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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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