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The Dubai property market and the infrastructure development sectors made a stunning recovery last year, following a period of lackluster performance during the global financial crisis.
There are very positive signs that the recovery is continuing apace in Dubai. Current real estate activity is robust, speeding up economic change overall.
Dubai, being listed among the world’s most dynamic cities according to the City Momentum Index by Jones Lang LaSalle, has benefited from returning investor confidence, with many realty buyers emerging from countries in the Middle Eastern region as well as neighboring states.
The strong potential of Dubai for commerce is attracting increasing real estate capital flow and cor-porate activity. This pace of growth in the property market is sustainable, so that the anxieties about another property crash are meaningless. The current price rises as well as unveiling of the recent mega projects will not lead to yet another property market bubble.
Since the economy has shown notable recovery and the country continues to maintain its reputation as a safe haven in the region, this trend is expected to continue, at least, for the next couple of years.
In order to maintain the stability of the market and control flipping that was rampant during the previous property boom cycle, government authorities have taken specific protective measures, such as the Dubai Land Department’s (DLD) regulation regarding the recently-increased property registration fee.
The construction sector in Dubai has begun to show fast growth again in line with a number of new mega project announcements (including off-plan)as well as the revival of projects which were put on hold during the slowdown triggered by the global financial crisis. The market has matured to a point so that investors are taking a long-term view towards more stable and sustainable returns expected from their investments.
With the launching of mega development projects to be realized in the next couple of years to tap the growing demand for quality residential and commercial properties, developers and real estate service providers see a thoroughly favorable outlook in Dubai property market now and in the next few years. The new development boom will also continue to strengthen Dubai’s position as the leading business and tourism hub in the Gulf region.
We are proud to witness the superb development in Meydan, the destination for business, sports and lifestyle shaping up in the heart of Dubai. The Meydan City Community is the prestigious lifestyle, business and sports hub of Dubai. A 40 million sq.ft. of hotel apartments, houses, shops and offices is currently being developed in Meydan, along the banks of Dubai’s proposed new canal. The project features a luxurious neighborhood adding tremendous value to the city.
The Grand Views at Millennium Estates is a bespoke community that redefines luxury living. The new luxurious residential project offers spectacular views of the grandstand where the Dubai World Cup, the most prestigious and richest horse racing event in the world, attracts the most discerning en-thusiasts worldwide.
Other mega developments in the offing include Mohammed Bin Rashid City (MBR) featuring what is expected to be the world’s largest mall, Bluewaters Island which will house the Dubai Eye, Dubai Water Canal, MBR District One, Dubai Adventure Studios, the Deira Project, The Lagoons – a waterfront project in MBR, and Taj Arabia Mughal Gardens.
Source: Yash Shah, Property Sales & Leasing Manager – SPF Realty, Special to Freehold