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In the report, Landmark Properties estimates that by 2010, roughly 90%of all real estate transactions will be end-user driven; a significant reversal that points to a rapidly maturing market. As such, the availability of affordable financing will become a major determinant of property prices. The report also examines key factors shaping the residential market, such as increased market segmentation, pricing trends, changing investor dynamics, and new regulations. In addition, the report introduces the new Property Price Index, which is based on transactional data rather than advertised prices.
Cliff Kelaita, Chairman and CEO of Landmark Properties, said:
"This is our first research report, and it will offer our stakeholders one of the most detailed analyses of Dubai's residential real estate sector. Landmark Advisory, our newly launched research and analysis division, is the brain child behind this report. We invested considerable time and effort in analyzing the data generated by our in-house research specialists, as well as material released by leading financial institutions. Most of the quantitative price analyses available today are based on numbers from listed properties, which is not a very accurate method of measuring the market. At Landmark Properties, we have introduced the Dubai Property Price Index based on transactional data, which is the price at which the property is actually sold, not the listed price. This was only possible because of our extensive network of agents, our 'foot soldiers,' who constantly update us with vital information from the field."
Another innovative element of the report is its inclusion of branding as a significant factor affecting prices in Dubai. As market participants have recognized disparities in build-quality among individual developers, the brands associated with new properties now impact their value. Landmark Properties expects this trend to continue, with brand awareness becoming an increasingly important factor in the price equation.
Kelaita added that "Dubai's real estate market has been dominated by the speculator-driven primary market, which is now maturing into an end-user driven secondary market. By 2010, we estimate that 90% of all transactions will be end-user oriented, making the availability of affordable financing a crucial element in shaping the market. This report is the first in a series of more comprehensive assessments to be released in the near future. As of now, this preliminary analysis is available on our website
Landmark Advisory is the newly launched research and consultancy division of Landmark Properties. Its mission is to provide high-resolution market intelligence and cutting-edge consulting services that cover the Middle East and North Africa (MENA). This commitment to research excellence will furnish the retail brokerage operations at Landmark Properties with innovative products backed by 'best in class' due-diligence.
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Posted by Rana Mesbah
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