Sherwoods chief predicts H2 real estate rebound

source Arabian Business

A Dubai property specialist has predicted that the emirate's real estate fortunes will "significantly rally" in the second half of 2009.

Iseeb Rehman, managing director, Sherwoods Independent Property Consultants, said he saw improvements coming on the back of probably developer mergers and further reductions in construction costs towards the end of the year.

He also conceded that companies such as Sherwoods needed to be "more flexible" amid the slowdown in the property sector and come up with new initiatives to encourage buyers back into the market.
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"Current market conditions call for more attention to customer needs and expectations, which has become our primary concern as we enter into the rationalisation phase following the start of the credit crunch," he said.

"We have to be more flexible as Dubai streamlines its property business in anticipation of a steady industry rebound towards the end of the year. Times have changed, developers simply cannot prioritize the project over the client anymore."

The property specialist expects Dubai buyers to enjoy greater leverage in negotiating prices and payments with developers mainly due to strong competition from the secondary market, which has resulted in a broader range of investment options.

A recent review of the Dubai rental property landscape also predicts that market dynamics will continue to shift in favour of tenants as more stock is introduced within the year.

Sherwoods maintains three branch offices across the UAE and regional offices in the UK and France, and is eyeing additional key locations around the world.