Property Market in Dubai is quite improving after all
01/12/2012
As of now, the property market in Dubai is really improving or recovering due to a number of proofs shown particularly during the first quarter of the year. So some property experts said that the Emirate is back to its old tricks in line with real estate market.
For instance, one of the proofs is the announcement of one local firm to build a replica of the prestigious landmark in India. It is the Taj Mahal that will be five times bigger than the original one that will consist of 300 hotel-rooms if once completed. Based on the research from Citi, it says that since the first quarter of the year, the Emirate has already launched or re-launched a number of stalled development projects worth of $11 billion in total.
On the other hand, according to CB Richard Ellis (CBRE), it said that the property transactions in Dubai are not yet at the same levels with pre-crisis years but having a possibility to reach it once again a few months or years from now. So far, there have been already some signs of recovery shown in the real estate market, including the prices of mid-range apartments and villas that are increasing at least 20 per cent. However, the property prices might reach unsustainable levels because of the fact that there will be more projects to enter the market. Nevertheless, fortunately, some developers are now returning to pre-2008 methods of selling off-plan properties before even starting the building. As a matter of fact, such method was popularly done during the booming time of Dubai’s real estate market.
Moreover, after the huge impacts of crisis, the Emirate remains a safe haven for commerce, investment, and tourism, especially during the political turmoil that happened in some Middle East countries. Positively, in terms of tourism, the Emirate’s airport is currently considered as the second busiest not only in the region but throughout the world. Then, even in line with hotel occupancy, it has already reached around 80 per cent as well as the property prices are now increasing at the slower pace.
For instance, one of the proofs is the announcement of one local firm to build a replica of the prestigious landmark in India. It is the Taj Mahal that will be five times bigger than the original one that will consist of 300 hotel-rooms if once completed. Based on the research from Citi, it says that since the first quarter of the year, the Emirate has already launched or re-launched a number of stalled development projects worth of $11 billion in total.
On the other hand, according to CB Richard Ellis (CBRE), it said that the property transactions in Dubai are not yet at the same levels with pre-crisis years but having a possibility to reach it once again a few months or years from now. So far, there have been already some signs of recovery shown in the real estate market, including the prices of mid-range apartments and villas that are increasing at least 20 per cent. However, the property prices might reach unsustainable levels because of the fact that there will be more projects to enter the market. Nevertheless, fortunately, some developers are now returning to pre-2008 methods of selling off-plan properties before even starting the building. As a matter of fact, such method was popularly done during the booming time of Dubai’s real estate market.
Moreover, after the huge impacts of crisis, the Emirate remains a safe haven for commerce, investment, and tourism, especially during the political turmoil that happened in some Middle East countries. Positively, in terms of tourism, the Emirate’s airport is currently considered as the second busiest not only in the region but throughout the world. Then, even in line with hotel occupancy, it has already reached around 80 per cent as well as the property prices are now increasing at the slower pace.
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