The Journey of Dubai Real Estate

Often one comes across the fact that Dubai real estate has been witnessing a property boom in recent years. In this article, we are going to give you an overview of exactly how the real estate in Dubai evolved into its present state. The mounting prices and the turning over of properties have made many a pockets more affluent. At the same time, undulating rental costs have left the skeptics poorer with respect to real estate investments.

Back in 2005, an incident fed into the Dubai property boom. A rapid crash in the share market led the incoming of more cash into the realty market. The freehold upheaval during this time also proved to be good. Back then, the local markets were also evolving. This was in line with the trend in the macrocosmic framework formed by Dubai real estate itself. Gradually, investors started moving away from off-plan sales. The new investment interest was provided by the coming up of luxury villas. Dubai real estate had arrived.

Today, if one stands on the terrace of Montgomery Golf Club in Dubai, one can have a beautiful view of New Dubai and Dubai Marina. At the turn of the millennium, this was all a wasteland. Gradually, the real estate industry started taking interest in this patch of land and by the year 2005, the emergence of high-rise buildings started transforming its skyline for ever after. Soon, the market had this as a compact built-up area in the vicinity of Jumeirah Lake Towers and the famed Jumeirah Beach.

While narrating the story of Dubai real estate, one just cannot forget the world-renowned Burj Dubai. By this time, the construction work on the tower was in full swing with a speed of three floors per week. At last, with 170 storeys, Burj Dubai became the tallest building in the world and a prized possession. The real estate boom had just begun.

The contribution of HSBC mortgages in the development of has also been crucial. In October 2005, HSBC made an announcement that it would start providing local mortgages. Prior to this, Amlak Finance was the only mortgage provider operating in the Dubai property market. Other local banks gradually emerged as its rivals but the entering of international banking giant HSBC into the ring was a major leap. With flexible rates and a global outreach, HSBC changed the face of real estate in Dubai for the years to come.

But there were more challenges ahead. As the stock market started fluctuating again, the realty sector experienced the first wrinkles in its smooth sands so far. At the same time, it is a fact that the property bang has been taking everything in its stride and moving ahead even now.

Jasdeep Kaur works as a property correspondent with Real Estate Dubai

Noble1
?article=21
Investment Opportunities
Noblecapital
?article=21
Investment Opportunities
Development And Finance
Noble1
?article=21
?article=21