Many residents are now going to Dubai from cities for example Sharjah and Abu Dhabi as rents go down. A new survey supervise by YouGov Siraj Omnibus admit that Dubai is once again the city of choice for more people. It shows that with drop down prices more people are transfer to larger rental properties. It also shows that more than 40 percent of residents who are now living in two-bedroom apartments were living in 1 bedroom unit a year ago and almost fifty percent living in 3 bedroom units were in 2 bedroom blocks last year.
The survey announces that not quite 35% of the UAE population is of the view that the property market will boost in 2011. The survey also give to light that more property owners would like to accept a watch and wait policy before going any further steps.
But drop down property prices in Dubai are a matter of concern for the property owners. Newest reports from Deutsche Bank reveal that over supply and low demand continue to hit property prices in Dubai.
However, 71% of property owners are not involved in buying property in the UAE in the next few months, the survey admit.
More than 30,000 new properties in Dubai and 10,000 in Abu Dhabi will be added to the market this year, said real estate company CB Richard Ellis.
Another new survey by Reuters also predicts that over supply in Dubai and Abu Dhabi market will force a further reduce of property prices in 2010.
No comments:
Post a Comment