Posted by Bob Brunskill
Dubai's real estate sector is set to witness "better times ahead", marked by the slow migration of large multinational firms into the emirate, it has been predicted.
Cluttons, a real estate specialist with a dedicated presence in the Middle East, also claimed that investor confidence in Dubai's real estate market has been restored within specific locations and developments, particularly with the re-emergence of key lenders including Tamweel, one of Dubai's largest Islamic mortgage lenders, onto the marketplace.
The company said that in the residential sector, it was continuing to see the "flight to quality" in both the sales and rental markets as more desirable locations become increasingly affordable.
"The findings of the report state that buyers now have the financial option to upgrade to a better quality unit in a more desirable location," it said.
"These improvements on efficiency and quality can only enhance the reputation of the real estate market in Dubai."
Elsewhere, Cluttons highlighted returning confidence in the industrial and logistics real estate sector, underlined by the Dubai government's endorsement of Dubai World Central when it allowed the first freight service through Al Maktoum airport.