UAE property agents will have to work harder to attract end users if the region’s real estate market is to pick up, the founder of a new company says.
Myles Bush, managing director of estate agents PowerHouse Properties, said only the property firms who provide the best service will succeed.
He said people will still be looking to buy in places like Dubai but will be more selective in what they finally spend their money on.
His firm quoted figures from HSBC bank showing Duabi property prices dropped four per cent last month, with villa properties falling by 19 per cent in four weeks from September.
Mr Bush said:
“Agents now need to work for their money, instead of being merely order takers.
“Property sales will continue to happen in growing cities like Dubai for as long as people require a roof over their head.
“However, times have changed and buyers will be more selective in what they buy, what they pay, who they trust and the service they expect.”
He added he had confidence in the long-term future of the Dubai market and did not feel opening a new brokerage in Dubai was risky.
He also said he thought the Duabi market would pick up again in 2009, adding a slight correction was “inevitable”.
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