Dubai property market at a glance
Many observers and potential investors have doubts regarding investment in Dubai property. Even though the property market is rapidly expanding by its fifth a year investors are still skeptical with the safety of their investments. The Cityscape Dubai event which presented both current and future projects gave a reassurance with an increasing scale of activities an enthusiasm. The event undoubtedly showed the strong developmental aim of property market in Dubai and the Gulf.
However hyped the situation is there are still many questions awaiting an answer:
Will the property construction reach its final stages?
Will the promised quality standards be achieved?
Will there be delays in the projects?
Is there a guarantee of one’s investments till the time of hand-over and beyond?
A short answer for these questions is that it would differ from project to the developers. The broader picture is that the situation still remains uncertain with some projects never making it to completion and less attention paid towards the issue by media and government.
The Gulf news archive presents anecdotal evidence with other local publications paying attention to specific queries bringing out news good or bad. There are many other websites presenting great deal of insights to real news on the property scene. Some of the project descriptions are given below:
Emaar: This is amongst some of large developments. The project was built in time and there was no compromise with the quality. Although the records pacify those complaining of bad quality and higher purchase costs.
Nakheel: has a mixed record having some disasters. In a highly anticipated move the verdict on Nakheel remains pending till the handover of Jumeirah palm properties.
Dubai Properties, Sama Dubai, Damac are still yet to prove to the market, more than Nakeel. Reassuringly, the record for Dubai properties the builder of 40-tower Jumeirah Beach residences complex holds good.
Mid and small size developers are very hard to categorize since they are numerous, although they have many projects yet to be completed. For e.g. Tameer a 107-story tower along with a 91-story tower in process at Dubai Marina are still in the pipeline. This project is basically a master plan of Emaar and contains numerous Emaar properties, yet it has the stakes of many small developers arising needs to be re-examined. To generalize, apart from the JBR project, less than half of Marina towers have been built whereas the larger ones are yet not started or are in primary stages.
To present a bigger picture:
The workforce is largely unskilled, poorly trained and poorly paid.
There is a huge competition for skilled and experienced consultants, managers or contractors.
The supply of materials and equipment isn’t free flowing.
To add up, powerful like Emaar have more leverage, but are less accountable for individual clients. Small players on the other hand struggle to get the work completed. The work carried out in the past 5 years shows the industry has entered the middle stages with large levels of expertise locally. Even the overexploited and underpaid workers display significant skill on job promoting higher success rates for achievement of targets.
However hyped the situation is there are still many questions awaiting an answer:
Will the property construction reach its final stages?
Will the promised quality standards be achieved?
Will there be delays in the projects?
Is there a guarantee of one’s investments till the time of hand-over and beyond?
A short answer for these questions is that it would differ from project to the developers. The broader picture is that the situation still remains uncertain with some projects never making it to completion and less attention paid towards the issue by media and government.
The Gulf news archive presents anecdotal evidence with other local publications paying attention to specific queries bringing out news good or bad. There are many other websites presenting great deal of insights to real news on the property scene. Some of the project descriptions are given below:
Emaar: This is amongst some of large developments. The project was built in time and there was no compromise with the quality. Although the records pacify those complaining of bad quality and higher purchase costs.
Nakheel: has a mixed record having some disasters. In a highly anticipated move the verdict on Nakheel remains pending till the handover of Jumeirah palm properties.
Dubai Properties, Sama Dubai, Damac are still yet to prove to the market, more than Nakeel. Reassuringly, the record for Dubai properties the builder of 40-tower Jumeirah Beach residences complex holds good.
Mid and small size developers are very hard to categorize since they are numerous, although they have many projects yet to be completed. For e.g. Tameer a 107-story tower along with a 91-story tower in process at Dubai Marina are still in the pipeline. This project is basically a master plan of Emaar and contains numerous Emaar properties, yet it has the stakes of many small developers arising needs to be re-examined. To generalize, apart from the JBR project, less than half of Marina towers have been built whereas the larger ones are yet not started or are in primary stages.
To present a bigger picture:
The workforce is largely unskilled, poorly trained and poorly paid.
There is a huge competition for skilled and experienced consultants, managers or contractors.
The supply of materials and equipment isn’t free flowing.
To add up, powerful like Emaar have more leverage, but are less accountable for individual clients. Small players on the other hand struggle to get the work completed. The work carried out in the past 5 years shows the industry has entered the middle stages with large levels of expertise locally. Even the overexploited and underpaid workers display significant skill on job promoting higher success rates for achievement of targets.
posted by Property Reporter at
10:54 PM
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