THE DUBAI REAL ESTATE MARKET IS REGAINING ITS RATE OF GROWTH

 

That's how the events that took place last week in the Property Developers in Dubai market can be represented. Meydan The Meydan City Corporation's presentation of one mega project came, without exaggeration, as a real bombshell to the Dubai real estate market, and the overall level of operation of the industry can be measured by a marked increase in free zone investment and growth rates in the different real estate market sectors.

Meydan One, launched last week in the presence of Sheikh Mohammed Bin Rashid Al Maktoum, the ruler of Dubai, has become a major phenomenon in the real estate world of Dubai, not just in the last seven days, but in the last few months. Due to a variety of its features, this long-awaited project is remarkably creative.

Meydan One will break many world records: here will be the world's tallest residential building, The One, as well as the highest viewing platform, the longest artificial ski slope, the current largest dancing fountain, and many more wonders for which Dubai is renowned. Of course, this new project involves residential property, as well as a lot of office and retail space, but the main objective of this project is to build the prestige of the city as a whole, to increase its population and the number of tourists, which, in turn, could not but have a positive impact on the performance of the real estate market.

A lot of words have been and will be said in the press about Meydan One, but here are only some of the figures that make it possible for us to feel its greatness. 665 meters above the earth, 3 million and 670 thousand square meters, the world's highest 360 degree observation deck would be situated at this height. This is the total area of the project, 1.2 kilometers-this is the length of the artificial ski slope, 60 thousand visitors-this is the number of guests who will fit into the central civic plaza, 150 by 80 meters-this is the size of a retractable roof to be installed over the complex in the cooler months of the year to make it accessible. To sum up, it soon became apparent after the Meydan One presentation that this project could hardly be exceeded in the near future by the developers of Dubai.

Back to the other news of the week, it should be noted that the analysts' faith in the general decline in Dubai rental prices turned to dead certainty during this time. Also such famous locations as Dubai Marina, Downtown Dubai and Business Bay, which were reported by the two independent reports, could not avoid rental declines. In these regions, as well as in Palm Jumeirah, rental prices dropped by as much as 6-8 percent, and this because of the saturation of the market with new units, also in historically expensive Palm Jumeirah, dropping into the mid-priced range. For small studios and apartments in central cities, the only exceptions are rental prices, for which rental prices rose marginally.

According to the Dubai Land Department survey, however, the popularity of Dubai real estate among local and foreign investors is not decreasing: over the past six months, 19,848 investors of 142 different nationalities have invested US $ 14.4 billion in Dubai real estate. In the Dubai Investments Park free zone, sectoral investment in office and industrial property was extremely high: In the first five months of the year, 436 new companies were registered there, leasing a total of 5, 38 hectares of different properties, making this free zone one of the most common in Dubai.

A more comprehensive systematization of all available information is needed for increased activity in the Dubai property market, so the JDR Group's initiative to build the first private Dubai real estate database proposed last week could not be more timely.

In general, the Dubai Investment Real Estate manages to maintain a good balance by promoting the development and growth indicators of all sectors and fields, experts say, while entering a new rhythm after a lull.