UAE housing market chasing ‘affordable assets’

Residential market activity in the UAE in the second quarter improved significantly over the previous period, driven by a flight to affordable assets, said a report.
Harbor Real Estate Brokerage, an integrated real estate service provider in Dubai, has released of the latest edition of The Harbor Report, which covers a range of the hottest real estate topics, including a special feature on the recovery of the real estate market.

Sales transactions in the UAE, especially in the latter part of the second quarter, increased when compared to rental transactions with middle to middle-lower income earners taking advantage of the new levels of affordability.

“This quarter, the Harbor Report will be focusing on the local market recovery,” said Mohanad Alwadiya, managing director of Harbor Real Estate Brokerage.
“We look at factors that are likely to drive the recovery and the influence of the global economic recovery as it impacts the local scene here in Dubai,” he added.
“Harbor’s results for the second quarter were promising. Not only did we see a 55 per cent increase in the number of viewings but we also saw sales transaction double.’’

Since April 2009 when the first Harbor Report was issued, it has already become well known for its ability to accurately portray industry developments. With in-depth analysis, insider views and trends, the report has already received positive feedback from industry professionals.
Although the report is primarily aimed at professionals in the real estate industry, it also provides valuable information for developers and contractors who want to keep abreast with the latest industry developments, said a statement.

“In our first Harbor Report, which was issued in April, the contents and subjects discussed included credit notes, mortgages and the impact of the global recession on Dubai. This quarter however, the report is focusing more on the initial stabilisation and eventual recovery of the real estate market,” added Alwadiya. – TradeArabia News Service

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