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A new surge of activity after a lull. Dubai real estate market regaining growth pace.

07.08.2015
A new surge of activity after a lull. Dubai real estate market regaining growth pace.
That's how you can describe the events that took place in the Dubai property market last week. Meydan One mega project presentation by Meydan City Corporation came, without exaggeration, as a real bombshell to the Dubai real estate market, and the overall industry’s activity level can be judged by a marked rise in investments to the free zones and the growth rates in the various sectors of real estate market.

Meydan One, launched last week in the presence of the ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, became a major sensation in the world of Dubai real estate not only of the last seven days, but of the last few months. This long-awaited project is striking imagination due to a number of its characteristics. Meydan One will break several world records: the world's tallest residential building The One will be located here, as well as the highest observation deck, and the longest artificial ski slope and a new largest dancing fountain, and many more wonders, which Dubai is famous for. Of course, this new project includes residential property, as well as a lot of office and retail space, but the main purpose of this project is to draw up city’s prestige as a whole, increasing its population and the number of tourists, which in turn, couldn’t but impact positively real estate market performance.

A lot of words was and will be said about Meydan One in the press, but here are just some of the figures that allow us to feel its grandeur. 665 meters above the ground — at this height the world's highest 360 degree observation deck will be located, 3 million and 670 thousand square meters — this is the project’s total area, 1.2 kilometers — this is the length of the artificial ski slope, 60 thousands of visitors — this is the number of guests, which could fit in at the central civic plaza, 150 by 80 meters — this is the scale of a retractable roof that is to be built over the complex to make it open in the cooler months of the year. To sum up it is to say, that after the Meydan One presentation it soon became clear, that this project could hardly be surpassed by Dubai's developers in the near future.

Back to the other news of the week, it should be noted that during this period the analysts’ confidence in general Dubai rental prices decline turned to the dead certainty. Even such popular locations as Dubai Marina, Downtown Dubai and Business Bay couldn’t escape rental declines, which were confirmed by the two independent reports. Rental prices in these areas, as well as on the Palm Jumeirah, declined by as much as 6-8%, and all due to the market’s saturation with new units falling into the mid-priced category, even in traditionally expensive Palm Jumeirah. The only exceptions are for small studios and apartments in central areas, rental prices for which increased slightly.

However, according to the Dubai Land Department’s report, Dubai real estate popularity among local and foreign investors is not decreasing: 19,848 investors of 142 different nationalities invested US $ 14,4 billion in Dubai real estate over the past six months. Sector investments in office and industrial property were exceptionally high in Dubai Investments Park free zone: 436 new companies were registered there in the first five months of the year, and their stuff rented a total of 5.38 hectares of various property, which makes this free zone one of the most popular in Dubai.

Increased activity in the Dubai property market requires a more detailed systematization of all available information, so the initiative by JDR Group to create a first private Dubai real estate database suggested last week couldn’t be timelier.

In general, Dubai real estate market manages to maintain a good balance, while entering into a new rhythm after a lull, by supporting the development and growth indicators of all sectors and areas, experts say.

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