By Claire Valdini
Dubai property sales during the first quarter of 2012 increased 53 percent year on year
Dubai-based real estate agency Better Homes plans to hire up to 100 new brokers this year amid increasing demand for property in the emirate, the firm has said.
Better Homes is expanding its operations across Dubai as investors from countries hit by the Arab Spring protests and a slowdown in Europe seek to take advantage of low prices in the emirate, said its director of HR and Operations.
“We’re hiring sales and consultants. We are looking to take on around 50-60 new agents by the end of the year and we already hired 50 agents so far this year,” said Partho Bhattacharya.
“Last year we opened a couple of outlets and this year we have taking a 4,000 sq ft office in the Marina, which we will open in three months time,” he added.
Dubai’s property market is stabilising after prices had one of the world’s biggest reversals following the global credit crisis, with home prices slumping more than 60 percent from their peak in mid-2008.
Property sales during the first quarter of 2012 increased 53 percent year on year, according to official data from Dubai Land Department.
Sales at Better Homes increased 10-15 percent during the first half of 2012 compared to the previous year buoyed by renewed interest from investors from countries hit by the Arab Spring, said Bhattacharya.
“There is a lot of demand for the villa communities; Emirates Living areas such as The Springs, Meadows, Lakes and The Greens. There is renewed interest from a lot of people from the Middle East, GCC because of the situation in those countries,” he said.
Population growth and a strong tourism industry have helped boost profits at Dubai developers, Emaar Properties and Nakheel.
Emaar reported a 44 percent rise in first-quarter profit in May, beating analysts' forecasts. Nakheel, Dubai’s largest real estate developer, reported a net profit of AED362m ($98.56m) for the first three months of the year, up from a loss of AED36m in the year-earlier period.
yes, everything temporarily is possible but what about when the situation gets better in GCC countries and the investors go back to their countries, then definitely Better Homes fires those 100 people. The threat over Iran war and closure of Strait of Hormoz is increasing everyday and that would definitely have a very bad effect on this market again, so don't fall for these reports again or you will regret it badly....