Dubai,Real,Estate,Rebound,Sepa business, insurance Dubai Real Estate Rebound - Separating Facts from Fiction
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Dubai realestate market has been showing strong recovery signs since 2012, after globalfiscal distress bottomed out the market in 2008. Though the recovery remainsuneven throughout the region and limited to posh areas but experts believe thatsector will continue to experience an upturn in the foreseeable future.However, few experts predict that 2013 will also bring robust growth but therest deny and say the pace of growth is likely to be slower as compared to lastyear. No matter at what pace but indications point to a continued recovery in Dubai real estate sector backed byemirates strong economic growth. Lets separate the facts about the rebound ofDubai real estate market from the fictions in the following post.Demand & Rates Further to GrowIt isnoticed that demand for properties at prime locations in Dubai is increasingand so are the sale prices and rental rates. In the first three months of 2013,the average sale price of properties increased 10 to 12 percent. Rents are upas well, rising 3 percent for apartments and 4 percent for villas. After thereal estate prices decline by over 60% during the recession period, Dubai hasbeen experiencing a gradual recovery in its property market, mostly buoyed upby the return of speculative buyers in the market. Apartments in Dubai Marina and Down-town Dubai saw some of thebiggest rental increases, rising 22% and 21% respectively. Sales prices ofvillas in the posh areas witnessed an increase of 10% to 11%. Wide Spread Recovery Anothergroup of experts believe that sales and rental price hike will remain subduedin 2013 as the recovery will extend to a wider cross-section of Dubai, asopposed to recovery being limited to posh areas in 2012. Posh area propertiessuch as Dubai Marina apartments enjoyedthe strongest rise in average prices and rents in the last year. Improved saleand rental price performance at secondary locations and launch of a number ofproperty projects lately in 2012 at the secondary locations, enticed potentialinvestors to come back and trust the sector again by investing their money.Over supply was considered as a serious issue of Dubai realty market but asystematic approach is adopted to add new property units in the market soincreased demand will continue to mitigate the over supply issue as newprojects announced last year will take some time to come to completion.Over Confidence Overconfidence is the biggest threat that Dubai real estate market will face in2013 and it can drastically affect the sustainable growth in the region.Experts say that most of the cautious investors holding back their investmentfor long, showed over-exuberance and invested in every possible development.However, analysis suggest that not all projects and developments will benefitequally from the broader-based recovery so potential investors must view marketwith cautious optimism. It is also seen that investors are returning to investin off-plan properties and not being cautious about taking risks withincomplete projects. The reasonable confidence returning to Dubai real estatemarket is positive but it should not be turned into over confidence and ruinthe market charm like it did in past. If UAEgovernment and stakeholders will keep on playing their roles appropriately withcautious approach, the sector cannot just recover in 2013 but it will also hitback to its original highs in the years to come.
Dubai,Real,Estate,Rebound,Sepa