Coldwell Banker, a leading real estate brokerage firm, has opened its fourth office in the UAE at Jumeirah Village Circle (JVC), Dubai, as part of its regional expansion plans.

Coldwell Banker UAE, a regional unit of the US-based property firm is also setting up its UAE headquarters at The Onyx, an ongoing multipurpose project by developer Ishraqah on Sheikh Zayed Road, Dubai.

Commenting on the move, Hesham Elfar, the CEO of Coldwell Banker UAE, said: "The market in Dubai is at a very lucrative standpoint currently. It is going through a healthy correction phase, which we believe is an important phase to create a mature market."

"The fundamentals of the market are getting stronger. As long term players in the market, we believe this market holds a lot of potential," he added.

Coldwell Banker, which has over 3000 offices worldwide, is keen to boost its presence in the region. The new office is located in the Seasons Community at JVC.

"We plan on doubling our sales force and opening more retail offices here with the aim to cater to the positive growth of the property market in the UAE. Our strategy to increase our accessibility and reach for our clients by opening more branches and increasing our workforce in 2016," stated Ayman Youssef, the VP of Coldwell Banker UAE.

"Coldwell Banker currently ranks number 1 in the US and we plan to achieve the same standing in the UAE as well," he noted.

Youssef said there was great opportunity in the secondary market along with an increase in the number of homebuyers.

"The market is slowly shifting towards end users with many tenants turning into first time home owners because of the low interest rates and correction in prices. Investors can also expect higher yield for their investments since the sale prices have dropped more than rental prices, positively impacting the yield," he added.-TradeArabia News Service