Gross Domestic Products (GDP) in Dubai increase
01/12/2012
As Chief Executive Officer (CEO) of Jones Lang LaSalle which is a Global Real Estate Services Company, Alan Robertson, he firmly believed that the confidence in Dubai’s property market is now bouncing back after a few years of being in the wake of economic crisis. According to him, despite the fact that the Emirate has been affected by such crisis for years, it has remained competitive in a sense of maintaining its reputation as an ‘Economic Hub’ in the Gulf Arab region.
Actually, the Emirate is currently experiencing recovery, especially in the following sectors: trading, transport, and tourism that entailed a positive growth according to Dubai Statistics Centre. It reported that in H1 2012, the growth for Dubai’s Gross Domestic Products (GDP) has reached around 4.1 per cent which has become the fastest growth rate since the 2008.
Now, based on what happened in Dubai’s property market in the previous years, a number of lessons have been learned by any companies, investors, and even the Government of Dubai. One of the lessons is rather to adopt a long term and coordinated approach than developing the real estate industry too faster. So the government has recently approved the so-called ‘Strategic Planning Framework’ in which most of the developers are recognizing that those major development projects should be built over a much longer time-frame of between 10 to 20 years as well as the major demand generators should be developed ahead of other components of mixed-use projects in particular.
However, Alan Robertson lastly added that there are some banks in Dubai which are still in doubt to either lend again to developers, for instance, in order to financially complete their property development projects. In line with this, JLL is planning to release its Real Estate Investor Sentiment Survey (REISS) for this year 2012, in which the investors are now becoming vigilant; for they are more preferring completed income and producing projects than lands or plots.
Actually, the Emirate is currently experiencing recovery, especially in the following sectors: trading, transport, and tourism that entailed a positive growth according to Dubai Statistics Centre. It reported that in H1 2012, the growth for Dubai’s Gross Domestic Products (GDP) has reached around 4.1 per cent which has become the fastest growth rate since the 2008.
Now, based on what happened in Dubai’s property market in the previous years, a number of lessons have been learned by any companies, investors, and even the Government of Dubai. One of the lessons is rather to adopt a long term and coordinated approach than developing the real estate industry too faster. So the government has recently approved the so-called ‘Strategic Planning Framework’ in which most of the developers are recognizing that those major development projects should be built over a much longer time-frame of between 10 to 20 years as well as the major demand generators should be developed ahead of other components of mixed-use projects in particular.
However, Alan Robertson lastly added that there are some banks in Dubai which are still in doubt to either lend again to developers, for instance, in order to financially complete their property development projects. In line with this, JLL is planning to release its Real Estate Investor Sentiment Survey (REISS) for this year 2012, in which the investors are now becoming vigilant; for they are more preferring completed income and producing projects than lands or plots.
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