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Naked truth about Dubai property market disclosed.

07.02.2016
Sensational revelations, new launches and wins — that’s what the last week in the Dubai property market was marked with.

The week started with Damac’s chief sensational promise to disrobe in public in case any of the gloomy forecasts for Dubai house market comes true, and ended with the Dubai’s victorious win to host World Land Registration Congress.

Last Sunday in the interview to Britain's Sunday Times Zayed Al-Chaar, managing director of Damac promised that in case any of the discouraging forecasts for Dubai property market will get real he will ‘go naked on TV and resign’. This was considered as just another sign of the Dubai’s major developers’ confidence in the emirate’s property market stable future, for Damac is one of Dubai’s main players in real estate industry. In the first month of 2016 the company has introduced new real estate project in its iconic residential community Akoya by Damac, and also keeps implementing a number of mixed-use developments in different Dubai areas.

Another Dubai’s major developer Nakheel last week started constructing its US$ 380 million Palm Gateway tower and beach complex. Main construction contract was awarded to a joint venture between Korean developing company Ssangyong and the China State Construction Engineering Corporation (CSCEC). Palm Gateway will add to Dubai’s residential stock 1,265 apartments in three high-rise buildings located over a monorail station at the entrance to iconic man-made Palm Jumeirah Island.

More residential units facing world’s largest man-made Crystal Lagoon are about to enter Dubai’s property market at the MBR City District One by Meydan Sobha. Project’s third phase including villas and a 7km long Crystal Lagoon was officially launched last week.

But when speaking about most sought after Dubai areas, central locations such as Dubai Marina, Downtown Dubai and Palm Jumeirah still win the race for investors’ interest, a report by the UAE real estate portal PropertyTrader revealed last week. These Dubai areas top the list of the most common property searches made at the portal. Many investors are scenting a bargain at the high-end Dubai property market, with the chance to make a fortune when things pick up later down the line, experts claim.

Another Dubai property sector worth paying attention at is affordable housing with apartments in Al Furjan, International City and Sports City, Land Sterling’s report reveals. This is the sector that we’ve seen really kick off” over the past 12 to 18 months, the consultancy experts said. The number of middle-earning professionals capable of buying property in Dubai has increased last year up to 50%, while previously this amount was hardly ever up to 5 to 10%.

And finally, last week Dubai proved to be the number one destination for hosting world’s most important industry events. The emirate has won the bid to host 20th World Land Registration Congress dubbed ‘Cinder Dubai 2016’ from 22 to 24 February. This major real estate industry meeting will give Dubai authorities the chance to present the city as the region’s leader for the most transparent and easy property registration processes and both to showcase its attractiveness as the ideal destination for real estate investments.

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