Changes Witnessed in Property Scenario of Dubai

Dubai is one of the steadily and consistently growing economies in the world and is witnessed as a great business centre. The global environment of the emirate has in turn contributed a massive influx on people and businesses from all over the world. Dubai real estate sector as we all known play a major role and at times there are consistent figures in order to prove the changes witnesses in the property market in Dubai. If we talk about the changing price scenarios, Dubai property prices since the start of 2007, have surged 79 percent. By the year 2010, these are likely to fall by 10 percent on various real estate units.

Moreover, if we look at other from other perspective, then property in Dubai is the fifteenth most expensive real estate market in the world. However, in 2009, the property rates for the residential units are all set for a downfall. If we look at the current scenario, the real estate prices have begun a downward journey resulting in a dip of 15 to 20 percent by the year 2011. The state of the market concluded that the prices are likely to hit the bottom during Q4 in the year 2009.

Various leading real estate agencies and property developers have said that the impact of the global slowdown in sale of real estate projects and these cutbacks will affect up to 50 percent of few of its departments. Regular property market evaluations are done by industry experts and they keep on evaluating the updated property market research and scenario. Moreover, different evaluations can be done in case of rental and sale properties as their market trends might differ from each other.

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