Dubai rents to continue escalating in short term

This is according to Elaine Jones, CEO of Asteco, the UAE's largest property management company, who presented her thoughts on the rents market in Dubai and the UAE at the monthly Dubai Property Group networking event.

Jones also discussed trends in the real estate market, the changing nature of 'freehold' and her predictions for the future of Dubai's property landscape.

"There's much more demand than supply for property in Dubai at the moment. But this won't be forever; as more homes come to market over the next two years, the supply/demand relationship is set to even out," said Jones. "As more projects come to completion, rents will become more reasonable and there will be a shift in the way that people choose homes and offices. One interesting current trend regarding Dubai is that most buyers purchase offices and homes to rent them out, not to use themselves."

Jones also addressed the changing nature of the term 'freehold' in Dubai and the new opportunities and challenges this presents. "Buying is now a very real and reasonable option, plus there has been an influx of educated white collar workers to the Emirate, which means that more residents are actively able to consider buying their own property in Dubai," she continued. "The property market is about to become much more structured, as worker salaries increase, they will be expect more from property developers. As the number of properties in Dubai continues to grow, it will become more of a buyers' market," she added.

Asteco's presentation was followed by a discussion about the issues and opportunities in the real estate market and attendees exchanged ideas and views with some of the region's top property magnates.

"Putting more structure into the booming industry will bring a new surge of energy to Dubai's real estate sector," said Adel Lootah, executive director of Dubai Property Group. "As an association of leading real estate professionals, DPG is actively promoting the modernization of property laws and procedures in Dubai, and our monthly forum allows members of the property fraternity to relay new ideas and comments within a common peer group."

Independent of favour or influence, DPG represents the combined interests of Dubai's real estate community. The Group's 110 members include some of the highest profile real estate players in Dubai, such as the Dubai Development Board, Cluttons chartered surveyors and property consultants, Arenco Real Estate, Union Properties PJSC, Better Homes LLC and facilities management firm, Asteco Property Management LLC.

Apart from the ongoing monthly 'Awareness and Networking' events - as part of its services to improve and grow member benefits and increase their business potential, DPG provides advertising opportunities through its website, newsletters and exclusive agreements with UAE based media, aimed at helping members reach larger and more diverse audiences - be they business related or the general public. The Group also regularly puts together training and educational packages and seminars.