Dubai Property Market in the Past and Today

In 2015, the Forbes magazine ranked Dubai as the second hottest property market in the world, after Honk Kong. Due to the drastic increase in home buying interest in 2016, Dubai is more than likely to overtake Hong Kong in this global ranking. This article briefly explores property market in Dubai and ways of capitalizing on the same. Dubai Property Market in the Past and Today Just over 3 years ago, Dubai property market was at a minimum low with a drastic fall in house prices. Between 2002 and 2008 there was witnessed an increase in property prices in Dubai. Various projects were initiated during this period including the Jumeirah Garden City, Dubailand, The Lagoons, Palm Jumeirah and the World, estimated to have cost 212 billion US Dollars. Consequently, Dubai was recorded as one of the fastest growing cities in the world. However, Dubai could not evade the global credit crunch. Mortgage institutions ceased to lend and almost half of the construction projects worth 582 billion US Dollars were either cancelled or put on hold. Foreign investors disappeared from Dubai, perhaps signifying the harsh reality that was the credit crunch. The market conditions stiffened, stipulating the beginning of hard times in the property market in Dubai. Fast forward to November 2014, the housing market recovered fast with the residential price index surging by 18.89%. During that period, the sale prices...

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