Dubai’s property market, which has recently seen a decline in rents and sales prices, is witnessing a return of buyers, according to the chairman of Dubai-based developer Nakheel, Ali Rashid Lootah, Bloomberg reported on Saturday.

Further, the market has seen a return of cautious buyers as opposed to speculators, possibly on the back of the Brexit decision of the U.K., which may be prompting investors to look for alternative markets, Lootah said on the sidelines of marketing Nakheel’s Palm 360 and Palm Tower projects in Singapore.

The first half of 2016 saw a massive decline in sales due to the oil-price related economic slowdown of the market in GCC countries.

Nakheel aims to expand after having undergone a restructuring process after Dubai’s 2008 property collapse.