Dip In The Dubai Property Market See`s Other Markets Benefit

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 success were slightly different, with freehold real estate and tourism being the reasons behind the latest revival. However where as in the past Dubai was seemingly seeing new developments being launched every week or so, and these were then instantaneously snapped up by hungry investors, now things are very different!

Developers are now holding back on brining new freehold property developments to market, and many developments have now been stopped mid project as the credit crunch really begins to bite. So Dubai may not be boasting any new ridiculously over the top and luxurious development for a while, but others are benefiting from seeing Dubai properties crash. While Dubai is now being forced to readdress its priorities in these harsh times, other property markets are feeling the benefits. Other markets in the region are capitalizing on Dubai’s current problems, and many of Dubai developers are now looking to the likes Egypt, Lebanon, Jordon and Saudi Arabia in which to establish a strong presence.

These countries all representing large growth markets, and give developers somewhere to expand into whilst Dubai property is all pretty much on hold. It is hard to say if these countries will offer the same sort of investment potential as Dubai did a few years ago. However saying that, even in today’s market conditions Dubai can still offer buyers something. Agents are reporting that freehold sales have been picking up in recent weeks as buyers pick up properties that have seen huge reductions, and banks start to ease up on approving mortgages. So don’t count Dubai out quite yet!
 

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