Dubai’s end user property market will continue to improve despite recent negative media reports says Myles Bush, boss of real estate agent PowerHouse Properties.
Property prices in Dubai increased by seven per cent in the third quarter of 2009, the first price rise since the market fell from its peak twelve months earlier. The number of real estate transactions rose 64 per cent during the third quarter of 2009 indicating a 'bounce' in the market, which property owners hoped was a fully fledged market recovery.
And, with 2009 profits of PowerHouse Properties already up 55 per cent on 2008’s total, the brokerage has doubled its workforce over the past six months and moved to a larger office in Al Barsha, Dubai.
“We are performing so well simply because people are buying property in Dubai again. Confidence is returning to the market and the recent news is unlikely to stop the market moving upwards,” says Myles Bush, managing director of PowerHouse Properties.
“We have encountered most transactions within the high end market, especially in areas such as the Palm Jumeirah and Emirates Hills and enquiries are increasing as we approach 2010.
“I predict the end user property market will go from strength to strength next year. The financial issues concerning Dubai World have been well documented by media throughout the world but I truly believe the repercussions for Dubai’s recovering property market will not be significant.
“The only slight concern is that some buyers may be put off again as happens during times of uncertainty, but this should only have a minor and temporary effect on the property market here. Dubai’s residents always need a place to live and many are taking advantage of lower prices to trade up to bigger and more luxurious homes.
“I believe in Dubai and am very confident about its property market in the long term. Homeowners can sleep easy as people continue to flood to Dubai and the end user market remains active, albeit without the huge premiums seen during the boom years,” adds Bush.