'Confidence returning' to Dubai's property market
By Peter Mindenhall

'Confidence returning' to Dubai's property market

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There are signs of renewed confidence in Dubai's real estate sector, with more investors now looking to the emirate for long-term opportunities.

Mike Sefton, property consultant at Knight Knox International, stated: "People are starting to have more confidence in the stability of the market."

He added that prices have dipped dramatically since their peak, which means investors can now pick up high-quality assets for a fraction of their previous cost.

Mr Sefton observed that there is similar demand for off-plan and already constructed properties, commenting that this is another sign of increasing investor confidence in the marketplace.

It isn't only purchasers who are more optimistic about the future of Dubai's real estate sector, as Cluttons has noticed an upturn in the number of developers requesting assistance with feasibility studies and due diligence on stalled projects in recent months.

The firm suggested this is a precursor to a rise in development activity, while also indicating that developers are taking a more sustainable approach to planning new schemes.

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