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Landmark Advisory's Latest Dubai Guides: Quality Properties See Increasing Stability
Both sales and leasing are seeing greater stability and a flight to quality
Dubai, UAE - June 23rd, 2009: Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, today released its June 2009 sales and leasing price maps for the Dubai market. A transaction-based reference for prospective buyers and leasers alike, the Dubai Price Maps continues to evidence the 180 degree turnaround from the previously supply- driven property market to the more demand-driven market.
For potential home buyers, the latest price maps from Landmark Advisory indicate that 'distressed sale' opportunities are largely finished, as sellers refuse to lower existing prices, and buyers in some cases are paying increased rates for sought-after residential developments with limited homes available.
On average, Landmark Advisory anticipates further decreases in Dubai rents for the third quarter of 2009, although signs of rent stabilization exist and some landlords are still experiencing robust demand for higher-quality rented homes in premium locations.
Ms. Jesse Downs, Director of Research, Landmark Advisory, stated, "For the Dubai market, there are distinct signs of market stabilization and a return of confidence from end-users. Sales prices have even increased in some cases. This increase is largely due to the dynamics of each development. Smaller villa developments with a limited supply that have tapped into sufficient value recognition among end-users with regards to location, layout, build quality and amenities/facilities are among those residential developments experiencing price increases. Examples in the sales market includes Jumeirah Islands and Green Community. We are also seeing similar trends in leasing rates for select villa communities."
As evident from the latest sales and rental price lists, the sharpest decline is with apartments. The combination of the economic downturn and a large quantity of high rise apartments that were completed in 2008 has resulted in an oversupply in this segment.
One notable element of the latest Landmark Advisory price maps for Dubai is the continual refinement of price differentiation, which was previously based on factors such as location, views and the quality of finishing. Now environmental factors are influencing consumer decision-making; for example, in some developments units in close proximity to high voltage power lines are renting for lower rates than similar units located farther from power sources.
In addition to its new Dubai price maps, available today for online download, Landmark Advisory's recent price map for Abu Dhabi is also available at http://www.landmark-advisory.com.
About Landmark Advisory
Landmark Advisory was originally established in September 2006 under the name of Landmark Consulting Associates, with a mission to provide superior generalist advisory services in the areas of development and planning. In April 2008, Landmark Advisory was established and has brought with it the experience and network of Landmark Consulting Associate's years of existence.
Jointly owned by a dynamic group of partners, Landmark Advisory’s founding members are the same group of professionals that founded Landmark Properties L.L.C, one of Dubai’s leading real estate brokerage. Landmark Advisory’s link into Landmark Properties, offers the group a unique position to closely study the real estate market, providing unparalleled access and perspective of the rapidly changing and expanding MENA market.
Our network of professionals dedicate themselves to thoroughly collecting and analyzing information to illustrate opportunities that exist in this fast-paced industry. Furthermore, our specialized knowledge and experience within the MENA region, gives Landmark Advisory the confidence to accurately advise our clients around the world in making well-informed and intelligent real estate decisions.
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