A new niche in the market has become very clear to me over the past month. While there is a very clear and obvious trend amongst brokers to concentrate on the leasing market, there is also an underlying growth in the number of local owner occupiers.
On the whole consumer optimism in Dubai is still high. This is the finding of the latest surveys and backed by statistics on spending by the credit card companies, plus my own sole of the shoes experience. A quick stroll through any Dubai shopping mall will show you that the local populace is still out spending in droves. Combine this with the significant drop in prices and many current renters are looking to make the leap and become property owners as their leases expire. This sentiment has be echoed at many a recent bbq or social event.
To tap into this lucrative opportunity, the savvy real estate brokers are mining their leasing databases to offer bargain properties to tenants nearing the end of their leases. Brightfox’s automated business processes give users of our Workflow Manager a distinct advantage in this area by tracking every lease expiry and allowing brokers to profile the tenants to understand what property features and pricepoints make an attractive investment opportunity which would see them move from tenant to owner.
Just as importantly, it is not to late to take advantage of this phenomenon, as those taking up leases now will also still be in the position to take advantage of the lower prices still on offer when their leases expire 12 months from now.