The Monthly Average Number of the Sales of Real Estate
The sales of property in Dubai are a 70% less than what were in the peak of the market in the middle of 2008, but a small increase in the transactions has been praised as a good sign. The experts in real estate are indicating that nobody wants a career of return to the glorious days to move at one sitting speculative that did that the emirate one of the hottest markets of the planet, and that a recovery maintained is better.
The last figures of the Department of Lands of Dubai show that is not insurance that is going to be a fast recovery. Dubai saw 1,603 offerings of real estate in the first ten months of the year, a decrease of the 70% in comparison with the height of the market, when there were 5,363. Nevertheless, the figures show an increment of the 37% in the transactions of goods in comparison with the 2009 to the height of the financial crisis, what suggests that there are signs of recovery in the market of dwelling of the city mistreated.
The monthly average number of the sales of real estate is of 160, set against 117 in 2009, but continues being a way dramatics of the average property transactions 536 seen a month in 2008, as of properties of the plan was overturned several times by the speculators. "It recalls me to it true extraordinary in the market was from 2005 to 2008, and the regularity that seems to be nowadays", said, executive director of Coldwell, the greater business of real estate in Dubai.
The banks are being more active in the concession of mortgages and interest rates of the mortgages have descended of level of around 8 to 6% ", added. Dubai property for rent shot itself after the city opened its sector of real estate for the foreign investors in the year 2002, offering them the absolute control property rights in many developments but the prices have fallen a 60% since the world economic crisis had a get.
Prices of the dwelling in some parts of Dubai showed signs of recovery in the third quarter, with light rises in the main projects, such as Palm Jumeirah and Arabian ranches, according to data of the property consultants Jones Lang LaSalle. But the analysts continue worried that the around 33,000 new dwellings that will arrive at the markets of Apartments for rent in Dubai by the end of 2012 would be able to cause decrease of fresh in rent and sale prices.
It renewed world financial problems and the crisis of European sovereign debt is also probable that the cause more pain, with last month Moody prediction of recovery of the prices not before 2016. Andrew Goodwin, director of real estate of Dubai consulting DTZ, said that the transactions moderate was maintained since the owners adapt not to their prices that ask to the new economic realities. "We receive a great interest among the investors that seek in the market of Dubai, but in many cases there is a discrepancy between the buyers and salespersons of the appraisals that maintains a low volume.
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