Experts have said Dubai’s real estate market could be experiencing a shift, with more buyers looking to rent out investments as projects are completed and handed over.
Pooja Rajani, organiser of the Property Shopper event, spoke ahead of the weekend’s show, held at the Grand Hyatt hotel, Dubai.
His comments follow reports that developers and buyers in Dubai could come to rely on income from tenants as the market sees a sales correction.
Rajani said:
“Looking at the global financial situation, there are many concerns regarding UAE property.
“Speaking to brokers, we have noticed a shift in the market; now that more and more properties are being completed, property owners are looking to rent their properties to manage mortgage repayments.”
The weekend saw brokers come together from across the region to show off apartment, villa and townhouse investment opportunities, with the likes of Sherwoods Property Consultants and Cobalt running stands.
Vincent Easton, sales director at Sherwoods, said: “Contrary to popular belief not all property prices are falling in Dubai.
“We see a very clear end-user market emerging both in terms of rental, investors for buy to let and owner occupiers in projects that are completed or close to handover.”
He said the “fundamentals” of living and working in Dubai were still strong, meaning there was still a good medium to long-term outlook for the sector.
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