With the situation in Dubai slowly getting better, it seems that once abandoned projects are again being picked up for completion by former or new owners. Some projects have changed hands and are in the charge of new owners or new contractors. What is important, however, is that business is picking up once again in the housing and construction sectors. it is a pleasant sight to see the teams of workers with their work gear and protective helmets out in the streets, busy in their respective jobs as they shout instructions and encouragement to each other. It seems Dubai is in the flow of things once again.
All in all, recent surveys of the Dubai real estate sector are painting a rather soothing picture. Recent research estimates are that up to 69 percent of the projects are ongoing and are expecting to be completed in due course. Regarding new projects, however, it was seen that activity has been slow to take off due to the paucity of easy credit and funding in the financial sector. If we look at the available projects and divide them into four sectors, namely educational and healthcare, commercial and retail, residential, and leisure and entertainment- it can be surmised that about two-thirds of the total projects are still ongoing, while the new projects are finding it difficult to take off due to lack of finances, while credit is definitely drying up and needs to be stimulated if the economy is to be revived.
One good thing worth noting is that Dubai Marina apartments have appeared to retain their value and marketability all through these trying times. This is quite likely due to the spectacular location of the Dubai marina, giving an excellent view of the waterfront while at the same time being close to the city roads and offering the latest amenities. Thus it is not surprising that Dubai Marina Property, Dubai Marina Villas and Dubai Marina Apartments have retained their market worth and some are even being offered prices higher than the original. It thus stands to the advantage of these properties that Dubai Marina Accommodation has some of the most prized real estate locations even today. Both celebrities and high net worth individuals of world renown have made bids for Dubai Marina Properties at different times in the course of their development.
Presently research shows that more than 1800 projects are at different stages of completion all across the emirate, with the expected investment in them totaling over US$650 billion. This is a healthy sign as it shows that Dubai is picking up the pieces from its recent fiasco and it is only a matter of time before things will look normal again. At the same time, it would be prudent for the emirate to relax its rules for workers visas and their extensions, create better labor legislation that respects workers rights and start something like minimum wages and minimum standards of accommodation so that no one takes advantage of the plights of workers who often take loans to come here to work. They have to work to repay the loans as well as send some amount home, in addition to taking care of themselves. It is a tall order involving many sacrifices, as any expatriate worker can tell you.
by: Daniel Marshel
About the Author:
Daniel Marshal is one of the most famous Dubai Properties opinion makers associated with Better Homes, a leading real estate firm in Dubai. He deals in buying and selling of commercial and residential property in Dubai and communities like Dubai Marina with special emphasis on Abu Dhabi property. Daniels firm also offers online real estate services in Dubai.