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House prices gain, transactions jump
The consultancy said that the positive quarter was the result of freer credit and a perception of more security in expat jobs, but warned against seeing a trend in the quarterly figures.
?The Q3 results indicate a ?bounce? in the market but we will have to wait for the Q4 results before we can say whether an underlying growth profile exists, indicating a potential recover,? Ian Albert, regional director of Colliers International, said.
Albert told 7DAYS that the index was ?encouraging but one should not get carried away... It is only a quarterly result and you need two or three quarters to establish a trend going forward?.
Colliers predicted that next year extra supply to the market would suppress average prices, but said developments with strong fundamentals would not be as affected.
?Well planned mature developments in good locations, supported by facilities and community infrastructure will receive relatively higher demand.
This demand ensures a lower risk profile for banks, which ensures the availability of finance to support demand further,? said Albert.
On Monday, HC Securities and Investment said in a research note that prices had already bottomed in April and risen nine per cent since then.
HC also said it disagreed with consensus estimates of future (over)supply, seeing 60,000 units by 2011 versus the 90,000 to 140,000 units predicted by other analysts.
Source: www.7days.ae/business
Nov. 4, 2009
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