However, certain regions played their cards well. While many property dealers in the UK almost went out of business, the UAE played their cards well. In spite of all major financial institutions acting harshly to property dealers, the UAE government decided to spend their liquidity on infrastructure, supporting the market and helping to bolster it.
The UAE boasts a major economy in the globalised world. Dubai real estate and property development is a major share of that economy. While oil and petroleum is generally considered the major economic contributor, the real estate and property sector is standing neck and neck with the oil and gas sector. A very interesting point needing mention here is the depletion of oil resources and the need of alternative energy sources.
A lot has been said about climate change and global warming. This has led the shift of the UAE economy into property market. Dubai, Abu Dhabi and Fujairah have emerged as the major property capitals in the UAE. Owing a property in Dubai is fashionable now, but there is a myth that needs to be broken. Dubai properties for sale are not as expensive as it is perceived. The key draw of this market is attracting people to a new lifestyle. There are no restrictions to the kinds of people and customers the sector is interested in. The word is “everyone is welcome!”
The dark tunnel of the financial crisis is coming to an end and things are starting to pick up again. Interest rates are competitive and available properties are on par with any luxurious property around the world. Dubai is set to be the new property capital and it has the capability to become the new economic force in the globalised world.
Dubai the International Metropolis, Experiencing the Emirates, 31 October 2009.
Dr Geoff Pound
Geoff can be contacted by email at geoffpound(at)gmail.com on Facebook and Twitter.
Image: A new residence nearing completion in Fujairah, UAE.