Dubai property owners may feel as if they’ve experienced “Mr. Toad’s Wild Ride” over the past several years, with the massive increase in property values, over 41% in the first quarter of 2008, all fuelled by “flipping”, a form a speculative buying in which properties are bought and then immediately sold several times over by investors before ground is even broken on a project; to only come crashing down upon them with values declining as high as 50%. Although many may have sustained some property “whiplash”, in the overall scheme of things, the real estate market is not as bad as it seems when one realizes that if you take into consideration balancing out the two as a true market correction, the true decline in property values in Dubai is only about 7.5%. This rate is pretty consistent with that of the world’s average.
The relevant question to be asking now, is whether Dubai have the wherewithal to pick itself up, dust itself off, and rise again on the road to recovery? What is for sure is that Dubai definitely has the potential, and the will to make that happen. Hopefully Dubai will be able to learn from the mistakes of their past and lay the foundation that prevents these mistakes in the future, and, although Dubai has a large amount of debt, fortunately it getting some assistance from its neighbor, Abu Dhabi. Without having the oil reserves to back them, Dubai knows how important it is to get their main source of revenues, tourism and trade, back to its previous state.
What Dubai has going for them, is that Dubai already has a number of innovative projects that been successful. Projects such as the Burj Al Arab, the world’s only 7-star hotel and the iconic structure that symbolizes Dubai; the Palm Jumeirah, Dubai’s man-made island in the shape of palm tree that is now recognized as the 8th Wonder of the World; and the newly opened Burj Khalifa, standing 828 metres high is now the tallest structure in the world. These one-of-a-kind attractions still drive tourists to visit this amazing city. In addition, Dubai has expanded its hotel facilities, offering a wide range to suite all walks of life, and it has focused on expanding its infrastructure with the creation of the Dubai Metro light-rail, and the restructuring of their roadways. Even with the many projects that have been placed “on hold”, Dubai still offers enough in the way of unique attractions, in addition to its expanded offerings in the way of shopping venues, with the opening of the Dubai Mall, touted as one of the largest in the region. The city continues to offer major shopping promotions, such as the Dubai Shopping Surprises (DSS) that draw a major influx of tourists looking to take advantage of the huge savings that are offered during these times. All said, there has already been too much of an investment into the success of this city, to just walk away from it all.
Dubai’s weather and attractive lifestyle also play an important role in its recovery. As a place that continues to attract many professionals from around the world, it is certain that many businesses will return and use Dubai’s attractiveness to recruit new professional talent to the area.
There is also much to be said for the tenacity of Dubai’s royal family, who with so much on the line, do not believe in failure. The word does not even exist in their vocabulary. Their commitment to rebuild an economical model that is based on reality and transparency is also geared to rebuild confidence and trust.
In the meantime, now is the perfect time for visitors to take advantage of all that Dubai has to offer at bargain prices. Some of the world’s most prestigious hotels are offering fantastic holiday packages that make staying with them amazingly attractive. In addition, there are some great deals to be had on holiday rentals and hotel apartment alternatives. Either way, Dubaishortstay.com can offer some of the best deals available in Dubai. For more details on Dubai Properties as well as specifics on some of the great deals we are offering, please visit us at www.dubaishortstay.com or call us at +971 4 328 9899.
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