It seems that every time I tell someone what I do, I get the same reply. It goes something like this
“Dubai property is over, yesterdays news”
“Really?” I say,
“Absolutely, it was booming a few years ago but not anymore”,
“According to whom?” I ask
“Everyone”
Good news all round
It seems that the property developers don’t share these concerns as billions of dollars have been invested into projects newly announced this year. The largest project announced in Dubai to date was announced this year. Capital values haven’t stopped increasing and concurrently neither have rental values.
The finance market is on the up and starting to mature. A broader range of finance products have been announced by existing banks offering more sophisticated and developed options as well as many newer banks moving in and presenting their spectrum of products.
There are also an endless number of articles by financial advisers which sing the praises of investing in Dubai property. These cover topics such as the new property laws that have been introduced which have supported international investment in Dubai through to anecdotes about 25% of the world’s cranes being located in Dubai.
It is hard to believe that so many large organisations that have invested billions in Dubai have not done their due diligence beforehand.
No news is bad news
It seems that the concerns of the naysayer arose not from negative reports of Dubai but rather a lack of positive ones. All this information is not filtering through to the public at large, at least not in the UK. Dubai is no longer mainstream news as it was five years ago. The novelty of giant artificial islands or an entire brand new city made from the ground up in the desert has worn off. In order to find new information, specialist news services on the Middle East or international economy and property have to be read.
As a result people are not as excited about Dubai property as they were five years ago when it could be argued that it is now a more exciting time. Emirate Ventures Ltd, a UK based Dubai property agency, has seen a healthy level of inquiries and sales continue despite this change in perception.
Everyone is an expert apparently, but the real experts agree that Dubai is not over by any means. It has matured and continuing to grow at a very healthy pace.