RERA regulations now protect interests of owners and investors alike while recovery of market sentiment gives momentum to cross-industry businesses and property agencies report rise in general enquiries.
The Real Estate Regulatory Agency has now launched new regulations that afford further growth in current market standards, encourage professionalism values and grant more transparency to the properties industry. A colour-coded, four-tier system of classification was set up by the Agency concerning real estate brokerage licences that aim to secure real estate sales in Dubai – a worthy effort in safeguarding the interests of investors, property buyers and owners.
One of the key factors influencing property values of developments across the emirate has been the Dubai Metro. Any development or house for sale located close to the Metro – residential or commercial alike – are now commanding a premium to those located further away. Many developments are expected to take benefit from the Metro as new stations are planned to open in the next 12 months.
With the market sentiment gradually recovering, many developers are factoring this in the pace of construction to conclude and deliver projects on time. Dubai Properties has also agreed to deliver the many residential villa units in Al Waha Villas and The Villa by the end of this year.
A boost has been seen in the rental property demand from locals of Sharjah who can now afford to live in Dubai. There have been a rise in sale transactions at the Land Department in the last couple of months. With the enhanced construction agenda and the conclusion and delivery of development projects, investors’ confidence should be stimulated in the Dubai property market.
Dubai’s property market has been reclaiming confidence since early 2015. With market sentiment rising and businesses across all industries gathering momentum, property agencies corroborate an increase in enquiries. It has been pointed out, however, that a significant shift in market focus has occurred, with tenants and occupiers now looking for reasonably priced strategies to suitably relocate businesses. Among the main concerns of occupiers are rents, location, and prices on top of accommodation quality. Landlords are catching up by proposing extra amenability and flexibility to the demands of tenants.
Newly completed developments are now on the market, but main prime areas continue to be in high demand as many tenancies are renegotiating prices and rents. This is another indication of a healthy stability in the commercial property market of Dubai, reflecting the overall current status of the property market.