Property rentals close to Dubai Metro stations command rates from 10 to 20% more than similar properties elsewhere, says Asteco

Metro ‘hot spots’ in demand

Property rentals close to Dubai Metro stations command rates from 10 to 20% more than similar properties elsewhere, says Asteco

As the supply of additional office and apartment buildings continues unabated in Dubai, the highly competitive property leasing rates are now being dictated by a new market dynamic.

Location, or specifically close proximity to a Dubai Metro station is now becoming a priority for many tenants, who are prepared to pay up to 20% extra for the privilege, says Asteco, the largest property services company in the United Arab Emirates.

“The Dubai Metro has added a whole new market dynamic and as the network is rolled out across the Emirate, the rental disparity will become even more pronounced than it is already,” said Asteco CEO Elaine Jones.

Evidence from many international markets consistently reveals that land and property values and ultimately rentals, within the vicinity of stations linked to metro lines increases significantly. According to figures from HotProperty.co.uk, homes in central London within five-minutes walking distance of a tube station are up to 21% more expensive than those of similar properties further away.

However, what is interesting is that the increases do not occur usually until after the stations physically open, not when the line is announced or under construction.

“This would give savvy investors and tenants an opportunity to keep one step ahead of the market,” added Jones.

Properties surrounding the currently operational metro stations are in higher demand attracting higher rental rates. For example a two-bedroom apartment within walking distance of the Mall of The Emirates metro station will lease for between AED60,000 to AED65,000 per annum compared to properties only a couple of kilometers away which lease for AED50,000 to AED55,000.

More up market properties are showing a similar trend, where a two bedroom apartment near the DIFC and Emirates Towers metro stations will cost anywhere between AED110,000 to AED130,000 annually and the same property further away will cost AED90,000 to AED100,000 a year.

Further afield, a property in Deira within walking distance to the metro will now command an annual rental rate of AED 50,000 whereas a similar property further away can be leased for as little as AED40,000.

“This is a perfect example of market maturity,” said Jones. “Certain property fundamentals remain consistent and location is of primary importance.

With the opening of the Dubai Metro Green Line next month, on September 9, it will have a further 18 stations over 23 kilometres and cover some of the emirate's busiest tourist segments along the Creek, crowded residential areas, business districts and ministry offices.

Property prices are no longer based on its geographical location alone, now a property in Bur Dubai or Deira with immediate access to a metro station can cost similar rates to a property in Jumeirah Lake Tower’s or Business Bay without metro access.

In London, mini-communities have developed around various tube stations – retail outlet’s, restaurants, hairdressers etc…..

‘Ibn Battuta Gate is a good example of a ‘Metro community’. It has all of the necessary amenities, shopping mall, medical centre, schools, residential area, offices and even a five-star hotel. Added to that is direct access to 30 stations from Al Barsha to Bur Dubai, Al Rashidiya, Deira and Al Qusais,” said Jones.

“To the same degree, it must also be favourable for companies, to be close to metro stations. The benefits of cost and convenience, would be considerable for low and middle income workers,” added Jones.


Photo caption 1: The Dubai Metro map. Source: Dubai Road and Transport Authority (RTA)

Photo caption 2: Elaine Jones, CEO, Asteco Property Management.


About Asteco
Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985. Asteco Qatar LLC is the leading strata manager, property manager and sales and leasing agent in Qatar. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.

Dubai's residential property prices likely to recover by 2011, says Memon Investments

Dubai's residential property prices likely to recover by 2011, says Memon Investments

Developer boasts of portfolio consisting of high profile residential development projects valued at AED 1.34 billion

January 18, 2011

Residential property prices in Dubai are likely to recover by 2011 as the market witnesses continued signs of improved lending from 2009, which is expected to continue until 2011, said Memon Investments, a leading Dubai-based property developer and part of the multibillion dollar international business conglomerate, the Shaikhani Group. Strategically positioned to leverage the healthy market prices the developer is expediting construction on its on-going residential projects, which consist of luxury buildings collectively valued at AED 1.34 billion.

Encouraged by the relatively lower costs of construction, the developer further reiterated its commitment to ensure timely delivery of its residential developments, which include the ‘Frankfurt Sports Tower’ and the ‘Champions Tower’ series. As more banks inject liquidity into the mortgage market, Memon Investments is confident that its projects, which are located in several high profile master developments, is providing buyers a wide range of investment options that offers excellent return potential. Furthermore, the developer also revealed that it has already awarded important contracts to some of the UAE’s top contractors and MEP companies.

