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Tuesday, October 07th, 2008
I hope we will be forgiven for having momentarily turned our back on the property market in Dubai – it’s not that we’ve stopped caring for a single second about what happens in this glitzy and surreal world of ever bigger and better real estate projects, it’s just that the global financial crisis caught our eye!
We realise we’ve been remiss and so our eye is back on the ball, and in this article we want to discuss whether Dubai’s property bubble will burst because the market sentiment is certainly divided and there are those championing the ongoing positive advancement of the property scene, while at the same time others are pointing out the pitfalls.
So, on the one hand you have the fact that Dubai’s government will pour as much money as is needed into any element of the economy to see it safe, but on the other hand you have to be realistic about these things and ask, where will the people come from to live in these mega housing estates and to shop in these huge malls?
Unlike the British housing market which has been suffering since last year, the property market in Dubai has reportedly seen a 79% increase in average prices since January 2007. This is on top of the incredible gains that the entire market has witnessed since the government announced its intentions to allow foreigners the right to own freehold title to properties on certain specific developments back in 2002. When this law was finally ratified in 2006, prices surged with increased vigour and led to some analysts earlier this year suggesting that the market was dangerously overheating.
Never ones to rest on their laurels, the Dubai government heeded the warnings and now there are new property and mortgage laws in Dubai that have been introduced to try and curb speculation in the market, and slow down some investors who were seen as responsible for the huge pricing wars as a result of their buy and flip attitude to real estate units in the emirate.
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The recent purchase of Manchester City football club by Abu Dhabi based property company Hydra Properties has suddenly thrust the emirate and city of Abu Dhabi into the spotlight as attractive destinations along the lines of Dubai. Some are suggesting that this could now result in increased interest from British based investors and lifestyle seekers who have been priced out of Dubai.
So, Abu Dhabi versus Dubai, is there any competition or are the two emirates a world apart – and why have you heard so much about Dubai and comparatively so little about Abu Dhabi? What secrets is the latter emirate hiding?
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The government in Dubai recently announced that it wants to improve the sustainability of its property market and the appeal of the emirate for generations to come through enforcing green building standards on all new developments.
The very first developer to sign up to this new proposed legislation is Nakheel which is going to abide by the strictest ‘green’ construction standards in the industry as laid out by the US Green Building Council. So at last Dubai’s property market is going green. In our opinion at Shelter Offshore this could not happen soon enough – and it actually bodes exceptionally well for the ongoing increase in environmentally conscious construction globally because where Dubai leads, many other markets follow.
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You may think that we have lost interest in the property market in Dubai but you’d be wrong. We’ve just been busy looking at other markets around the world where there is also growing opportunity. But yes, we have neglected Dubai’s real estate landscape but now we’re back on the case.
If you were thinking that the heat had gone out of the market or something, you’d be wrong – and in this article we’ll seek to remind you why buying property in Dubai can make fantastic fiscal sense!
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