Saturday, June 26, 2010
Leo Sterling believes influx of fresh property supply can arouse investor interest in Dubai
Leo Sterling believes influx of fresh property supply can arouse investor interest in Dubai
Dubai remains highly competitive because of its well-established business and living amenities
June 26, 2010
Leo Sterling, UAE’s premier select property portfolio manager, has revealed that it expects properties in Dubai to remain competitive primarily because of the well-established business, leisure and home living amenities that are already in place in the emirate. The gradual influx of fresh supply within the next two years are also expected to sustain the interest of investor and property buyers, who will be looking to take advantage of buying property that is still in its lowest price bracket.
Leo Sterling noted that it is now seeing a significant increase in the number of enquiries from regional and international investors who are being attracted by the competitive prices and the emirate's dynamic cosmopolitan setting. In this regard, Leo Sterling emphasised that the ongoing trend in the property market is for investors to look for the lowest-priced ready properties as opposed to buying off-plan, which was prevalent prior to the onset of the global financial crisis in 2008.
Laura Martorano, CEO and Founder of Leo Sterling, said: "Any oversupply of residential property in Dubai will remain an attraction for investors, as it will keep the pricing of property competitive. Moreover, Dubai is now a well-established business and living community, which holds a huge attraction for both future business and residential living."
Leo Sterling also revealed that closed transactions during the first half of 2010 are in favour of apartments as investors look for properties that represent good yields. The company also noted that commercial and office properties in the most sought-after areas such as World Trade Centre, Sheikh Zayed Road and DIFC have maintained a relatively healthy demand.
"In general, the real estate market has begun to show more stability in 2010 as the weakening property prices have slowed in the past few months. Although we can feel that international investors are still being cautious, we are now seeing a big increase in enquiries, wherein investors are now looking at the advantage of buying property while it is in its lowest price bracket. Dubai has such a lot to offer as a business location, a tourism destination and in terms of quality of living that when confidence in real estate becomes more stable, we should see steady growth return. No one expects prices to jump to where they were in 2008, but a slow steady pace that will control market prices and sustain a healthier market for some years to come," concluded Martorano.
Powered by a highly experienced, multilingual team of global experts and professionals, Leo Sterling has been aggressively consolidating its market presence through a comprehensive, long-term growth strategy in the UAE's property sector. Leo Sterling has also established a new regional office in London, seeking to further strengthen its growing client base in the UK and Europe.