“Amidst reports that a major percentage of 100 off-plan projects in Dubai that were put on hold are now picking up where they left off, we are focusing on gaining an advantageous position as consumer confidence continues to grow,” said Ahmed Shaikhani, Managing Director, Memon Investments. “We continue to capitalise on our strategic partnerships and the uniqueness of our projects, as we work towards the prompt completion of our existing projects and the realisation of our vision of growth as one of the major developers in the region.”

Memon Investments announced that it has passed more than the halfway mark on the construction of two of its prime residential developments in ‘Dubai Sports City’ - ‘Champions Tower II’ (CT II) and ‘Champions Tower III’ (CT III). The developer also revealed the completion of the superstructure of the AED 80 million ‘Cambridge Business Centre’ (CBC) in Dubai Silicon Oasis, keeping the construction on track to be completed by the second quarter of 2011.

“Our strategy revolves around managing the construction progress in our projects and building-up the confidence of customers and investors. This, in addition to the improving situation in the UAE residential property market, is giving us the necessary leverage to maintain our robust operations in United Arab Emirates, and we are confident that the entire market is poised for an upward trend in the near future,” concluded Shaikhani.

About Memon Investments LLC
Founded as the property development arm of the international business conglomerate, the Memon Group of Companies, Memon Investments has grown to become a leading property player in the region offering a diversified portfolio of premium property projects. Guided by a tradition of excellence, the developer’s intense focus lies within its core competencies, specifically acquisition, design and development, consultancy, leasing and management of properties. Leveraging the Memon Group’s extensive real estate development experience, Memon Investments’ UAE portfolio comprises of prestigious residential projects including ‘Champions Towers I, II, III, and IV’ and ‘Frankfurt Sports Tower I’ in Dubai Sports City; ‘Gardenia I & II’ in Jumeirah Village, and its inaugural commercial venture - ‘Cambridge Business Centre’ in Dubai Silicon Oasis, all of which embody the developer’s trademark top-notch quality and uniqueness.

Having delivered over 30,000 units across the globe with a presence in 90 countries spread across Asia, Africa, Middle East and Europe, the Memon Group of Companies is presently commemorating its 30th year of delivering unique offerings and services to its global customers. In addition to its extensive expertise in the real estate market, the Group has also built a strong reputation for its unwavering support for various causes such as poverty alleviation, environmental conservation and academic development. As a socially-aware international corporation, the Group has devoted 19 years in support of the Rabia Charitable Foundation and the Rabia Relief Fund.

Asteco Dubai Q4 Report 2010

Asteco Dubai Q4 Report 2010.pdf

Dubai tenants in ‘flight to quality’

Dubai tenants in ‘flight to quality’

Increased supply of high quality stock at affordable rates moves tenants – apartment rents record lowest Q-on-Q fall in 2010 indicating signs of stability says Asteco Q4 2010 report

According to the latest report by leading Dubai-based property management company Asteco, an increased supply of high quality, affordable accommodation, particularly in the apartment sector provided the catalyst for considerable tenant movement across Dubai in Q4 2010. In addition apartment rental rates declined by just 3% during the same period, the lowest quarter-on-quarter fall during the year, an indication that the market is showing signs of stabilisation.

“The real estate market is characterised by a large supply of high quality stock at affordable rates, leading to a flight-to-quality trend currently seen across Dubai. Apartment rates have dropped 17% on average during 2010 and this has brought a number of upscale developments within the reach of mid-income budgets,” commented Elaine Jones, CEO, Asteco Property Management.

Indeed although apartment rental rates fell last year, it was still less than the 24% rents fell in 2009, further indication that market prices are stabilising. According to the report, International City has seen the largest drop due to tenants migrating to better quality developments in more desirable locations. Overall studios experienced the lowest decline and one-bedroom apartments suffered the largest fall.

“Rents are expected to continue their downward trend in 2011, albeit at a lower rate as more supply enters the market, providing prospective tenants with even greater choice,” added Jones.

Villa rental rates fared better than apartments in Q4 2010, falling by just 1% over the three month period, primarily due to the limited availability in central areas. Quality communities such as Palm Jumeirah and Jumeirah Islands performed better than more mature developments such as The Springs and The Meadows.

Unsurprisingly, office rental rates fell by 8% in Q4 2010. DIFC set the tone by reducing their rates per square foot from AED370 in the first quarter of 2010 to AED230 in Q4 (a fall of 22%) in an attempt to compete more favourably with quality developments on Sheikh Zayed Road such as Rolex Tower and Sama Tower.

