KUWAIT: The upbeat sentiment of the UAE property sector has been underlined by a new survey conducted by global market research company YouGov, which revealed that 60 percent of investors expect Dubai’s real estate market to grow over the next 12 months. With over half of home buyers (54 percent) feeling positive about the continuing growth of the Dubai real estate market and a further three-fifths (58 percent) expecting an increase in sales and rental prices over the next year, all indications point towards a buoyancy in the residential market. These figures emerge as thousands of investors from around the world prepare to descend upon the Middle East’s largest property showcase, Cityscape Global, held at the Dubai World Trade Centre from 8 – 10 September. More than 100 local developers will participate in the 14th edition of the event next week to showcase their latest projects. The YouGov survey has shown that location is a significant factor in determining where investors purchase their properties in the Emirates. According to 861 UAE residents, properties near public transportation are the most attractive and in demand (56 percent), followed by those close to grocery stores (44 percent), retail shopping malls (41 percent) and Mosques (37 percent).
Conducted exclusively for Informa, the organisers of Cityscape Global, the study also revealed that studios and one bedroom apartments are growing in popularity in the UAE real estate market, with investors shifting their focus to smaller, affordable residential options. Jumeriah Golf Estates will be capitalising on this opportunity as they showcase their latest development, AlAndalus, which offers end-users a new definition of affordable luxury. Yousuf Kazim, CEO, Jumeirah Golf Estates said: “Jumeirah Golf Estates has had a productive first half of the year and is continuing to reinforce the growth momentum plans for ongoing development.
As the progress of construction continues, we are continuing to partner with businesses to ensure our residents are provided with the ideal living community.” Showcasing their Botanica Project, located in the popular Jumeriah Village Circle, Sky View Real Estate Brokers and Myra Real Estate Development will also be offering end-users and investors an affordable option. Kash Kanjwani, Director at Sky View Real Estate Brokers said: “For any mature market there has to be balance between luxury properties and affordable properties.
Previously developers had tried to launch affordable properties, however due to speculators and high demand some of these properties appreciated at such high rate that they reached the same price point as luxury properties. “With new regulations in place, the speculation of properties has been controlled and because mortgage LTV has been limited at 50 percent for off plan projects, most developers are offering easy payment plans and the right pricing. Demand for affordable housing is now greater than ever and we look forward to showcasing our next project at Cityscape Global.” Emirates NBD will be joined by four other banks offering competitive mortgage rates and advice at Cityscape Global. These include Abu Dhabi Commercial Bank, First Gulf Bank, Commercial Bank of Dubai and National Bank of Abu Dhabi. YouGov’s Head of Real Estate Research, Lara Al Barazi commented, “The study highlights positive sentiment across the board.
Investors, potential home buyers as well as real estate professionals are expecting growth to continue in the Dubai real estate market in the coming year. The most positive news is the extent of trust investors place in the residential property market, which reveals the high potential this sector has and the importance of understanding what appeals most amongst prospective buyers.” Welcoming more than 300 exhibitors from around the world, Cityscape Global has been extended by two additional exhibition halls – four more halls since the 2013 event – covering more than 40,000sqm of exhibition space.
Taking a new format this year, the Cityscape Global Conference will be staged the day before the exhibition at Conrad Hotel Dubai. YouGov will be exclusively presenting their findings from a 1,500 strong study of UAE Real Estate Market Sentiment, looking specifically at the future outlook from investors, real estate professionals and potential home buyers during the morning of the conference. The new format is expected to facilitate more than 800 senior real estate professionals and government officials who will explore opportunities and find solutions to key challenges affecting the industry today. Also running in tandem with the exhibition is the Cityscape Awards for Emerging Markets. The awards program attracts hundreds of entries from developers and architects behind real estate developments across emerging markets globally. Winners will be announced at an elaborate ceremony taking place at the Conrad Hotel, Dubai on 8 September. Cityscape Global 2015 returns with support from Dubai Land Department and Foundation Partners: Emaar Properties, Dubai Properties and Nakheel; Gold Sponsors: Arma Properties; Garanti Koza and Al Marjan Island; Silver Sponsor Sobha LLC; District Operator Sponsor: Ejadah Asset Management; Project Marketing Sponsor: Aqua Properties and Property Registration Trustee Partner: Tamleek Property Transfer.