subject: Housing and Employment Opportunities Inextricably Linked in Dubai [print this page] Thankfully the year 2009 is behind usThankfully the year 2009 is behind us. For many it was the worst year in memory, with the recession leading to homelessness, job cuts and unemployment. Inflation and food shortages due to rogue weather conditions and natural calamities was another factor that dominated the global landscape. In the UAE, the effect has been felt in the housing and property development sector most of all. Many expatriates will remember 2009 with bitterness as they lost their jobs when Dubais property market bubble burst. Even today, new or returning workers prefer to look for employment in Abu Dhabi or one of the other emirates rather than Dubai. No wonder it is getting so difficult to kick start Dubais economy. But what do economic and real estate experts feel about the state of Dubais economy and its possible resurgence? In the opinion of some, average rental rates will continue to come down next year and prices for average quality and poorly located properties will experience steep declines. Villas will be an exception because of the relatively small supply coming up in the market. This is not so with Dubai apartments. There is a large number of apartments in the supply line, around 50,000 units- of which villas will comprise just 20 percent. While previously no more than 30,000 units could be delivered in one year, the year 2009 saw over 40,000 units already delivered. However future supply in 2010 and 2011 is definitely expected to reduce due to project delays, rephrasing and infrastructure constraints. Commercial property is another area of oversupply and concern. Research shows that the aggregate amount of square footage has doubled between 2008 and 2011, increasing from approximately 30m square feet to 60m square feet of office supply. What is likely to happen is that the rents will come down further in the commercial sector, while vacancies will increase and remain high in the coming years. What usually tends to happen is that as the new supply is taken up, more of the older or poorer quality offices will probably remain vacant. Thus commercial supply is also going to be an issue over the next couple of years. What can therefore be deduced from the preceding discussion is that the future prosperity of Dubai still depends on the revival of its real estate sector. This is because once this sector is revived, it will provide a multitude of job opportunities. And that is not all. When people get employed, they look for living quarters, shop, eat, bank and use a whole lot of other necessary and recreational facilities. That is why the economy is inextricably linked to employment opportunities and therefore to the real estate sector in Dubai, for that is where most employment opportunities lie. If you are a first time worker or returning to Dubai or any other part of the emirates, apart from the UAE job listings in the local newspapers, sites such as Dubizzle Dubai and Dubizzle Abu Dhabi remain some of the best informal sources for jobs Dubai and job vacancies Abu Dhabi. Why dont you try them out today? They have a dedicated following that has been very suitably impressed.
Housing and Employment Opportunities Inextricably Linked in Dubai