Continued delivery of new stock in JLT and Tecom sent rents down by 20% and 12% respectively. Although transaction activity has picked up due to the improving economy, continued oversupply will no doubt put further downward pressure on rental rates. In contrast office sales prices only declined by 6% in Q4 and just 8% during the whole of 2010, predominantly due to weak transaction activity. Prices will remain subdued due to a lack of investor confidence.

Apartment sales prices slipped by only 2% on average suggesting a slowdown in the rate of decline. Continuous delivery has seen average sales prices in Dubai drop by AED100 to AED850 over the past year, while prices in International City and Discovery Gardens have fallen to AED350 and AED450 per square foot respectively. Sales prices on Palm Jumeirah were flat in Q4 but still command one of the highest prices at around AED1,500 per square foot.

Villa sales prices in Q4 meanwhile were relatively stable with only the Springs experiencing a 4% fall. Overall market prices fell just 8% in 2010, with downward pressure more predominant in developments with a large inventory, such as The Springs and the Arabian Ranches. Market demand continues for smaller units, driven by affordability.

For more details, please visit www.asteco.com

About Asteco
Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.

TASWEEK Real Estate Marketing & Development evaluates AED 1.5 billion Abu Dhabi & Dubai investments

TASWEEK Real Estate Marketing & Development evaluates AED 1.5 billion Abu Dhabi & Dubai investments

Healthcare & Retail developments could be added to portfolio soon

April 7, 2010

TASWEEK Real Estate Development and Marketing, an Abu Dhabi-based advisor and solutions provider serving the local and the Middle East real estate markets, has evaluated and completed due diligence on properties in Abu Dhabi and Dubai worth AED 1.5 billion in total. The projects have the potential to bring in a minimum net income profit of AED 300 million for the company over a period of three years. All projects within the portfolio must be classified and qualified as trophy assets that have components of Location, Facilities, Amenities and Quality which makes them fundamentally strong assets.

The portfolio contains Residential assets (35 per cent), Commercial (30 per cent) and Hospitality (35 per cent), with value per property ranging from AED 40 million to AED 450 million It involves a total of AED 500 million in financing and AED 1 Billion in equity . Dubai projects form the majority of the investment opportunities at 60 per cent, with Abu Dhabi developments accounting for 40 per cent.

The TASWEEK real-estate development and marketing brand of real estate has been gaining greater market acceptability due to the company’s focus on robust business acumen and market knowledge. The company has been undertaking due diligence and intense research for the portfolio buildup worth USD 250 million which was announced last October 2009 and will be executed over the coming 12 months. TASWEEK is basing its selections on location, facilities, amenities, quality, and income-bearing assets and is concentrating on the UAE market which continues to offer one of the highest yields in the region.

“We are being extra careful with our project choices given the numerous investment opportunities currently available in the markets. Although we have significantly enhanced our capability to attract offers and proposals, we want to maintain our momentum without compromising the quality of our portfolio. We are also aiming for a diverse lineup of properties that can cater to unique residential and commercial needs,” said Masood Al Awar, CEO, TASWEEK Real Estate Development and Marketing.

Healthcare and education developments are also being eyed for the TASWEEK portfolio, which is also open to other greenfield projects within the growing sector of real estate.
TASWEEK is currently exploring strategic location properties in Abu Dhabi and Dubai as part of the multi-million dollar property portfolio that will generate a return on investment of at least 10 per cent. The private joint stock company’s expertise covers Strategic Assets Acquisitions; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy.

About Tasweek:

Tasweek, a provider of comprehensive real estate development solutions for the UAE and the broader Middle East, leverages over 20 years of extensive experience in valuations, design, and real estate marketing across the UAE, GCC and MENA regions. The private joint stock company draws on its involvement in managing the properties of over 25,000 customers to ensure enhanced client satisfaction in the delivery of a diverse range of services, throughout all stages of the real estate development's lifecycle.

Through its two core competencies of knowledge and networking, Tasweek is highly capable of introducing clients to the right people, creating vital links between industry movers and players, and developing ideas to successfully bring properties to market.

Dubai apartment and villa prices stable at year end

Dubai apartment and villa prices stable at year end

Led by Palm Jumeirah, lifestyle communities ‘weathering the storm,’ says Asteco report on Dubai property market

Sales prices for apartments and villas in completed developments across Dubai in general stabilised towards the end of 2009 with no change from the third to the final quarter, according to the latest report from Asteco, the largest property services company in the United Arab Emirates.

