Issue No 290 - 10 Nov 2008
UAE real estate crunch 'boon for end users'

Majority of the residents in the UAE feel that the present downturn in the real estate sector will ultimately benefit the end users, says a new survey.

The survey, one of the first involving both nationals and expatriates since the UAE real estate industry took a downturn a month back, was conducted on the eve of the upcoming R&R Local Property Show, Ajman.

Organized by DSL Exhibitions, the property show will run from November 6 to 8 at the Sheikh Zayed Center for Conferences and Exhibitions, Ajman University.

'Two-thirds of those polled feel that the current scenario will ultimately be to the end users’ benefit. About 47 per cent of the respondents felt the UAE will remain an attractive destination for real estate investments over the long term,' said Tessa Morris, marketing director, DSL Exhibitions, citing the survey results.

“We wanted to understand the impact the global financial crisis is having on the opinion and mindset of UAE nationals and residents who either own property or are seriously considering it, in terms of demand for real estate,” Morris explained.

“All of us in the industry know that there is a downturn but how we manage it as an industry is the key to our success. The key to riding this crisis successfully lies in trying to understand what will sell in the next 18 months and who will be buying it,” she pointed out.

Commenting on how the industry is responding to these developments, Ahmed Chapal, executive director for Chapal, said: “we are already in the hand-holding mode with our investors and home buyers through financial packaging.'

'The policy makers should look at how to speed up implementation of laws and regulations, so mortgages and home loans can be made readily available for buyers of freehold properties in Northern Emirates,' he added.

Source: Trade Arabia News

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