Ups and downs of real estate essential for market maturity
Dubai’s real estate market has always been one of the cornerstones of the country’s success. Whether one is talking about architectural feats such as the BurjKhalifa or the probability that they bought in at the right time; Dubai’s real estate is recognised globally. Despite the period of turbulence in the last decade, the property market remains an important source of income for the government and one that will continue to generate successes for investors and homeowners alike.
The long-term vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, built upon a foundation laid by those before him, continues to lead the Emirate, as well as the rest of the country, towards a future that is bright for all who call the Emirates home.
In line with the broader vision are continued efforts to attract talent, wealth and the prestige that put Dubai on the world’s stage. An important achievement was winning the bid to host the World Expo in 2020. However, since winning the bid in late 2013, markets have been anything but stable. Undoubtedly beginning with the global economic crash in 2008, the property market has especially been subject to its peaks and troughs.
Like any capital market, the highs and lows are inevitable and are actually healthy for markets as they drive innovation and provoke changes to laws.