The Past, Present and the Future of Dubai Real Estate Market
The real estate market in Dubai is on the rise, thanks to the ever increasing demand of properties here. There have been quite a lot of positive changes in the property sector of Dubai over the last few years. Year 2002- The period of change A boom development in the real estate sector was seen in the year 2002, as foreign ownership of the properties was allowed in all the freehold areas of the country. This was followed by the enactment of a law which made it mandatory for the escrow accounts for all those developers in Dubai who are selling off-plan real estate properties. The escrow accounts provided that extra security to buyers and this increased their confidence to invest more in Dubai real estate. For the next few years, the property market in Dubai kept growing rapidly. The property prices were stable, and with the increase in transparency of the real estate laws and the protection provided to the investor’s rights, real estate values began to peak. These were fe...