A Little Good News is Better than None
< strong>A Little Good News is Better than None
At last there is some refreshing news for the real estate sector in Dubai. According to research conducted by the firm Asteco, the prices of Dubai apartments and villas have by and large remained stable for the third and fourth quarter of 2009.
This is a surprising yet refreshing development. It gives much needed hope to the real estate sector, and will undoubtedly support efforts by everyone from real estate developers to agents and rental experts as they seek to recover from the downturn in the property sector. As efforts towards rebuilding the shaken economy take root, the Government can certainly help by making efforts in this direction. The provision of credit will help those builders suffering from financial constraints. Mergers or acquisitions of failing companies by others can help strengthen and solidify the real estate sector at large.
For the convenience of those seeking employment in Dubai, especially in the real estate, construction and allied industries, offering easier visa processes and increasing length of stays per visa application will serve to assuage many of their fears. If indeed a bust like situation occurs again, the opportunity to transfer services to another firm or look for another job in the UAE at least for the next 30 days will help Dubai retain its reputation as a fair employer, rather than make employees subject to its Draconian laws. Under present labor laws, employers do not even have the right to strike against unfair employment practices and living conditions. Many of them have had to apply to the Courts to even get their unpaid salaries and passports released.
It was noticed by the researching firm that both the Dubai residential and the Dubai commercial property market showed an increase in number of transactions during the second half of 2009. This is some proof that the economy is picking up, and there is hope that 2010 will get off to a more positive start than predicted earlier.
The Dubai real estate properties that seem to have commanded the most interest in the second half of 2009 are the Dubai Marina, the Jumeirah Beach Residence, the Burj Dubai and the Arabian Ranches and Springs. It must be said that part of the reason for this interest is because they offer lifestyle facilities like golf, swimming and equestrian riding, with more accessibility to retail, education, leisure and entertainment.
Meanwhile the average selling price of apartments in Dubai at December 31 stood at Dh.950, decreasing by 16 percent over Qtr 1 2009, and for villas it stood at Dh.1000 per square foot, indicating a decrease of 9 percent over Qtr 1 2009.
In contrast, rental properties registered a decline of 2 percent in the last quarter of 2009 while villas showed a drop of just 1 percent. The Dubai World issue of November 2009 wiped away the slight increase in rates that had registered in October for both these types of properties.
Dubizzle Dubai and its upcoming sister site, Dubizzle Abu Dhabi have some of the best listings of UAE property websites, not only for Dubai but also for Abu Dhabi properties. You can look them up online for some of the best advice about the state of real estate in the UAE.
Sim Whatley is a veteran opinion leader especially on the issues concerned with people wanting to live and work in Dubai. Considered as one of the most read authors in Middle East the community portal of which he is founder CEO Dubizzle provides solution of every issue from Dubai real estate to considering the right job vacancies, choosing the right restaurant and meals, to buying real estate in Dubai.
Article from articlesbase.com
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