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All those property portals in Dubai might be adding up virtual numbers on supply and demand. The brokerage firm Allsopp & Allsopp is taking direct aim at the apparent mismatch. On one portal, “A quick search shows 214 properties listed for Al Reem Villas, Arabian Ranches,” said Lewis Allsopp, CEO. “However when we look into what is actually available for sale and then funnel it down to what you can actually move into as an end user today, there is only 16 properties available to view.
“So only 7 per cent of what is listed on the property portals is really available to move into today.”
Allsopp contends the property sites are adding to the misconception there is an oversupply in the market.
“In Dubai Marina, we have just over 1,500 owners who have advised they would like to sell or are thinking about selling registered on our books,” he added. “However we only actively have a total 108 units ready for an end user to move in. [When] you then need to dwindle this down to location, price range, developer and aesthetics of the property, a buyer is left with a choice of only a handful of properties they would realistically consider.
“The reality is even if there is a lot if units being built, there still isn’t a lot of choice for the end user.”
Source: Manoj Nair, Associate Editor, gulfnews.com