The latter half of 2009 also saw an increase in transaction activity as the economy picked up and mortgage availability improved, says the report on the Dubai residential and commercial property market for Q4 2009 published today (XX January 2010).

Of all the developments monitored, Palm Jumeirah fared best as it was able to hold values, the company said. “Lifestyle communities are weathering the storm and the Palm Jumeirah is an iconic development and, with continuous improvement of infrastructure and completion of residential and hotel developments, has become a sought-after destination,” said Asteco CEO Elaine Jones.

Other areas identified by Asteco as continuing to generate interest throughout 2009 include Downtown Burj Dubai, Dubai Marina, Jumeirah Beach Residence, Springs and Arabian Ranches as they offer lifestyle communities with easy access to retail, leisure, education and entertainment.

In 2009, the average sales price in Dubai stood at AED950 per square foot for apartments with a change of minus 16% since Q1 2009, and AED1,000 per square foot for villas with a minus 9% change since Q1 2009, says the report.

Business Bay and International City saw the largest decrease in apartment sales prices since Q1 2009 with 23%. Green Community and Palm Jumeirah prices remained stable with no change since the beginning of the year. However, the year-on-year change from Q4 2008 was minus 46%. The highest drop in prices occurred between Q4 2008 and Q1 2009.

In the villa market, Jumeirah Park experienced the highest drop in sales value since Q1 2009 with 34%, followed by Arabian Ranches with 29%, says the report. Palm Jumeirah and Springs, on the other hand, recorded positive growth with 20 and 21% respectively. Similar to apartments, price decreases were most substantial between Q4 2008 and Q1 2009. The average year-on-year decrease amounted to 49% since Q4 2008.
Dubai rental rates have declined by 24% for apartments and 18% for villas on average across the year of 2009, according to Asteco. Apartment rental rate decreases saw Palm Jumeirah with a minimal decline of 6%, in comparison, followed by International City with -15% since Q1 2009.

Villa leasing rates in Jumeirah and Umm Suqeim saw the highest drop with 30%. Palm Jumeirah was the only area that recorded an increase in villa rental rates of 4% on average due to the lack of availability as many owners bought property to live in or keep as a holiday home.

Compared with Q3 2009, the decline in rental rates slowed in the last quarter with overall decreases of 2% for apartments and 1% for villas. October saw rates pick up slightly but with the negative media attention Dubai received in November, rents fell once more.

“Sought-after developments include Downtown Burj Dubai, Palm Jumeirah and Dubai Marina as well as Arabian Ranches and Springs as they offer residents an abundance of retail and leisure facilities and are in prominent locations,” the report says.

The office sales market in Dubai saw limited transaction activity throughout 2009, the report adds. Sale prices also saw little movement in the latter half of the year.

The majority of buyers were said to include small private companies or individuals who looked for small units in finished developments at reasonable prices. In 2009, the majority of transactions were for units below the AED1,000 per square foot mark.

It was a similar picture in the Dubai office rental market which experienced no significant changes in the last quarter compared to Q3 2009. Enquiry levels declined slightly due to the holidays and companies delaying decision-making until the beginning of 2010, said Asteco. Developments that continue to generate interest due to location and quality include DIFC and Sheikh Zayed Road. However, market expectations and developer’s acceptance is often far apart.

Developers have begun handing over units in Business Bay to owners. “Many projects in the area incorporate distinctive features such as smart homes or offices, Oyster (Offices Yielding Superior Targets through Efficiency and Relaxation) and Green Building concepts which help to differentiate them from the competition,” the report adds.

“However, incomplete infrastructure and lack of support facilities hinder the leasing of units. Ultimately, complete infrastructure, ample parking, easy access to major road networks and excellent property management are vital for the take up of office space.”
In Q4 2009, the average gross rental rate for office space across Dubai stands at AED175 per square foot per annum, says the report. Rates decreased by 31% since the beginning of the year.

Tecom saw the highest drop with 48% since Q1 2009 due to the increased supply in the area. Deira, on the other hand, only decreased by 20% as the area remains popular; especially with the anticipated opening of three Metro stations in a five kilometre radius.

Progressive developers assist owners associations to bring greater confidence and transparency to Dubai property market, says Asteco

Helping owners to manage their buildings

Progressive developers assist owners associations to bring greater confidence and transparency to Dubai property market, says Asteco

In moves to bring even greater confidence and transparency to the Dubai property market, progressive development companies are aiding the formation of owners associations to manage their buildings ahead of a widely anticipated new law.

