Dubai property market landscape 'is shifting'

14/06/2012 - Dubai Property News Posted by Neil King
Dubai property market landscape 'is shifting'

The number of Dubai property investment transactions is climbing, it has been revealed, as the market landscape in the emirate is shifting.The Khaleej Times reports that propertyfinder.ae has conducted a poll of 3,000 brokers, which revealed attitudes to buying, selling and renting in the region are changing.Indeed, these days there are far more foreign nationals bidding in the Dubai property market, leading to more landlords from western countries.A few years ago, the vast majority of owners would have been from Gulf Cooperation Council states rather than Europe or the US, thus maintaining the standard local procedures for buying and renting.Now, more Western cultures in this arena are becoming the norm, such as the abandonment of the 'one-cheque' system for tenants to pay their landlord.This, according to propertyfinder.ae is "a huge change in the status quo", but it conceded that while there are plenty of vacancies in the city, owners cannot afford to be picky about letting their units and so have to adopt a more flexible attitude.In addition, the Dubai property market is also maturing, with property owners realising that attracting the right kind of resident is an investment in itself, "and that simply making a grab for a large lump sum can be counterproductive".Sales of both residential and commercial units in the region are up 54 per cent, as values soared by 32 per cent in the first quarter of the year, compared to the same period in 2011, the Dubai Land Department reported.Furthermore, sought-after parts of town such as the Springs, Arabian Ranches and the Palm Jumeirah have enjoyed a hike in values of up to nine per cent.Rents have also risen in specific areas across the emirate, after the pace of these fees slowed somewhat last year.The property market in the emirate is continuing to thrive and the property website believes this prosperity couples with a more flexible approach adopted by owners could see the landscape of this marketplace transform completely.