A New Wave of Real Estate Investor Makes Homes Go Fast in Dubai
Popular overseas property portal HomesGoFast.Com has opened offices in Dubai to help cope with the demand it has from overseas buyers. Dubai is increasing in popularity with investors from the UK, India, Pakistan, Russia and the Middle East. The portal anticipates that investors from more conservative regions such as France will soon be getting involved in property investments offered by the portal.
On his return from Dubai Matthew Lanham Chief Technical Officer remarked "Dubai for us is providing huge interest and it makes sense to cater for our buyers who can now meet our own staff in Dubai. We find that some international buyers want to get a feel for the region before investing and staff are on hand to do this. Our research indicates that increased demand is on the horizon from regions previously not known for buying real estate in Dubai. The French are a great example we know they are only now seeing the investment potential in the region. We have a team that can speak Arabic, English and French which is a real bonus."
Hind Jouini Chief Sales Executive Homesgofast Dubai “Dubai is still expanding and is a relatively new market. There is so much opportunity here that many overseas buyers don’t know where to begin. Our presence in Dubai will capitalise on the interest in the region from the international community. Our clients come from UK, Pakistan, India, Middle East, and Russia. We predict that more conservative investors will soon be attracted to the region once they see projects coming to completion and see the huge infrastructure improvements here."
The London-based projects magazine Middle East Economic Digest predicts that Dubai population is expected to grow by almost a third to 2 million people by 2010.
It has been reported that the scale of the development in Dubai is causing problems with utility companies who are having trouble keeping up with the property developers. Peter Riddoch, chief executive of Damac Properties “Power and water supply is one of the biggest challenges facing Dubai’s real-estate sector. In a number of areas, the government is playing catch up,” he said, adding that although none of Damac’s projects have been delayed to date, he is concerned about developments coming on stream later this year and early next year.
The Homesgofast team in Dubai are experienced in providing a bespoke investment service aimed at foreign buyers. They provide a "hold your hand service" to assist buyers in finding the best deal. The service is suitable for armchair investors buying multiple units to those who simply want a holiday home in Dubai.
The CEO Nicholas Marr believes that a mixture of conservative investors stepping forward along with news of mandatory escrow accounts makes the region very attractive place to invest. "Dubai has increased regulation around financing purchases of off plan property in the region. This has resulted in three of Dubai leading banks launching escrow accounts. The new regulation centres on amendments in Dubai's property law which aims to increase transparency levels within the emirate's real estate sector. This is a massive boost for those hesitant property investors."
Image: Matthew Lanham CTO Homesgofast.com and Hind Jouni at Dubai Matrina Dubai inspecting the recently completed projects.
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Homesgofast.com is part of Marr International Ltd a UK based property marketing company