UAE: Demand for apartments and villas ownership down
The demand for apartments and villas ownership in the UAE has encountered a major slowdown in the recent period. Real estate specialists say that this does not necessarily reflect the end of the real estate investments. They relate the current recession in the apartments and villas ownership market to numerous factors: rising prices by market speculators, arrival of holiday season and diverting hundreds of millions of dirhams into the stock markets. The specialists also said that the lack of ownership legislations, such as an ownership approval by the Dubai Land Department, makes the people worried and hesitant when it comes to purchasing their own apartment or villa.