Signs Of Dubai Property & Real Estate Market Maturing

Freehold property prices are dropping, homes are not selling, developers are canceling projects all over the place and credit is near impossible to come by. It is probably fair to say that the recent property price slump has not exactly brought too much joy to those involved in Dubai real estate, but the Dubai Property Society has recently come out to state that it believes that the current situation can actually be viewed as a positive thing for freehold property here. How you might be thinking? Well for a start many experts believe that the property slump will lead to a change in people’s views and opinions in regards to how the market functions and should set the foundations and heralded a move towards more sustainable market policies and dealings. A change in market fundamentals should hopefully see Dubai real estate become more affordable all across the board, and the market as a whole should prosper.

2009 is therefore being heralded as a transitional year for Dubai freehold property that will hopefully see things come full circle with a back to basics approach. Whereas previous years have seen a strong focus on short term investing and quick flipping of properties, 2009 will hopefully see this attitude change with long term investments leading the way. The Dubai market is still relatively new, but has already experienced a level of growth that far surpassed those being achieved in other markets at the time. However recently this has all come crashing down, and Dubai now has the opportunity to address the problems that have led to this situation. The Dubai Real Estate Regulatory Agency has already started along this path, and so far seems to be doing a good job. With no doubt much more to come from RERA, when things do start to pick up in the market place, it will be supported by much better foundations.

This new maturing market should also see more focus on value for money for housing. The housing boom brought with it plenty of luxury property, but little in the way of affordable freehold property. Hopefully this can soon begin to change, and as the market moves into 2010 and beyond, Dubai properties should have matured a great deal but while still offering all the things that made it great.
 

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