While the market might be quiet on the whole, I am still seeing plenty of positive signs. Yes, prices might be down and many future mega projects may be on hold, but the projects underway are still moving forward and transactions are still taking place. A quick glance in any direction shows that while the pace is slowing, the cranes are still moving and the construction is still forging ahead at a pace no other city in the world can match.
It is easy to be drawn in to all the “doom and gloom” being thrown about concerning the outlook for the Dubai property market, however from my vantage point, dealing with a large number of people in various aspects of the local real estate market, it is clear that there are still opportunities there for those who work hard and leverage their strengths.
Daily I am hearing of new sales, from investors snapping up bargain basement villa’s on The Palm, to Marina and Springs renters transitioning to owner occupiers as the lower prices open new opportunities for many residents.
While the Loan To Value (LTV) ratio being offered by mortgage lenders might still be low, there are still many investors and residents with cash savings looking to take advantage of a weak property market. As other avenue’s of investment continue to look unstable or offer poor returns the long term stability offered by property investment is once again luring those with cash reserve’s and Dubai is still firmly rooted at the top of the property investment tree.
The key over the coming months will be staying in constant touch with clients and prospects to keep a feel for their needs and an eye out for the ripe opportunities.