Dubai Real Estate Agent Survey Reveals True Market Opinions

“ Survey reveals Dubai real estate agents are surprisingly upbeat about the future of the real estate market in the Emirate. ”

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(iRealtyWire.Org) – Dubai, UAE – A survey of more than 170 Dubai real estate agents reveals that most agents believe the Dubai real estate market will pick up within 3-6 months. Overall agents are more optimistic than expected on the prospects for the Dubai property market.

www.TheEstateAgentsDubai.com is a new website run by a number of real estate agencies built to allow real estate agents across the UAE to come together and freely discuss the Dubai property market. As part of the launch of the website and forum the site has asked real estate agents to complete a short survey on the property market. The results of the survey show a surprisingly upbeat medium-long term view of the Dubai property market, although short term there is expected to be some pain.

“The survey revealed that 77% of Dubai real estate agents believe the market will pick up within 6 months,” explained Paul Allen, webmaster of www.TheEstateAgentsDubai.com. “This is surprising given that more than 50% of respondents have concluded no sales at all in the last month.”

“Several themes came up consistently when we asked real estate agents what they thought was wrong with the Dubai property market and how it could be fixed,” continues Allen. “Many agents believe that the lack of lending from banks and a self-perpetuating panic are chiefly responsible for the current situation. Other reasons, such as the need for more regulation by RERA, clear information regarding new laws and procedures from the Land Department, the global financial crisis, the end of the perceived Dubai property bubble and an uneducated market were all believed to be significant factors as well.”

“When asked what could be done to correct the current situation, by far the largest response was to persuade the banks to increase their loan-to-value lending amounts to what they were six months ago,” further explains Allen. “Six months ago it was possible to obtain 80-85% mortgages on property, now many banks are down to 50-60% and agents feel this has caused a seizure in the market. Additionally, many agents indirectly blame their profession for part of the current situation. Many respondents believe that properties being listed as ‘distress’ sales and poor real estate agent ethics are exacerbating the current market slowdown.”

The conclusions of the survey are being released to agents who have joined the forum on www.TheEstateAgentsDubai.com. This continues the website’s mandate to encourage real estate agents to work together to better the Dubai real estate industry through discussion, transparency and openness. “We want to encourage professional and ethical real estate agents in Dubai,” states Allen. “The companies who formed The Estate Agents Dubai all share a fundamental respect for business ethics and an outstanding focus on the benefits to both clients and themselves of ethical business activities. We understand that estate agents in Dubai tend to have a poor reputation and we believe now is the time to help address and mend that image. To do that, we have to start with the agents themselves.”

About the Web site:
www.TheEstateAgentsDubai.com is a property portal for visitors looking to purchase property, and a forum for Dubai real estate agents to network and discuss changes in the local market. The website was formed by a number of Dubai real estate agencies when they recognised an evolving need for such a forum.