Dubai's property market turns to affordability
The most populous city in the United Arab Emirates, Dubai, houses the most beautiful and luxurious homes. And in affordable houses, it’s most probably building it. Dubai defines beauty and modern infra in affordable homes as well. The city witnessed a speedy growth of opulent infrastructure as builders bolted to permeate Dubai with high rise buildings. This infra boom led to a complete overhaul of Dubai, transforming its riches in just two decades. However, after the upturn of the realty segment until 2014, the consequent magnifying economic circumstances have added to a more affordable future for Dubai, including all sectors of the real estate market. The government now has begun recognizing the need to provide more affordable real estate products, so that the city maintains its competitive edge. The real estate market of the city opened up only in the early 2000’s, after a sleuth of new laws allowed foreigners to own freehold property. The market is now blooming in a similar fashion, as seen in Asian cities of Singapore, Hong Kong and Shanghai. Tenants have been more cautious and cost-conscious due to the low bullish business setting, too. The retail and residential sectors and the market has definitely moved in favour of tenants in recent years, there persist opportunities for developers, landlords and operators who can adapt to Dubai’s ever-evolving market conditions.
Tags : INTERNATIONAL