Industry Experts meet to discuss Current Hot Related Topics

  • 04FEB
    Industry Experts meet to discuss Current Hot Related Topics
Industry Experts meet to discuss Current Hot Related Topics

On 30th January a dozen executives from the country's top real estate companies convened at Propertyfinder Group headquarters for an open discussion forum on industry-related hot-button topics.   The discussion was lead by the Propertyfinder Group and it was attended by our Exclusive Links Managing Partner, Zarah Evans.   

"Propertyfinder is an advocate of best practice for the UAE real estate sector," said Paul Stewart-Smith, Chief Operations Officer of Propertyfinder Group. "Convening a group of leading brokerages allows us to listen, facilitate discussion, and drive thought leadership."

The group that gathered for the CEO Breakfast talked about the surge in off-plan 
transactions, interest rate hikes, changes in social media, and the first year with 
the Trakheesi system, one of Dubai's largest-ever clampdowns on professionalizing the real estate market.

The group referred to the booming demand in off-plan real estate spurred by enticing payment plans luring first-time homebuyers. Whilst this segment of the market is exciting all present agreed we need to keep an eye on it. 
Our own Zarah Evans preferred the better option of seeing more rent-to-own schemes being available in the market. 
"How many people come here thinking they'll stay a year, and instead end up staying for five?" she asked.
Evans said she wants to see developers cater to those residents who could be paying down a mortgage rather than renting, with rent-to-own schemes introduced on a wider scale. She said Dubai shouldn't be fostering a rent-forever generation, instead of enabling residents to get on the ownership ladder with looser buying requirements supported by robust oversight. 
Another hot topic point discussed by the group is the potential for interest rate hikes and the effect on the market. Brokers can make the case to buyers that there is a currency incentive to invest in property with a weak US dollar. But mortgage debt in Dubai may be harder to carry if rates go up.

With Trakheesi well into its second year, the effectiveness of the system put in place by Dubai's Real Estate Regulatory Agency (RERA) is witnessing the first wave of effect, according to the executives. One of Trakheesi's purposes is to sweep out fake property listings on online portals by requiring a permit number for brokers to list the property, which it has largely succeeded in doing. 
They also bantered amongst themselves on the effectiveness of new technologies and marketing through social media which remains a constant demand from our audiences. The mainly agreed that platforms like Facebook and Instagram are fun ways to give a look behind the scenes and build a brand but not always the most effective way to sell a property.   All agreed that WhatsApp is the new face to face between agents and home seekers, more of an interesting quirk of the local market and a great business opportunity.

Zarah attends this forum regularly and always takes these opportunities to maintain Exclusive Links position as a friendly competitor in the Dubai real estate sector.

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ensuring that customers best interest are always of the utmost importance.

4th February 2018