This note captures a snapshot of the Dubai property market as it was described in the first quarter of 2012, followed by a practical observation about viewings in the summer heat.
Market snapshot, Q1 2012
- Investor sentiment. Interest in good-quality, well-located assets that generate rental income was reported to be returning. Two major deals had already been completed in 2012, including the sale of a building in the Gate Precinct of the Dubai International Financial Centre.
- Offices. Occupiers were consolidating their space. Following a global pattern, larger firms were reviewing their property portfolios and looking to move into better premises with more flexible lease terms.
- Residential. Villas were outperforming apartments during the period, and sales of prime homes were occurring at levels above those seen in the first quarter of 2008.
- Tourism and retail. These sectors were the main drivers of activity. Hotel occupancy was said to be similar to the 2007 and 2008 figures.
These observations came from a commentary reproduced on the original blog. They describe a short moment in time and should not be read as a forecast.
A practical lesson about summer viewings
A second post on the page describes what happens when a showing is carried out in 40 to 45 degree heat. During a visit to a signature villa on the Palm Jumeirah, the air conditioning had been switched off. The visitors became hot and irritable, rushed through the rooms and had little chance to picture their furniture or enjoy the views.
The takeaway for owners is straightforward: keep cooling running in the warmer months. A comfortable home encourages viewers to linger, to notice details, and to feel positive when deciding on an offer. It is a small cost compared with losing a potential buyer’s interest.
Related reading
More on preparing a home can be found in the selling tips page and the seller’s guide. For background on specific districts, see the project information pages.