Property News · May 15, 2016

UAE residents go house hunting: Buyer interest at two-year high, says propertyfinder.ae


Property portal propertyfinder.ae has said that buyer interest in new homes in the UAE is running at its highest level in two years, having increased by 28 per cent since January.The company said that property prices had fallen by 20-40 per cent in most parts of the country over the past 18-24 months, and that uncertainty in global markets at the start of the year, when oil prices hit 14-year lows, had hit market sentiment. However, the company’s chief commercial officer, Lukman Hajje, said that the ratio of site users looking for property to buy had increased to 32 per cent of the total in the first half of this month – up from just 25 per cent in January.”This is a significant shift from January and is the highest level of buyer interest we’ve seen since mid 2014,” he said.He was unwilling to state that the market has bottomed out, though, as other commentators have claimed. A report by Unitas in March suggested the market had already bottomed out, while Valustrat said that its index of property prices in Dubai reported positive price growth in both February and March this year. The Dubai Land Department also reported a 14 per cent increase in transactions, albeit at lower prices than in the first three months of 2015.”It’s still too soon to be certain,” said Mr Hajje. “It’s definitely a buyer’s market and most sellers are negotiable on their price. But that could change quickly,” he said.mfahy@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…UAE residents go house hunting: Buyer interest at two-year high, says propertyfinder.ae

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