Market to pick up next week: Expert

Things may have slowed down a bit in the second quarter of this year, but the Dubai property sector is expected to bounce back after the holidays. The real estate market in Dubai is expected to pick-up again from next week after a slowdown during the last couple of months, according to an industry specialist.
In an interview with Khaleej Times, Mahmood Shaikhani, managing director, Memon Investments, said that a growth in house prices is expected after the Eid holidays after a period of relatively slower activity in the second quarter of the year
“At the moment, majority of buyers are investors and they have limited capacity to buy. So … [the] end-user will come back to the market in August,” Shaikhani said.
Property consultancy Asteco in its second quarter report also indicated renewed interest and activity in the third quarter. “We anticipate that post the summer months, there are likely to be several new project announcements that will test demand in the market, giving buyers new opportunities to invest,” John Stevens, managing director, Asteco, said in the report.
The second quarter of this year saw a continuation of the slowdown in Q1 2014 residential sales performance for Dubai with the market witnessing marginal growth, up 6% and 3% respectively for apartments and villas in Q2 2014, the report said.

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