Owning your home is a strong incentive to start saving, but there is as much risk as there is reward
Middle East Hotels Post Mixed Results in Q1, Africa Posts Solid Gains
As residential rental rates in Dubai continue to slide, registering a 12 per cent and 10 per cent year-on-year decline for apartments and villas respectively, according to Asteco second quarter reports, tenants are breathing easier in the emirate while prospective investors are rallying with an 11 per cent drop in sales values over the same period. Nick Grassick, managing director, PH Real Estate, reports an increase in enquiries, and buyers, due to lower sales values, while Katie Savage, director of boutique agency The Urban Nest, has seen a steady rental market over summer. “It’s been quieter than usual this year, with more people negotiating to stay in their current property, although new(er) communities also remain popular,” she says. A 15 per cent rise in rental enquiries is the figure mooted by Abdul Kadir Faizal, co-founder of digital real estate investment platform Smart Crowd, who believes the situation is very much “watch and see”, with added concerns regarding job uncertainty, a factor for many would-be investors.