Dubai realty needs development change

There is a need for a further softening in values from Q1-2014 levels as the upward trend can only have a negative effect on the real estate market.

Caution needs to be exercised in the real estate market, says Paul Preston, regional head at IP Global, a specialist real estate advisory. 

He notes that on the macro side of things, the continuing fall in oil prices cannot be ignored. Meanwhile, on the micro front, there will be an annual 3% increase in new property projects over this year and the next two - something that will not be matched by increases in the population at the mid- to high-end salary bracket. 

"Unless these attitudes are adopted, Dubai will continue to be perceived as an immature and emerging market that has not learnt from its lessons and does not comply with the typical economic fundamentals seen in established markets."

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