Dubai’s new regulations in property transactions including selling and buying has helped the city to achieve more stability in the property market in terms of attracting more genuine end users to the residential real estate.
The residential tower in Dubai Marina built in 2008 sold out 90 percent of its units in five months. According to UK based property investment company, Select Property, which is witnessing strong sales of its £71 million West Avenue project is sure that Dubai property market is rebounding.
On West Avenue 270 one and two bedroom apartments are on offer starting at £122,500 as well as luxury penthouses with a price tag of £1.2 million. The only notable change is that just 6 percent of the sales are going to UK buyers, that is down from 60 percent of 2008, indicating that British buyers are still cautious.
Now the buyers are typically those who really want to live in the property or rent it out to Dubai residents. This is quite different from the average buyer of pre 2008 phase who was only looking to take advantage of rapid capital appreciation.
IS Real Estate 