The Dubai Property Market and New Opportunities

Dubai and its amazing property developments came to a standstill in November 2009

when the Government-backed Dubai World Conglomerate issued a statement to the effect that it could not repay its debts of $22 billion.Crisis talks are happening quickly to tackle their huge debt problems and to establish a way forward on how to pay it off and stabilise Dubai's economy, and this situation has inevitably impacted the Dubai property market, although not necessarily in a negative way. Those who have purchased in the last year, with high property prices and mortgage rates, will have to hold on and wait until the economy settles, as most are likely to have negative equity. Those buyers that bought before 2007 will be safe, and may even make a profit if they chose to sell.For those investors who have an interest in securing discounted deals in commercial property in Dubai, as well as houses and apartments, and who may have large deposits to put down, now may be the best time to pick up a bargain. Dubai property prices have dropped by as much as 50 percent from the property peak in the latter part of 2008. Some commercial, financial and retail property developments have been put on hold or cancelled as Dubai tries to stabilise its financial position and economy.Dubai was going full speed ahead with its huge number of developments, and they also offered overseas investors attractive visa terms if they bought a Dubai property. However, the bubble has now burst, and Dubai's first priority is to resolve its current financial crisis and determine how it is going to move ahead and reassure nervous global investors and organisations who have already invested millions into the Dubai property market. Another problem with the Dubai property market, was its oversupply of developments, and the speed at which the development happened. Most of the property purchases were bought speculatively off-plan, and there was a surge in overseas buyers wanting a slice of the Dubai property market. This was an increasingly growing bubble that has now burst.However, it's not all bad news. Dubai still has a dtrong retail and tourism industry, and its push to become one of the world's most important financial hubs may still become reality if global markets can be reassured. Abu Dhabi's loan has certainly helped to calm the nerves, and with other allies and financial help, Dubai can recover over time. Dubai property is a very attractive deal currently, although purchasers should hold on to see what plans are offered to help Dubai recover.


The Dubai Property Market and New Opportunities

By: Peter Aps

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