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Anyone who wants to know more about the Dubai property market could do worse than visiting the 2008 Cityscape exhibition last week, where over 70,000 visitors came to see the latest project from the largest property developer in the Middle East. As in previous years, we saw the announcement of new projects starting from the construction of Nakheel Harbor and Tower, where the world’s largest tower will be built, right up to the new Podium Tower, which will soon be home to the world’s largest display. In neighboring Abu Dhabi, Micheal Schumacher Tower even promises to change the world of building design in reverse, by placing penthouses on their seaside development on the ground floor.
But this allowed the inhabitants to have a chance to park their ships literally inside their own living room. A good perk, even if only for some well-heeled individuals. In keeping with previous years, we saw some of the world’s most innovative architecture playing in Cityscape, and once again Dubai’s real estate market once again expressed its desire to drive the emirate into the 21st century and beyond. The most interesting is the global context in which this Cityscape exhibition is held, as people around the world hold their breath to see how global leaders will face the financial turmoil that cripples so many markets.
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In the past, many people suggested that Dubai is a unique market, and unaffected by market dynamics beyond the emirate. A more cautious and perceived reaction but many of the investors at the Cityscape exhibit seem to suggest a ‘wait and see’ policy may be taking place in the property market. Overall, these signs are pushing the Dubai property market because as suggested by His Excellency Sheikh Al Maktoum, the basics needed for a strong real estate market are in place. These basics should not be ignored, as they will prove to be the foundation for the next phase of Dubai’s real estate market growth as ‘New Dubai’ shifts from concept to an impressive reality. With a strong tourism level and an increasing number of companies wanting to emigrate, more people than ever want to build their homes in Dubai.
The growing number of visitors to the region is slowly increasing the number of end users to the market, an important part of the growth of the property market in Dubai in the future. Slowly Dubai is moving away from the short-term models that have been witnessed over the past few years. Investors make more decisions into account, which in turn forces developers to improve their overall bidding standards. This coupled with the introduction of an increasing number of end users to the market can only prove its benefits over the long term, and bodes well for the long-term growth and sustainability of the property market in the region.