The first half of 2010 will remain a tough period for the property industry, while the number of property brokers will decrease further this year, according to a real estate consultancy.
Laura Martorano, CEO, Leo Sterling, said: "We expect this number to further decrease within the coming year and reduced to a few dozen brokers as a result of the natural process of elimination."
Citing recent statistics from the Real Estate Regulatory Authority, Leo Sterling said there are now around 2,088 approved brokers in Dubai, which is already half of the total number in 2008.
Martorano said: "We believe that 2010, particularly the first half of the year, will be critical to industry players as the ongoing price corrections and the stabilising effect of the market shake-up will eliminate weak, run-of-the-mill brokers that have relied heavily on speculative investors and overpriced property offerings.
"We have anticipated this situation, which is why we continue to emphasise on long-term value in our property offerings. As such, we have fortified our portfolio in the ready segment, which has remained relatively stable and attractive to genuine buyers and investors, who will be increasingly coming onboard in the next few months."
Martorano said: "We need to focus on the actual picture to be able to determine genuine prospects that await us in the future. In real terms, there has been no significant growth at the height of the slow down. However, with proactive government intervention such as the move to allow 100 per cent foreign ownership, I believe brokers are now being empowered to provide bespoke offerings and services that are designed to reinforce investor confidence in the local property market," she said.
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