in the UAE, with investors shifting their focus to smaller, affordable residential options.
''For any mature market there has to be balance between luxury and affordable properties,'' said Kash Kanjwani, Director at Sky View Real Estate Brokers.
''Previously developers had tried to launch affordable properties, however, due to speculators and high demand, some of them appreciated at such a high rate that they reached the same price point as luxury properties.
''With new regulations in place, speculation has been controlled. Demand for affordable housing is now greater than ever.''
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Source: Property Weekly