There has been a shift in the type of buyers purchasing property in one development in the UAE, it has been announced.
Since the economic downturn, many investors have been avoiding the property market in the emirate, but now one developer has reported that British lifestyle buyers are taking their place.
At the Oceana Residence, developer Asteco recorded AED60 million worth of sales last month.
Ian Hollingdale, Asteco's head of the development project, explained that the majority of investors were Brits.
He continued: "Prior to the downturn, many sales were made to investors who were primarily using their purchase as an investment vehicle.
"Now investors are also end-users, buying into a family-focused resort lifestyle. Of course some owners will rent out their apartments when they are not in use, but the buyers' sentiment has changed."
Earlier this year, a Sales and Price Index for Dubai was launched. It represents the emirate's first accurate property index and will help to bring transparency to the market.