Prices of villas in popular areas of Dubai have gone up by 10-15% in the past 6-9 months. Prices had indeed dropped significantly from 2013-14 till now, but a recovery seems to be starting, rest Allah knows best about the future.
Musafar sb
Very simple logic:
For any country to run on solid pillars, history tells us the following for a minimum:
1...Must have agriculture
2...Must have management expertise
3...Must have natural resources such as oil
4...Must have solid industrial base
Now tell me, sir, what Dubai has to offer:
Only leasure and pleasure industry!
That would hold Dubai?
If it does then how long?
I invested in ARY flats in Dubai International city what people were trippling their investment but I has 1,50,00 Riyals profit and got the hell out b4 Dubai collapsed.
You are right on the fundamentals AQ sahib, but this world is a funny place
I know someone who bought a small villa in Dubai for 2.025 million dirham in 2014, he sold it for 1.05 million in 2019. He was planning to use the funds and buy elsewhere in Dubai again
A new building was planned to be constructed across from burj al arab a month or so ago, this is an off plan thing as u know, it all got sold within 3 days
A new villa project was announced just in March last year and all got sold within a couple of weeks, this was the start of this pandemic
I can go on with examples but u see what I mean
There is something called law & order, personal safety and rule of law. Sometimes these things go beyond oil and agriculture in people's eyes. The 22 yr old gunned down the other day in Islamabad and things like that we all hear every day, imagine a small incident like that happening to us. People occupying others' properties, not paying rent and all sorts of such things in the motherland are also headaches that people run from. Not only Pakistan but look at this whole region and show me one other place with the kind of infrastructure, stability and peace that Dubai offers. See the schools, healthcare, roads etc etc. There is a reason that every international company operating in this whole region keep an office and cash in Dubai, and there is a reason that so much wealth from across the world gets attracted to Dubai and invested there, and people wants to live there ....
Musafar sb, there is no doubt Dubai has become jewel in the heart of desert that attracts millions of tourists, holiday makers, event participants, job seekers, or simply transit passengers every year. The rulers had made it a safe heaven for the black money flowing into its economy and real estate.
But then came anti-money laundering and anti-corruption measures that pushed back black money followed by COVID that completely eroded the luster from this hyper-inflated economy.
I am no economist, but my layman hunch is that it will take decades for UAE to recover. So any investment into their property should be cautiously advised.
Please read Financial Times and JLL reports, they predict gloomy picture for Dubai real estate.
As far the negative news from home, you should appreciate that our media is "comparatively" independent. Unlike the land of Bedouin from where you can be expelled by posting a picture of accident to your friend. If you don't believe me, then try it. The only news allowed are praises of royals.
I do not disagree with you Isloo 1 sahib, indeed this is a very complex issue and has many many facets. I do wonder though as what other place would replace Dubai for what it is serving this region currently
Dubai prices have been falling close to 10% every year including rents, there is clearly an oversupply of properties and the current trends appear to be hyped around the so called bullsh*t Expo which will magically fix all the problems.
Agreed in some areas like Palm/Downtown, prices maybe up a little but doesnt paint the overall picture...hold tight..