Real Estate in Dubai
Much has been said about the phenomenal growth experienced over the past few years in the Dubai Real Estate market. From its uniquely driven rise in values far beyond those in other major developing metropolitan locations throughout the world, to its steep decline over the past 2 years that have left many investors holding the bag with properties now worth far less than what they paid.
Three years ago developers and investors alike were enjoying the pleasures of an unregulated market that soared with properties being purchased and resold several times over before ground was even broke on the project. Such practices positioned Dubai real estate to become extremely over-inflated before the bubble finally burst and values tumbled, with the economic downturn experienced worldwide.
A lot has changed in the Dubai real estate market since then, with the focus in 2010 being on rebuilding confidence and trust in a market that has sustained a quite considerable blow. To restore trust and confidence, Dubai has gone in a new direction focusing on maintaining properties vs. building properties, with the market moving away from off-plan sales towards existing properties that are based on more secure cash flows. More emphasis is being placed on lower to middle income housing, more regulations have been put in place, and an increased focus has been placed on real estate financing.
The days of speculation buying are over, as the demand has moved from investor to end-user in the real estate sales. It is estimated that investment will be more on a local level, with returns resulting from a rise in equity vs. over-inflated returns that were the result of pure speculation. It appears that at present, the prices on apartments will continue to decline somewhat through the first quarter of 2010 due to the elevated supply in that arena, but villa prices seem to have stabilized with a slight increase.
Dubai is still an attractive alternative to the UK and European markets which still seem to be more expensive overall. Weather and quality of life also play an important role to Dubai’s popularity, with Dubai’s cultural diversity and higher tolerance of western culture and lifestyle playing a major role. These are all key factors in Dubai’s return to being one of the most attractive and popular tourist spots in the world.
Although Dubai has been a victim of the economic downturn, one must not look with despair, as now is the time that Dubai offers the greatest savings to its visitors. Many hotels are offering some amazing hotel packages, and great deals are to be had on many of the city’s short-term holiday rentals. We at Dubaishortstay.com can offer our clients the best deals that Dubai has to offer from both.
Dubai property owners can also benefit from the services of Dubaishortstay.com. Those wishing to hold on to their properties until values again begin to appreciate, may want to convert them into short-term holiday rentals. Through our sister company, www.dubai-furnishing.com, we can assist in that conversion, as well as managing and maintaining the property, thus maximizing the current returns of their property. For more information on Dubai apartment and villa rentals and furnishing options please feel free to visit us at www.dubaishortstay.com or call us at +971 4 328 9899.
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