Is The Dubai Property Market Likely To See A Further Downfall?Not very long ago the Dubai property market was steadily on the rise; much to the envy of property developers in other countries. It seemed that the global financial crisis had not even braised past the UAE, as multiple real estate building projects made headway in Dubai. Unfortunately, the credit crunch did get its claws into the Dubai property market, which suddenly saw a slump in its widespread growth. It began to slide lower and lower and by mid 2009, the property rates had gone down by nearly 45%. However, there are several projects underway and nearing completion. The Dubai property market is slowly picking up and showing better prospects for the near future, with investors more confident and positive about making investments in the Dubai property market. Although the Dubai property market is still very fragile, there is hope for quick recovery, as the fast decline in property rates in the beginning of the year have slowed down considerably in the latter half of 2009. With the market picking up again, there is potential for growth in the real estate market once again. Putting the economic crisis aside, Dubai is one of the most trusted places for buying property, when compared to other parts of the world. With new regulations initiated by the government, there is great scope and a bright future for the Dubai property market in the forthcoming years. |