“While Dubai awaits the regulations which support the jointly-owned property law, we have been working for several years with a number of high profile clients well ahead of implementation,” said Nicole Betts, Senior Manager, Asteco Association Management.

“We have been helping companies establish informal owner associations, set up service charge and budgeting models, set community rules as well as facility management and service provider selection procedures based on best international practices,” she added.

Asteco, the largest property services company in the United Arab Emirates, has been actively advising developers on the concept of jointly owned property and common area management since 2004.

Jointly owned residential properties include high rise apartments or low rise villa communities. Common areas that are jointly owned may include shared recreational facilities including gyms and swimming pools as well as common area services such as maintenance, landscaping, security, pest control and cleaning.

“Under current law legal responsibility is with the developer but some companies are actively encouraging owners to take control for themselves – albeit at this stage this has to be done under the developer’s name,” Betts said.

“A good example is the MAG Group which is dedicated to transparency,” she added. “We have worked with them from conception of their MAG 214 Jumeirah Lakes Towers project through to delivering onsite management services to an informal owners association. Our team works closely with the owners’ management board to assist them to preserve, maintain and enhance the tower.”

Mohammed Nimer, CEO of MAG Group Property Development, added: “We have always operated in an environment of transparency so it was natural for us to introduce best practice in property management to enable owners to truly run their own buildings.”

Asteco has also been working with another developer for the V3 Tower, also at Jumeirah Lakes, where handover to owners commenced recently. “Our role is to administer day-to-day operations and assist in the formation of an informal owners association and a management board,” Betts added.

“Both of these are examples of transparent and comprehensive best practices, providing all-inclusive fee structures which enable easy budgeting for both owners associations and developers. They provide a level of confidence that enables people to feel more comfortable about buying in Dubai – a win-win for both owners and developers in today’s lacklustre market.”

The Asteco Property Management Association Management Services team became an independent division of the company in 2007 and has quickly grown with the emergence of the sector in the Dubai property industry.

Of Asteco’s property management business - consisting of about 3,500 buildings - about 10% by value is now handled by the Association Management Services team, Betts said.

“The division has become increasingly active in providing consultancy services to developers to assist them to prepare to become compliant when regulations are enacted,” she added. “We are also encouraging more developers to begin the process now in order to make their properties appealing to potential buyers.”

For more information about Asteco, please visit www.asteco.com

Photo caption:

MAG 214 Jumeirah Lakes Towers - an example of an owners’ association taking control of the building with the help of a progressive developer.

Stabilising property prices to usher in first signs of growth in fourth quarter of 2009

Stabilising property prices to usher in first signs of growth in fourth quarter of 2009

Sherwoods urges stakeholders of Dubai's property market to focus on 'positive attributes of global recession'

June 30, 2009
Sherwoods Independent Property Consultants has announced that it has noted a steady shift of property prices in Dubai towards more reasonable levels, as the real estate market enters a new phase that will serve as a springboard to recovery. Sherwoods further expects to see concrete signs of growth in terms of property prices and real estate investments starting in the fourth quarter of 2009, even as it predicts 2010 to be a year of stabilisation and new direction for the real estate industry.

Sherwoods attributed the impressive performance of the property market in the heat of the global economic downturn to Dubai's decision to enhance infrastructure development in the emirate. Sherwoods likewise credited key industry players for quickly adjusting to the dramatic changes in the market environment, while urging them to focus on the "positive attributes of the global recession."

Iseeb Rehman, Managing Director, Sherwoods Independent Property Consultants, said: "I would say that the prices have been corrected to reasonable levels, which has created more value offerings to buyers and investors. The positive signs we are seeing should result in more tangible proof of growth around the fourth quarter of 2009, during which property prices will further stabilise and we can also expect a marked increase in property investment."

"Furthermore, 2010 should be a year of stabilisation and direction as Dubai transitions into a more stable and robust market for property investments. I would like to point out that the prices available today are conducive for long-term investment and should make good profit in the long term. I would therefore not advise anyone to enter the market for short-term investments at this point of time," he added.

Sherwoods revealed that at the height of the economic downturn during the first half of 2009, Dubai's property sector has been able to stay in relatively good condition because of the significant reduction in the number of speculators in the market, a major positive development that has been remarkably attributed to the downturn. Sherwoods also pointed out that the recession gave Dubai an opportunity to consolidate its real estate regulations and legal framework, while delivering equilibrium in the demand and supply levels of the market.

