The world renowned for its luxury construction and planning projects. The UAE, while it’s true that there are products to suit all tastes and budgets, on the whole, departments such as retail, dining and hospitality possess a distinctly high end-flavor in the Emirates.
The same would also be said for the country’s housing market. For many cities like Abu Dhabi and Dubai involve pictures of plush high- rise residential units and spacious beachfront villas.
But the truth for most UAE housing is incongruous with such perceptions. The average standard of living afforded to both nationals and expats is higher in the Emirates than many other places nevertheless the most of people cannot afford to live 365 days round in paid hotel units.
The land prices in the UAE represent somewhat of a doubled-edged sword. On the other hand, superior mortgages and rent serve to maintain an air of exclusivity in the country, not to mention its lucrative real estate society. On the other, what can seem like an ever-increasing cost of living represents a challenge for man people who call Emirates their home.
With this on note, it might be quite encouraging to learn that the UAE’s real estate market has been manifest signs of bottoming out. The average rents and lands prices in Abu Dhabi in Dubai appear to be elevation and in some cases, falling out of place.
In this new issue analysis experts from the field of real estate and construction offer points as to why this bottoming out is taking place and outline the potential ramifications for the future housing projects in the Emirates.
Perhaps most interesting is the extent to which the UAE’s construction sector is influencing the strategies of land planners. For instance, the senior legal consultant at DLA Piper Daniel Xu, has identified five extant construction trends that he believes will spur the growth of affordable projects in the UAE.
Planners are becoming increasingly led by the market he adds. The more action building a project and expecting the market tobillet it is no longer the main driver. Planners are increasingly looking at price control.
I trust that this is aspaceman of how the recent market slowdown- which I concede has been painful for numerous contractors, consultants and planners – could result in positive long term consequences. When combined with bottoming out that has been taking in real estate market, construction- related factors like squeezed liquidity and revised national statement look set to bring about a new,affordable norm.
And this is no bad thing it’s not a case of either/ or. The UAE is unlikely to run out of high-end housing apartments anytime soon. In the meantime, mostly priced offerings in emergent locales would not only benefit huge graph of people; they would lay the foundations of real estate sector that maintains stability for decades to come.
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