Sherwoods chief predicts H2 real estate rebound

Wednesday, 1 April 2009 8:15 AM

A Dubai property specialist has predicted that the emirate's real estate fortunes will "significantly rally" in the second half of 2009.

Iseeb Rehman, managing director, Sherwoods Independent Property Consultants, said he saw improvements coming on the back of probably developer mergers and further reductions in construction costs towards the end of the year.

He also conceded that companies such as Sherwoods needed to be "more flexible" amid the slowdown in the property sector and come up with new initiatives to encourage buyers back into the market.

"Current market conditions call for more attention to customer needs and expectations, which has become our primary concern as we enter into the rationalisation phase following the start of the credit crunch," he said.

"We have to be more flexible as Dubai streamlines its property business in anticipation of a steady industry rebound towards the end of the year. Times have changed, developers simply cannot prioritize the project over the client anymore."

The property specialist expects Dubai buyers to enjoy greater leverage in negotiating prices and payments with developers mainly due to strong competition from the secondary market, which has resulted in a broader range of investment options.

A recent review of the Dubai rental property landscape also predicts that market dynamics will continue to shift in favour of tenants as more stock is introduced within the year.

Sherwoods maintains three branch offices across the UAE and regional offices in the UK and France, and is eyeing additional key locations around the world.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Read All 19 Comments

Posted by: SR Saturday, 4 April 2009 9:51 AM[UAE]

Congratulations Zee, I am overwhelmed, and wish you well. Hope you will be able to buy another 5 br villa and may be the latest Aston Martin once the crisis is over (in lieu of the German car you have lost due to crisis)!!! Good that you have a temperature controlled swimming pool, otherwise it is of no use in this climate. In case you fall off the chair while laughing at the comments, please take care not to spill hot tea on your self.

Reply to this comment.

Posted by: Marc Brown Friday, 3 April 2009 5:07 PM[UAE]

Somebody is being positive about the Dubai real estate market: let's crusify him, he's not allowed to say this, we're all DOOMED! No reaction on his analysis, just picking up on his spelling and trying to discredit his analysis that way, how mature. Can we all grow up please? The market globally is in trouble, as is Dubai. Will it recover: yes! will it take time: yes! You want to stay way from it and be negative: be my guest, please do, keep renting, this will allow Dave to make more money in the future. To Arabian Business: please start getting a bit more balanced in your reporting, it's getting a bit rediculous, where is the reference to the recent report by Nomura, was it to possitive for your taste.

Reply to this comment.

Posted by: Zee Thursday, 2 April 2009 4:44 PM[UAE] - AE

Thanks Dave....i guess i do have to learn to write "PROPERT" English :-)) for starters. And yes, I will always "REMAMEBER" easy come easy go!!!!!!!!!!!!! And for the rest of you....I'm still having a laugh while having evening tea at all your lovely comments!!!

Reply to this comment.

Posted by: Zeeshan Thursday, 2 April 2009 4:15 PM[UAE]

Having read your comments, i feel you made your money from real estate and not from the actual job you do, that is if you did anything to begin with or if you still have your job!! With real market now where it is, i doubt you will be seeing the numbers on your bank account going up any further, so in a couple of years how do you intend to pay even the service charge on your 4 bedroom villa?? And with rents falling everyday, how long will you be paying the difference in the mortgage amount and actual rent you are now getting?? Maybe you should get your freinds together and ask them. Surely, your buddies barbie, ken and snowwhite will be able to help you out there!! I guess it would be wise for youto drain that pool and start saving the water bills!! Trust me...youll need it!!

Reply to this comment.

Posted by: Dave G Thursday, 2 April 2009 11:25 AM[UAE]

Perhaps learn how to write propert English for starters. I have yet to come across such idiotic statements in a while. If what you say is even true, remameber easy come easy go. :)

Reply to this comment.

Read All 19 Comments

Log in Not registered? Register now!

Retrieve password form

Services:

Related:

Companies

Also in Real Estate

Also in UAE

Join the Discussion

Further reading

Features & Analysis

Most Popular

Most Discussed