'End users, investors top drivers of Dubai real estate'

Invest in DubaiImage Credit: Atiq Ur Rehman/Gulf News

Dubai: End users and investors are the main drivers of Dubai’s real estate market, experts and developers told Gulf News on Thursday at the opening of the new property show, Next Move live.

The three-day show is the first in the UAE dedicated to showcasing residential properties and offering potential consumers a unique platform to learn about properties they want to purchase.

The exhibition is hosting dozens of local and international exhibitors showcasing more than 4,000 properties, the majority of which are already completed.

Patrick Al Khoury, chief operating officer of Sheffield Holdings Limited, told Gulf News that the market is maturing by the day and is expected to sustain a steady annual growth of 10 per cent in the coming two years.

No place for speculators
"Today, the real buyers in the market are either true end users or real investors. With the new rules and regulations in the realty market in Dubai there is no place for speculators anymore," he said.

Today, the whole market is in the mood to sell and the major updates of the legal infrastructure of the real estate market that Dubai made in the last few years has left no place for speculators to dominant the market.

Mona Al Tamimi, assistant vice-president of marketing and corporate communication of Deyaar, said that the real estate market in Dubai is expected to witness a further boost this year.

"The political tension in the region, as well as Dubai winning the bid to host Expo 2020, is enhancing the potential investment in the real estate market in Dubai and the UAE," she said, adding that Dubai’s real estate market is the most attractive place for investors in the region.

While getting a mortgage has become far easier than two years ago, Commercial Bank of Dubai said that it will take not more than two days to get mortgage for a property in Dubai.

Mohammad Mursalin Memon, manager of the mortgage unit at the Commercial Bank of Dubai, said that once the property is in Dubai and completely developed, buyers can get mortgage within two days ahead of property assessment.

He added that the number of mortgages for end users have drastically increased in the last few month compared to the investors in the real estate sector.



Source: Zaher Bitar, Senior Reporter, gulfnews.comGN


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