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There is an increasing demand for housing properties in Dubai as more investors from different parts of the world come here; thus the Dubai residential real estate market continues to grow.
Property developers are now focusing on delivering quality projects. Several of them have been very active, aggressively unveiling a range of new projects across the emirate.
With the Expo 2020 hype coming to a more realistic level, we have seen the market stabilize for the better. It seems that it is now focusing more on strategies towards contributing to achieving the goals of the Dubai Plan 2021. The plan focuses on creating infrastructure to achieve the world’s best lifestyle and transform the city into a pivotal hub of the global economy.
Real estate industry players should be capable of fulfilling the investors’ requirements through their extensive understanding of the market and wide-ranging expertise in property investment management. It is all about maintaining the trust of investors in developers when it comes to service standards. The investors’ trust in the long-term investment value of residential properties in the emirate is getting stronger.
Dubai’s property market has moved to a very responsible regulatory regime in just seven years, from 2006 to 2013. Now, a developer cannot sell “artist’s impressions” unless he has fully paid for land acquisition, received all necessary building permits and opened an escrow account, among others. The Real Estate Regulatory Agency (RERA) is strict on all these issues and violators are being fined. The brokers, guided by the RERA rules, know what they can and cannot do. These developments have made the Dubai real estate market more stable, responsible and mature.
Last year, the market witnessed a clear choice made by property buyers who invested in properties from developers they trust. Those who cruised through the recession have been clear favorites. If this trend continues, this will support good players with a solid track record of delivery and eliminate irresponsible ones, strengthening the market.
The year 2015 is expected to be a great year for the Dubai realty market, which is showing great strides when it comes to meeting property investor requirements.
• Property developers in Dubai are now focusing on delivering quality projects
• Those who made it through the recession emerge as buyers’ clear favorites
• Regulations introduced to the market have made it more stable and mature
Source: Yash Shah, Special to Properties
The writer is Property Sales & Leasing Manager, SPF Realty