Gearing up for the future
Development has been moving full steam ahead in the UAE, despite a slowing down of property prices. Dubai's developers don't plan on slowing down, keeping their eyes focused on the Expo 2020 and market demand.
Investor interest remains high. In fact, developers of villa projects in Dubailand say their units sold out in a matter of weeks. Damac Properties said the first release of houses in Akoya Oxygen, a master development in Dubailand have been sold out. The five-bedroom houses were priced at AED2.5 million. Meanwhile, Dubai Properties also said its newly-launched Naseem townhouses have moved off the shelf.
The emirate's progress over the last year hasn't gone unnoticed. Gulf News said, "Dubai’s economic recovery has been so marked that Nakheel, the government-owned property developer, has announced that it will repay its entire outstanding AED7.9 billion bank debt almost four years ahead of schedule."
With the property market's success, many new players have jumped on the bandwagon. Tecom Investments, which runs 11 business parks in Dubai including Dubai Media City and Dubai Knowledge Village, is the latest of companies to get involved in real estate. The company announced that it would be developing 440 new off-plan homes close to its DuBiotech business park in the Al Barsha South area.
Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. Ever since Dubai won the bid to host Expo 2020, developers have been pushing forward with new developments to cater to the needs of all those who will visit the emirate during the exhibition. Spurred by the demand created by the event, Dubai has pulled itself out of its recession and seen its real estate sector booming once again. With the innovative approaches to new development, there's little doubt that the Emirates is set to stay on top for a long time to come.