Investors urged to deal with major developers

Dubai: Property buyers in the UAE should purchase apartments from major developers if they want to benefit despite a slowdown in price appreciation, a senior official said.

"The major developers are standing on solid ground and this could provide much-needed comfort to end-users who have been putting their life savings into the UAE's properties," said M. Kaleem Khan, chief executive of NKR Properties.

As Dubai's red-hot property market cools down, a lot of fly-by-night operators are expected to disappear from the market, he said.

"There are lots of developers who do not have the right credentials, trying to attract buyers. Investors should do due diligence before putting their money in, so that they do not burn their fingers," he said.

"The days of making a quick buck are gone. In the coming days the real picture will become clear."

He said villas from renowned developers are still a good buy.

"Projects developed by major developers such as Emaar, Nakheel, Dubai Properties, Aldar, Sorouh and Hydra will continue to appreciate. So end-users have nothing to lose or worry, even if the market corrects itself," Khan said.

"Don't look for short-term gains. Look for long-term real value," he said.