Hope for real estate

2010-03-01 | Published 07:51

UAE: There is no doubt that the real estate business in the UAE has had its fall for a period of time because of the global financial crisis. It’s experienced great distress and has suffered among other countries. Thus, there is still hope for it to rise again! And according to The FutureBrand Gulf Real Estate study released in February, the key is for people to just continue trusting the process.

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Sales agents in the Emirate report that real estate transactions in Sharjah have plummeted drastically and remain to be poor. Business there has always been fairly minimal since freehold was out of the question, but currently it has become so depleted, feels Kosta Giannopoulos; the manager of residential sales and leasing at Better Homes Sharjah.

Kosta is not alone in his perceptions and feelings, and shares this opinion with many. Also working at the same agency, Natalya Shapovalova has stated: “It’s been worse in Sharjah, as people have simply stopped any property purchases.”

Even the regional banks are having second thoughts on lending money to GCC National for property in Sharjah. What´s the solution then for the UAE real estate dilemma for the present and near future?

The fundamental problem and cornerstone to the massive real estate dilemma is that the reputation of many UAE developers has been called in to question during these truly difficult times.

“Trust is going to be the focus this year and beyond. After a series of delays, cancellations and poorly communicated messages, developers are going to have to overcome and manage a large degree of scepticism,” says Jay Hwang, Executive Director at FutureBrand in Dubai.

Laila Anani

+46 (0) 8 587 066 00

laila.anani
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Latest comments

Survival of the fittest
Here in the United States we are in an atmosphere of survival of the fittest. From developers, to builders, to real estate agents, many of the weeker companies have gone out of business. When the market finally rebounds, the companies that have survived should be the strongest and in a great possition to take advantage of the recovery.

Charlotte Homes
Eric, 2010-03-03 15:22
Real Estate Hope
Here in Texas things seem to be going by a little smother than what the rest of the country is going through. Here there was never a dramatic rise in the price of homes so in return there was no "blubble" that burst. The trouble that we are having is securing financing for people just simply because all of the guidelines are built at a national level.

Real Estate in Lake Conroe
David Taylor, 2010-03-20 22:41
Why wouldn 't there be any
Why wouldn 't there be any hope? Without hope we wouldn't have been here :). See that's the way real estate and in general economy operates, after a boom there does come a recession. Each recession for me teaches us a lesson so that's upto us how do we take it.

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