Dubai property prices set to rise in Q4 - Sherwoods

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DUBAI UPTURN: Sherwoods sees growth in property prices beginning in Q4. (Getty Images)

Sherwoods Independent Property Consultants says it has seen a steady shift in property prices in Dubai towards more reasonable levels as the real estate market enters a new phase that will serve as a springboard to recovery.

It expects to see concrete signs of growth in both property prices and real estate investments from Q4 2009, prior to 2010, which it sees as 'a year of stabilization'.

Sherwoods MD, Iseeb Rehman, says the correction of prices to 'reasonable levels', has created better value opportunities for both buyers and investors.

Sherwoods notes that at the height of the economic downturn witnessed during H1 this year Dubai's property sector was able to remain relatively buoyant, due to the significant reduction in the number of speculators operating in the market.

It also points out that the recession has given Dubai an opportunity to consolidate its real estate regulations and legal framework.

The company describes as "extremely positive" the initiatives undertaken by RERA (Real Estate Regulatory Agency) to protect Dubai's property market, although it noted there is still a lot of work to be done.

"I think the effort put in by RERA has been extremely positive, but the challenge is to continue to carve out and enhance the regulatory framework and to ensure adherence of the same from all segments of the industry.

''Also, I think they now have to focus on sending positive signals into the market and make sure that the interests of every segment of the real estate industry is taken care of," Rehman said.

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READERS' COMMENTS

Again
Posted by The Don, Dubai, United Arab Emirates on Wednesday 22 July 2009 at 00:32 UAE time


Here we go again, another non sense predictions comes from some one call himself expert and on top of all of that our dear friend Omer comments.

Let try this one: assume you are accurate in your prediction and in Q4 prices will start to rise. I have two questions:

1) From which level these prices will rise, at what %, and for how long it will keep rising before the predicted so called stabilization year?
2) From where investors / buyers will pay for these assets (assuming price rise is a reaction to higher demand than supply) when you have 4 banks downgraded and still the extent of toxic assets needs to be quantified?

Dubai Property Prices set to rise in Q4
Posted by H L Nagpal, London, United Kingdom on Friday 3 July 2009 at 13:33 UAE time


Is there anyone who can tell us investors who are in Europe or USA or other far off places as to what is the reality. On the one hand we have Omar/Rehman painting a bright picture. Have they got a vested interest in hiding the truth and spreading false information for the purpose of making a profit. Or is there forecast based on informed research in which case they should be treated with respect. How about these prophets of doom and gloom who seem to be bent on destroying everything. I wonder if these are the same speculators who have made millions and are now creating panick-like situation to make people like us sell dirt cheap so that they can pick up bargains and become multi-millionaires. Please please give us an independent, unbiased and informed view.
H L Nagpal
Greater London

Omar vs. Oprah
Posted by Research, Dubai, UAE on Thursday 2 July 2009 at 11:32 UAE time


Obviously Omar had the wisdom and foresight to read The Secret--no doubt from Oprah's book club.

Just think positively about prices, and prices will go up. The mind is a powerful instrument for altering reality.

Like this one time, I decided to be rich, so I went to the bank and asked for AED 50,000,000 to buy a studio in the Burj. They gave it to me, no questions asked!

Now I even get to post on the internet from my jail cell. Dubai is the best!

Omar.. Jai Ho!
Posted by MM, Dubai, United Arab Emirates on Thursday 2 July 2009 at 09:59 UAE time


Omar maybe right. Agents are buying latest cars and gadgets. They live in Palm Jumeirah. They are ready to take this market up and more expensive – as a result unattractive. Great news around. Omar thanks for bringing this up. You and your beloved agents can live happily here... now.

Oh between, ask your rich money making agents if they need any assistants. We wont ask too much, just accomodation in Dubai Marina, SUV and school education and oh yea entertainment expenses.. oh and wait, yearly holiday allowance, oh and one more if possible bathroom allowance.

Thanks Omar. We all love you (your comments, not you).

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