Buyer's market appearing in the UAE

Individuals looking to buy property in the UAE will be heading into a buyer's market, with falling prices and oversupply driving demand from prospective purchasers.

The latest report from property consultant Cluttons has revealed that investors are increasingly finding themselves in a favourable position when buying real estate in the emirate.

In particular, a drop in value of property in Dubai is likely to lead to an increase in demand for homes in the region.

Steve Morgan, head of Cluttons UAE, explained that buyers now had the ability to negotiate with vendors.

"Ongoing price reductions have opened up the Dubai property market for a wider selection of potential purchasers, who are becoming increasingly discerning in their property search," he added.

"Whereas once the landlord or seller held a strong position, we now see buyers negotiating with landlords to bring prices well below the asking price."

The government has introduced a new guarantee for investors in the region, which aims to ensure projects are completed and finance secured.

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