Mark Wallington's Blog: All Categories

Times are hard for Dubai’s developers. Whereas previously they had things easy as the Dubai real estate market boomed, and they were able to release development after development, most of which sold out within the 1st day of release, things in today’s market are markedly tougher. With investor confidence in Dubai property very low, the Dubai Real Estate Regulatory Agency (RERA) has brought in a number of measures to tighten up things in regards to property developers, and what they can and can’t do. The changes have been far reaching, and will have a dramatic impact on the market. But is not just this which is causing developers’ problems. They also have to compete with distress villas and apartment sales. Dubai distress apartment and villa sales are now…

With the world economy in such a bad way, with job losses being seen across the globe and in all sectors, it is not a huge shock to find the Dubai real estate market also struggling in these challenging times. Where as previously there was a feeling that Dubai was immune to such problems being experienced elsewhere in the world, the overheating of the property market coinciding with the global economic crisis quickly brought this perception to a screeching halt! Dubai’s fall from grace has been as rapid as Dubai ascendency and transformation into one of the world’s hottest real estate markets was. Whilst commercial freehold property has mostly been spared this fate, Dubai residential property has taken the brunt of the price drops. Things have gotten to…

Dubai’s Business Bay project has so far proven a huge success with both businesses looking to set up an office and property investors. Offering a state of the art business environment that features residential, retail and commercial property for sale, Business Bay aims to really cement Dubai’s role of business hub for the Middle East and beyond. Dubai has a number of new business areas under construction, all of which are highly impressive, but for many Business Bay is the pick of the bunch. The development has been carefully planned and many of the towers are situated along side the water feature that runs through the project, all of which makes for a business environment with a pleasant difference. One company who has really got onboard at Business Bay…

With residential Dubai real estate prices taking al large tumble in 2008, and expected to bottom out in 2009, one might also expect commercial real estate in Dubai to be undergoing similar problems. After all both markets have seen large price increases and attracted large premiums between property investors. However information is now coming out to suggest that freehold commercial property prices remained static in Q4 2008 despite the large drops being experienced in freehold residential property during the same period. So what spared commercial property the same fate as residential and retail property? And what is the likely outcome for Dubai commercial real estate in 2009 when the residential market is expected to bottom out? While the current state of…

After the release of the now infamous delayed and canceled Dubai real estate list, a list that brought home the reality and the extent that some Dubai properties may never see completion, the news that a project is going ahead and is on schedule is certainly to be welcomed. With so much uncertainly now floating around the market and Chinese whispers about what projects are now going ahead or not, it is understandable that people are starting to think all construction within the Emirate is grinding to a halt. Whilst things in the market are certainly not all ok, there are still companies who are doing a good job of keeping their promises with regards to construction schedules. Al Fara Properties has recently announced that foundation works are underway at…

Less than a decade ago, most people outside the Middle East new nothing about the small Emirate of Dubai, and any questions about the city would no doubt be met with blank stares and shrugs. But how things have changed. Now Dubai enjoys a global reputation, with people from all areas of the globe of aware of the Emirate of Dubai. In most peoples mind Dubai conjures up image of spectacular real estate and hotels, fast cars, sunshine and beaches. And there can be no doubting the role of foreign investors in Dubai’s rapid prosperity. Dubai initially caught the eye of foreign investors with the launch of the spectacular Palm Jumeirah development back in 2001.

This unique palm shaped island set out in the Arabian Gulf captured international media attention,…

Dubai real estate may look down and out at the moment, but you should never count out the small Emirate of Dubai. What it has achieved in recent times borders on unbelievable, and you would have to be a fool to discount the Dubai freehold property market from making a quick and successful comeback. As one of the world’s most remarkable economic phenomenons of the past decade, Dubai’s transition from a small and quiet little fishing village into a playground for the rich and famous was as swift as it was impressive. However as somewhere that once in history was the trading hub of the region, the transition could be seen more as a return to former glories than Dubai really coming to the forefront for the first time. However this time the methods for Dubai’s…

Dubai rental properties are a curious thing. It has so far appeared that no matter if the Dubai real estate market is excelling or is in a period of decline, rents have still remained high throughout Dubai. One would at least expect a drop at some point during the property cycle right? Especially so given just how high rents have risen in Dubai these past few years. If you were to ask residents for their 2 biggest dislikes about Dubai, rent along with traffic would probably feature highly on almost everyone’s list, both for high placed executives and those in low paid labor jobs, rent has become a problem in Dubai. With many residents spending 50% and upwards of their incomes on rent it is hardly surprising to see why many residents have considered the…