Friday, 29 June 2012

Dubai’s real estate market shows fresh signs of recovery

Just days after Dubai increased the land that is available for foreign investors, al-Futtaim Group Real Estate’s Festival City started offering the first Freehold property on the Dubai Creek side, a UAE daily reported on Thursday.

The four and five-bedroom villas are priced at 4.8 million UAE dirhams ($1.3 million) and above. With 24 units are currently on sale, more houses and apartments will be on offer over the next 18 months, Dubai Festival City General Manager of Property Sales Ian Plumley told The National.

“In the last nine to 12 months we have seen the premium coming to the top. Quality is selling. There are a lot of wealthy people living in Syria and Iran and they may not want to invest their wealth in their own countries now. Dubai is a safe haven,” he said echoing the stability that Dubai once knew.

In a sign reflecting the recovery of Dubai properties market, Nakheel and Emaar started to sell homes for the first time in four years.

Nakheel has reportedly launched 192 studios in Palm Views, located in the Palm Island. Emaar, meanwhile, has reportedly announced its success in selling all of the 224 Panorama apartments at The Views.

This brings back memories of when the once-booming properties market crashed in Dubai. Although the surviving residents enjoyed the smooth drive down on the once-jammed streets as well as the cheaper rents, which was not a happy time for investors.

Properties sector in Dubai, which is home for the largest, record-breaking infrastructures, was deeply humbled by the crisis.

At the time, thousands of new empty units remained un-leased. Hundreds of cars abandoned by fleeing residents crowded at the Dubai International Airport’s parking. They fled the mortgages, loans and threats to face legal actions by their banks.

Moreover, numerous real estate projects were halted and never resumed.

The properties market has risen from its slumber and sales are back on, attracting buyers from across the region.


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