Real estate sales and rental activity have been on the rise in Dubai over the last three months, driven by value-conscious middle income buyers, a recent real estate guide said.
"The 'flight-to-quality' trend, witnessed in Dubai over the past six to nine months, continues to be driven by value-conscious middle-income end-users and families focused especially on value and size," director of Research and Advisory Services at Landmark Advisory Jesse Downs said in its Sales and Leasing guide for the Dubai market.
The guide, intended as a reference tool for clients looking to rent or buy property in the UAE, focuses on the price changes for residential and commercial property over the past three months and the change in rents for leased units over the last two months, it said.
The report said leasing rates over the past two months have largely stabilised, with rents in some areas increasing in response to steady demand.
"The flight to quality trend continues across Dubai,with lower-limit rents for high-end units in Downtown Burj Dubai increasing 13 per cent. Lower quality units have failed to show similar rent growth, while some areas continue to decline," Downs said.
For commercial space,prices have slid over the past three months. "Some demand has returned, with many value-driven customers looking for bargains," Downs said.
