Leasing activity in Dubai will accelerate as sellers adapt to shifting demand patterns that signal the transition to an end-user driven buyers' market, said a realty expert.
"Dubai's real estate market is resilient and will withstand the current economic turmoil without experiencing the over-supply problems alluded to in media reports," said Cliff Kelaita, Chairman of Landmark Properties.
"The emergent supply-demand dynamic will increase the number of sellers willing to lease to end-users. Likewise, we anticipate that end-users will purchase units and lease them to generate income against their mortgages. Lenders are therefore likely to further stimulate the leasing market by launching new and dynamic buy-to-let mortgage products tailored for end-users."
Analysts from Landmark Advisory, a research and consultancy division of Landmark Properties, said despite dramatic growth in 2008, Dubai's property prices are still below those of comparable markets in cities such as New York, London and Hong Kong.
"Even if some projects get delayed or restructured in the short-term as developers adapt to current challenges, we are optimistic about the market's strength and growth potential," Kelaita said.
A report released by Landmark earlier said the current liquidity concerns in the short- to medium-term horizon will be a function of government action.
"Dubai's real estate market is resilient and will withstand the current economic turmoil without experiencing the over-supply problems alluded to in media reports," said Cliff Kelaita, Chairman of Landmark Properties.
"The emergent supply-demand dynamic will increase the number of sellers willing to lease to end-users. Likewise, we anticipate that end-users will purchase units and lease them to generate income against their mortgages. Lenders are therefore likely to further stimulate the leasing market by launching new and dynamic buy-to-let mortgage products tailored for end-users."
Analysts from Landmark Advisory, a research and consultancy division of Landmark Properties, said despite dramatic growth in 2008, Dubai's property prices are still below those of comparable markets in cities such as New York, London and Hong Kong.
"Even if some projects get delayed or restructured in the short-term as developers adapt to current challenges, we are optimistic about the market's strength and growth potential," Kelaita said.
A report released by Landmark earlier said the current liquidity concerns in the short- to medium-term horizon will be a function of government action.
Source - © Emirates Business 24/7 [06 November 2008]
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