Why Dubai Property Market is on Track

  • 12 years ago
  • Uncategorized

A leading Dubai property
developer believes that the emirate’s property sector is now on a ‘growth
track’.  Emaar Properties says that
an overwhelming investor response to their new development shows that the Dubai
property market is healthy.

Prices and rents have slumped in
Dubai since 2008 but there are signs that consumer and investor confidence is
returning.  Keep reading to learn

Leading developer believes there is increasing confidence in Dubai
property market

An Emaar Properties spokesperson said:
“Dubai’s property sector is on a growth track, which was underlined by the
overwhelming investor response to the launch of our Panorama at The Views, with
the entire lot sold on the very first day of launch.

“Emaar recorded strong customer response
to the launch of town houses in Arabian Ranches too, underlining the increasing
customer confidence in Dubai’s property market.”

However, despite the developer’s bullish
statement, other experts are more cautious in stating that Dubai’s property
market has turned a corner.

Craig Plumb, an analyst at real estate
consultancy firm Jones Lang LaSalle, said: “Dubai is on a selective growth
track, some parts are growing — like in prime areas — but it’s too early to say
the whole market is growing and whether this growth is sustainable given the
ongoing supply.”

And, analysts at CBRE stressed the
current divergence between established luxury communities and non-luxury
communities in Dubai.

CBRE analyst Matthew Green said: “Emaar
is established in building high-profile communities such as Downtown Dubai but
other not-so-established communities like Dubai Sports City are still seeing
price declines in sales and rentals and will continue to this year.”

There is clearly some confidence
returning to the Dubai property market. 
After several poor years, investors are returning to the emirate
although it is clearly the high profile developments and regions that are
attracting savvy buyers.

Author:  Nick Marr

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