While the world’s property markets continue to face a sharp slump, the real estate markets of Dubai and other emirates such as Abu Dhabi, Sharjah, and Ajman continue to grow and thrive. In Europe, the real estate market slowdown started last year while in the US, the property downturn had begun a year earlier. The crisis is now hitting some of the major global real estate markets such as Russia, China, India, and Brazil where prices are declining sharply.
Dubai real estate sector, still buoyant and booming, goes on to attract investment from around the world. The figures show that Dubai real estate market has somehow managed to remain immune to the current recession that has taken the world’s financial markets by storm. Although some uncertainty surrounds Dubai real estate market’s growth with property analysts predicting an imminent correction, the city’s municipal bodies and developers dismiss the fears.
Investors and common property buyers, though made a little cautious by the distorted market perceptions, don’t seem to have lost interest in Dubai real estate in any way. The demand for Dubai real estate, both residential and commercial, has not only remained afloat but also retained its upward trend. The Government’s assurance of the market stability and the continuing boom in Dubai’s real estate that have helped retain investor confidence.
As always, the best selling Residential Real Estate in Dubai includes apartments and villas, while the best selling Commercial Real Estate includes offices, labour houses, and warehouses. Holiday property is equally popular with the locals and expats and includes holiday apartments, villas, beach resorts and condos. Dubai has numerous short and long-term rental properties that range from studio and large apartments, to villas and luxurious hotel rooms. Talking of hotels, it’s interesting to note that Dubai is the world’s only city to house a 7-star hotel, besides being home to a cluster of 5-star, 4-star and 3-star hotels of international repute.
Keeping in mind Dubai’s uninterrupted real estate boom even in the midst of the global financial crisis, it’s easy to assert that this growth will increase manifold once the economic situation normalises globally. Even today, the best place for secure and lucrative real estate investment is none other than Dubai.