End-user dubai market improving?

The Dubai real estate market, as far as the end user sector is concerned, will continue to improve despite the ongoing financial crisis in the emirate and all the negative media reports, according to a leading Dubai property estate agency, PowerHouse Properties...

Profits at PowerHouse Properties have improved by 55% so far this year, compared with the whole of 2008, and the company has doubled its workforce over the past six months to reflect stronger end-user demand for properties in Dubai.

Myles Bush, managing director of PowerHouse Properties, told the press: "We are performing so well simply because people are buying property in Dubai again. Confidence is returning to the market and the recent news is unlikely to stop the market moving upwards.

"We have encountered most transactions within the high end market, especially in areas such as the Palm Jumeirah and Emirates Hills and enquiries are increasing as we approach 2010."

The volume of transactions for Dubai flats and Dubai houses increased 64% during the third quarter of 2009, compare to the preceding quarter, suggesting that the Dubai property market is improving.

"I predict the end user property market will go from strength to strength in 2010," Bush concluded.

Source: www.homesoverseas.co.uk/news