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Even though the globe is revolving around a lot of uncertainties and the markets appear to have intermittent hiccups, the vision of Dubai sets it a class apart. The city is on the pathway to creating something extraordinary and making people believe in a world with better opportunities.
Many real estate investors and industry people were not sure about the recently-concluded Cityscape Global, mulling over the direction it would take regarding investor sentiments and the overall mapping of the property market. Nonetheless, the much-awaited day arrived, the show of spirits was high and once the ribbon was cut, the property canvas was painted in bright hues of positivity.
The event saw some magnanimous project announcements from different developers. A huge array of attractive payment plans was offered by topnotch developers and new entrants alike, leading to fierce competitiveness and enhancing what the event had to offer, thereby propelling the Dubai realty market in the right direction.
Looking back in 2010, people were unable to fathom how the city would be able to sustain itself with excess supply and unfinished projects, but today, many developments have proved otherwise, with close to 90 per cent occupancy.
Keeping in line with its 2020 vision, announcing large-scale projects is actually the need of the city. This year, Dubai boasts a population close to 2.5 million, equivalent to Singapore’s population in the 1980s. Today, Singapore’s population is close to 5.5 million, more than double what it was.
We can forecast a similar growth in Dubai by taking a conservative approach, and it can rightfully proclaim an edge in terms of being a tax-free haven and having a strategic location which connects the East and the West. The emirate is surrounded by nations that cling to conservative policies that have a beneficial spillover effect on it. Its evolving infrastructure has earmarked it as a city of the future, paving the way to prosperity.
Talking about real estate, the highly unexpected move came about by an unanticipated announcement – the launch of Safi townhouses by Nshama. Once more, there was history in the making: thousands of people queueing up and the project getting sold within hours.
Emaar was also at the helm of affairs, churning out some fine property packages. At one time when people challenged who would live as far as Emirates Living when it was launched, Emaar surprised many yet again by launching Dubai South townhomes, which were well received by investors.
Dubai Properties also launched affordable townhouses with back-to-back projects along with fantastic payment plans.
Some big private names also deserve special accolades such as Select Group which announced a tie-up with Jumeirah group of hotels.
It would be unfair to leave out some upcoming new entities in development which are creating a mark or about to create a fine imprint on the property front such as Azizi Developments, Ellington Group, Danube and Sandstone Properties, among others.
Dubai, like any other city, will go through the variables, with cycles of ups and downs.
However, what is important is what it slowly and steadily puts in place: improvements in infrastructure and laws to advance investment opportunities.
Come, be part of Dubai’s historic success. Make a mark, own it. To be a proprietor or a simple spectator, the choice is entirely yours.
Source: Ahid Shaikh Mohammed, Special to Freehold
Chairman, Dejavu Real Estate Broker LLC