Successful Dubai realtor Andrew Cummings prides himself on being a trusted advisor and partner to his clients. His skilled approach to marketing properties, negotiating and market expertise have awarded him some of the most exclusive properties in Dubai. Cummings sat down with Haute Residence to discuss Dubai's luxury real estate market for the new year.
What are the current real estate market trends and conditions in your market?
The Dubai Real Estate Market generally is still proving to be uncertain at the moment. Rental values continue to decline across most sectors and this has a knock on effect with sales values. As such it is definitively a buyers' market with some great deals around at the moment. Despite the soft market, we continue to see strong activity in the luxury end with nearly $20m of business written last month alone.
What are the top 3 things luxury homebuyers look for?
Quality over quantity - We are finding that buyers are looking for high-end finishing and turnkey properties rather than overly large properties.
Location - still the same adage: Location Location Location. Many buyers are currently waiting for the right property to come on the market in their chosen area, which is helping to keep demand strong for prime locations.
Services - Whether it's an apartment or a villa, the quality of services provided by the community or building can dictate a buyer's choice of purchase.
Where do you foresee the real estate market heading in the new year?
Property markets worldwide are cyclical with highs and lows. The Dubai property market is at a low ebb at the moment but it will change. Gone are the days of quick returns, investors and owner occupiers need to take a 5-year view on purchases which will put them in a good future position.
Is there a push for vertical living in your market or is it still horizontal based?
Dubai has long been home to mega skyscrapers including the tallest building in the world, the Burj Khalifa. That said, demand for low-rise remains strong and a number of new communities are coming online over the next 18 months to help meet this demand.
What do you recommend to homebuyers looking to invest in your market?
Take the advice of a professional agent who has experience in the area you are looking at. LuxuryProperty.com only employ experienced brokers who understand the market and can offer advice on all aspects. By building strong relationships you are more likely to get the very best deal.
