As we are moving towards the final weeks of 2011, Cluttons, the real estate specialist and a steadfast presence in the Middle East since 1976 has now released its property review for 2011.
According to this review, the Dubai real estate market is forecasting “selective stabilisation”, which is the overall exhortation for the commercial, hospitality and residential markets and a passage towards market maturity.
“Transactions levels are rising as job security and increased market confidence results in people seeking tenancy upgrades and home ownership,” said Elaine Jones, CEO of Asteco.
It is predicted that Cluttons will have brisk start to business in January 2012, as the real estate company said in a statement that it has recently engaged 10 new staff members in order to meet the demand in the New Year. As a result of the Arab Spring capital shifts in the region benefits have arose for the high end residential sector, whilst due to the consequence of the cost savings that are available the commercial occupiers interest is gradually improving and its seems to remain a tenants or buyer’s market.
The statement said "Despite the negativity arising from the on-going economic turmoil in Europe and the US, Cluttons notes that the Dubai real estate market ends the year with more positivity than seen in the previous three years,"
Clutton also said that even though prices are still declining, the rate at which it’s falling has decelerated throughout 2011, which establishes the feeling that they are close to “bottoming out”. It has been determined that demand originates from variables namely; specification, finish, location, amenities and a sense of community, which compared to three or four years ago, is much more dominant in the mind of today’s buyers. The market place of 2011 have shown definite signs of maturing, which has resulted from landlords becoming more flexible in their terms and identifying the value of dropping vacancy levels instead of holding a higher rent and reducing the deviations of securing a good tenant.
"We are encouraged by the stabilization seen in certain areas of the UAE's residential and commercial real estate market and have staffed our team accordingly for 2012." Steven Morgan, head of Cluttons in the UAE
According to this review, the Dubai real estate market is forecasting “selective stabilisation”, which is the overall exhortation for the commercial, hospitality and residential markets and a passage towards market maturity.
“Transactions levels are rising as job security and increased market confidence results in people seeking tenancy upgrades and home ownership,” said Elaine Jones, CEO of Asteco.
It is predicted that Cluttons will have brisk start to business in January 2012, as the real estate company said in a statement that it has recently engaged 10 new staff members in order to meet the demand in the New Year. As a result of the Arab Spring capital shifts in the region benefits have arose for the high end residential sector, whilst due to the consequence of the cost savings that are available the commercial occupiers interest is gradually improving and its seems to remain a tenants or buyer’s market.
The statement said "Despite the negativity arising from the on-going economic turmoil in Europe and the US, Cluttons notes that the Dubai real estate market ends the year with more positivity than seen in the previous three years,"
Clutton also said that even though prices are still declining, the rate at which it’s falling has decelerated throughout 2011, which establishes the feeling that they are close to “bottoming out”. It has been determined that demand originates from variables namely; specification, finish, location, amenities and a sense of community, which compared to three or four years ago, is much more dominant in the mind of today’s buyers. The market place of 2011 have shown definite signs of maturing, which has resulted from landlords becoming more flexible in their terms and identifying the value of dropping vacancy levels instead of holding a higher rent and reducing the deviations of securing a good tenant.
"We are encouraged by the stabilization seen in certain areas of the UAE's residential and commercial real estate market and have staffed our team accordingly for 2012." Steven Morgan, head of Cluttons in the UAE
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