"The property market has managed to use the positive attributes of the global recession to its advantage, which has resulted among others, in the decline of speculators in the market. It has also brought more clarity on regulations and helped better define the legal framework regarding real estate issues. Nonetheless, the past half year was indeed a challenging period, and one that has not been tackled by the market before. On the other hand, it has allowed us to expand our understanding of market dynamics, which will lead to better judgement in the future," said Rehman.

Sherwoods also credited Dubai's commitment to aggressively pursue key infrastructure projects such as the Dubai Metro amid the searing global economic difficulties as important steps that helped sustain international interest and attention on Dubai.

Puniet Singh, Chief Executive Officer - India Operations, Sherwoods Independent Property Consultants, said: "Dubai’s focus on continuous investment in infrastructure is its main strength in dealing with the economic slowdown. The icing on the cake is the mobilisation of the Dubai Metro and opening up of the Burj (Downtown), which should attract the world's attention again towards Dubai."

Sherwoods also described as "extremely positive" the initiatives undertaken by RERA to protect Dubai's property market, although it noted that there is still a lot of work waiting ahead. Sherwoods disclosed that RERA will have a critical role in boosting the confidence of consumers and investors, who now have high expectations in the next few months as they look forward to reenergised lending and financing facilities, stabilised market prices, and better performance by developers particularly in terms of prompt delivery of projects.

"I think the effort put in by RERA has been extremely positive, but the challenge is to continue to carve out and enhance the regulatory framework and to ensure adherence of the same from all segments of the industry. Also, I think they now have to focus on sending positive signals into the market and make sure that the interest of every segment of the real estate industry is taken care off," Rehman added.

"I also strongly believe that brokers and developers must fulfil their basic responsibilities as they also play a crucial part in the process of market rehabilitation. Brokers must make sure to conduct due diligence on all real estate projects before they market any property. The developers, on the other hand, have a massive social responsibility of delivering what their investors have purchased and to safeguard their investments," concluded Rehman.

Founded in 1988 in the UK by Iseeb Rehman, Sherwoods has grown to become one of the leading international real estate companies. Sherwoods has established several international branch offices in the UAE, UK, France, and soon in other key locations around the world. The company offers a diverse range of services, including search & acquisition of properties; development consultancy, land appraisals and valuation; sales & lettings of residential/commercial property; new home sales; residential & commercial property management services; legal, tax and insurance services; and mortgage & remortgage.

The Specialists leverages global network of customers to help restore investor confidence in Dubai property market

The Specialists leverages global network of customers to help restore investor confidence in Dubai property market

Influx of new foreign capital crucial to sustain growth of real estate sector

May 27, 2009
The Real Estate Specialists, a complete real estate solutions provider with over 20 years experience in the Gulf region, has recently announced that it is leveraging its extensive global network of partners and customers to support an ongoing campaign to boost consumer confidence in the UAE's real estate market. Furthermore, The Specialists revealed that it has taken steps to help make it easier for investors, particularly foreign nationals, to buy properties as part of initiatives aimed at boosting liquidity in the property sector and sustaining market growth.

The Specialists disclosed that government intervention will also play a major role in creating new avenues for fresh investments to enter the property sector by implementing investor-friendly policies and streamlining investment processes. The banks' renewed interest to offer financing facilities has been another important deciding factor identified by The Specialists that will help attract new capital into the country's real estate industry.

Mohamed El Sabbagh, Managing Director, The Real Estate Specialists said: "Efforts to boost consumer confidence are crucially important to reach our ultimate goal of reinvigorating the property market. The Specialists has contributed to such a campaign by leveraging our global network of partners and customers to create awareness about the positive developments that are happening in the property market of Dubai and the UAE. Investors need to be properly informed to make rational investment decisions and to encourage them to resume their investment activities."

"The decision to provide short-term, multiple-entry visas to foreign owners of properties was certainly a very commendable move by the UAE Federal Government that will surely create a positive impression on foreign investors. Measures such as this are clear indications that the UAE is moving in the right direction towards ultimately recapturing the confidence of international investors," added Sabbagh.

The UAE Federal Government recently introduced a multiple-entry visa for owners of properties and residential units in the UAE, allowing them to stay in the country for up to six months. Furthermore, the new law also allows the applicant's spouse and children to stay in the country. The Specialists expects that such measures will provide the impetus to drive consumer confidence and help in gradually stabilising property prices in the UAE.

The Specialists delivers a comprehensive range of services to cover all types of property transactions within both the commercial and residential markets, for lease and for sale. The company additionally offers comprehensive property management services to clients in the UAE, while it has also been expanding across other key markets in the Middle East including Lebanon.