THE OASIS OF TRANQUILLITY IN DUBAI IN THE REAL ESTATE WORLD

 

Dubai may be considered an oasis of calm in the stormy ocean of global financial stocks and other markets that exploded last week. All is going its way here: many highly awaited Real Estate Developers in Dubai have been moved ahead, developers are planning to close Cityscape Global and more distant Expo 2020, and the crucial drop in oil prices has little effect on the grand plans for large-scale infrastructure projects and the development of super-premium housing.

The fact that Dubai is not only a safe haven for Middle East investment, but also an oasis of tranquility in the ocean of global crisis is supported by the news of the past week. Dubai's news last week revealed that the most expensive apartment was put up for sale, and major developers made several important announcements about the construction of large-scale residential and commercial projects, while the first lines of world news all week were devoted to dollar leaps, crises in exchange markets and drops in national currencies.

Last week, Dubai developer Omnyiat was especially involved, reminding buyers of the excitement surrounding exclusive property sales launched in its One Palm Jumeirah project, which will be completely presented at Cityscape Global. But buyers now have the chance to get to know the most fascinating and expensive unit, not only in this house, but in Dubai as a whole: It's an eight-bedroom, or rather a penthouse, apartment that Omnyiat put up for sale for $49.29 million, breaking the previous record of a Burj Khalifa apartment selling for $16.34 million in 2014.

However, if the investment budget for your property is infinite, Omniyat's deals are not the only choice for Dubai real estate investments. Seven Tides, another developer, offers apartments in the same super-premium category in its and Residences residential complexes for US$ 680,000 per unit with footprints ranging from 1,158 and up. This is the second sales launch on the same iconic Palm Jumeirah Island in Dubai for these complexes, which will also officially be scheduled for Cityscape Global.

But if that kind of property in Dubai is not what you can afford, there is still room for choice, because "future city" is a real "Klondike" anti-crisis: the choice of options in the category of affordable housing where prices range from US$ 272,322 per apartment with three bedrooms is truly unlimited here. This fact was proven again last week by the construction company Nshama, whose name, in the sense of affordable housing, is on everyone's lips. In the same name district of Dubai, this developer has successfully built the low-cost real estate sector and last week announced the achievement of the next step in the development of affordable townhouses in this district's residential neighbourhood Town Square. The area is adjacent to the famous Arabian Ranches, which will include more than 3,000 townhouses and 18,000 apartments under the master plan, and the contract for the construction of townhouses with the Gulf Beaver Group was signed last week.

Generally speaking, last week, everybody spoke a lot about real estate development in Dubai. The above-mentioned Omniyat plans to build two new hotels in the famous Business Bay area of Dubai, having signed management contracts with the Langham Hospitality Group and, and a whole new city for 200,000 inhabitants worth over US $ 5 billion will be built in the neighbouring emirate of Sharjah.

Therefore, considering the ups and downs of oil prices, Dubai developers, as well as other Developers in UAE, are not going to abandon their construction plans, appealing to the fact that the property market is little or not dependent on oil market prices, as all analysts from leading agencies and reputable Moody's confirm.