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.
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 few of the factors that complimented the Dubai real estate growth. This demand also increased the competition among the property developers.
Changes after 2005
After the year 2005, the real estate sector of Dubai started to attract quite a number of investments. Dubai is well-known globally for introducing million dollar projects that have state-of-the-art facilities. The initial projects undertaken were unique with a robust mass appeal and provided great returns on investment. This increased the requirement of the real estate companies worldwide.
The efforts of the government
The dedicated efforts made by the Government of Dubai complimented the massive growth that Dubai was witnessing. A regulatory framework was established by the government via the Real Estate Regulatory Authority and Dubai Land Authority that could address the financial, real estate and company laws. This further increased the confidence of private and institutional investors to invest in Dubai properties.
Changes after 2005
After the year 2005, the real estate sector of Dubai started to attract quite a number of investments. Dubai is well-known globally for introducing million dollar projects that have state-of-the-art facilities. The initial projects undertaken were unique with a robust mass appeal and provided great returns on investment. This increased the requirement of the real estate companies worldwide.
The efforts of the government
The dedicated efforts made by the Government of Dubai complimented the massive growth that Dubai was witnessing. A regulatory framework was established by the government via the Real Estate Regulatory Authority and Dubai Land Authority that could address the financial, real estate and company laws. This further increased the confidence of private and institutional investors to invest in Dubai properties.
It is a well-known fact that a strong regulatory foundation plays an important role in foreign investments. The rulers, as well as the government have always promoted the existing association between luxury and Dubai. Major investments were planned and implemented such as development of hotels and resorts. There were constructions of apartments and villas in Dubai and most of them focused on the premium segment that consisted of high net worth individuals.
According to a recent poll, it is a proven fact that there is always a strong investor and individual demand for projects that are lifestyle themed. This demand was seen locally as well as internationally. More number of waterfront projects thus became an important part of the development strategy implemented by the real estate companies in Dubai. Now, custom homes have been planned near the waterfronts and themed localities that consisted of lush landscapes, swimming pools, patios and outdoor seating.
Dubai real estate certainly represents the wave of its future and the villas here provide its residents with the most awaited experience of living in a five star resort.
According to a recent poll, it is a proven fact that there is always a strong investor and individual demand for projects that are lifestyle themed. This demand was seen locally as well as internationally. More number of waterfront projects thus became an important part of the development strategy implemented by the real estate companies in Dubai. Now, custom homes have been planned near the waterfronts and themed localities that consisted of lush landscapes, swimming pools, patios and outdoor seating.
Dubai real estate certainly represents the wave of its future and the villas here provide its residents with the most awaited experience of living in a five star resort.
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