The speed, vilocity, range and the size of property building in the Gulf States in general and in Dubai in particular is totally unprecedented. Are we, sooner or later, to see what we have seen in the so-called Tiger-economy, grand crush in Thailand and elsewhere in the region? What are your arguments, why and how?
Dubai’s property boom is set to continue until the conclusion of the decade, based on research released on Sunday.
A research through the Center East Economic Digest (Meed) discovered need for property would carry on to outstrip supply until a minimum of the year 2010.
Meed mentioned by the year 2010 an believed 175,000 new residential models will be accessible, but need is still arranged to outstrip it, with an believed 181,000 units needed by that 12 months.
The investigation, conducted by Dubai-based businessman Fouad Bardawil, flies in the face of prior forecasts that predict a substantial drop in home costs within the coming years.
On the conclusion of last 12 months Egyptian investment firm EFG-Hermes predicted rents and house prices would begin falling in 2008.
EFG mentioned on the time Dubai would see an oversupply of units starting in 2008 when the bulk of existing construction is due for delivery, using the quantity of residential units doubling to 530,000 by 2010.
However, today’s investigation by Meed says the two crucial elements at the rear of the sustained need would be the continued population growth and slipping occupancy prices.
In 2006, Dubai’s populace rose to around 1.four million, an annual increase of 7.6%. Meed believed this figure would reach 2.five million by the year 2010.
Meed also predicted the typical quantity of residents per unit in Dubai would fall to close to five.five in the year 2010, down from 6.4 in 2005 and seven in 2000.
“The acquired wisdom between Dubai’s investors and real estate authorities is how the existing pace of development is unsustainable,” said Sean Brierley, editor-in-chief of Meed. “But [our[[]|]|[]|] research offers a convincing argument how the emirate’s development boom will carry on for a minimum of 3 years.”
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June 10th, 2009 at 7:38 pm
I do not think so, cause you learn from mistakes made by others and yourself.
The demand for the property in Dubai is present. For example look at Burj Dubai: Floors 17 to 108 have 800 private apartments and these were sold out within eight hours! property in Dubai get sold even before they start building.
Bank and stock exchange wise the UAE needs a little bit more aprovement but otherwise I personally do not see a reason for any crush. Dubai will depent on tourism in the future. Please also take in consideration that the political structure of the UAE is different than from Thailand.
I personally see the problems somewhere else like for example social problems.
If you check the latest (just 50 years ago) UAE history you will find out, that many mistakes were made where the Arab community learned from.
You mentioned “elsewhere in the region”. Where?
Just my opinion. Take care.