UAE Real Estate
United Arab Emirates Real-estate – AN OVERVIEW
Dubai real estate sector treading towards a positive path in 2012
The real estate market in Dubai has been depicting growth in several
areas since the year 2010. Last year, however, was a challenging
year for the property sector, although, the decline in property
prices slowed down considerably towards the end of the year. This is
a noteworthy aspect of Dubai real estate sector.
Despite economic recession, the speed with which the real estate
prices are recovering shows that the market is moving on the
positive path. Although recovery and stabilization are limited to
prime localities in Dubai, a uniform and steady recovery is expected
this year, say analysts.
According to Cluttons, the residential sector of Dubai is seen
outperforming the commercial sector, with prices of residential
properties in several areas having gained advantage from the current
capital shifts in the region.
Since the start of 2011, prices of communities like Arab Spring,
Arabian Ranches, Dubai Marina and Jumeirah Lake Towers have been
going up. Although the commercial real estate is currently not doing
so well, buyers are gradually showing interest in this sector as
well.
The offices available for rent in Dubai help in saving costs to the
businessmen, as the prices have begun to decline slowly, in
comparison to earlier times. In comparison to New York or London,
prices of properties are affordable in Dubai.
Moreover, buyers are now giving importance to the price, location,
quality, sense of community, architecture, internal decor, and other
amenities. Sellers, in order to create demand of their properties
are now offering properties that suit the requirements of buyers.
All these factors are rendering positive attributes to Dubai real
estate, making the market more mature in comparison to earlier
times.
Some experts are predicting a kick-start recovery of the market in
2012, while others are still of the opinion that the new supply will
continue to keep the market pressurized.
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