Are the Challenges of the Real Estate market in Dubai effecting its business??
29 AUG 2017
The real estate market in Dubai is thriving with its new and ambitious projects, and constantly pushing the development to greater peaks. Luxury Homes & Real Estate in Dubai is a mark of esteemed architecture and design that grants an iconic boundary to the city. Inspite of dramatic ups and downs in the sector, Dubai Real Estate Developers with their forward thinking have created a profound effect in the growth of the sector.
However, in this era of real estate development, it still faces some challenges which work as a hurdle in positioning Dubai Real Estate Developers in being the best. The demand is increasing, but supply is increasing at a much greater level, which makes the prices slip. The change in oil and gas prices also affects the sector and pushes economy to slow down. When everyone is keen to own Luxury Homes & Real Estate in Dubai, it restricts the prospect of business for the developers in the real estate business.
During the year 1980, the city began to rise and expand; construction of Al Shindagha Tunnel, bridges, and new roads had contributed to the development of the city. The real estate market of Dubai was first affected by the 2008-09 crisis, and it was during this time that the sector lost significance. The restructuring in continuous phases, since then, has dragged a lot of banks in serious debts which are a burden on the economy. This also forced Dubai Real Estate Developers and investors to work with extra caution, the rules and regulation having made, much stronger. This not only affects developers, but buyers of Luxury Homes & Real Estate in Dubai as well.
RERA has been watching and governing the market very closely, price movement is under observation now. But, despite these challenges Dubai real estate market strives towards a record growth. Reforms, if executed properly,will totally transform the face of real estate in Dubai.