Dubai showing extravagancy in real estate development

The real estate sector of Dubai holds a noteworthy position amongst the top-notch property market of the world that includes Hong Kong, London and Monaco. Dubai is such a city that homes wide-ranging skyscrapers, which have changed the whole infrastructure of this metropolis. A not only just skyscraper, the city has also created communities and localities that boast unique construction plans and ultramodern development ideas.

Be it Palm Jumeirah, Downtown Dubai, Business Bay, Dubai Marina or other high-end launches, the atypical construction plans have provided this city a new look. It cannot be denied that the real estate sector of this city experienced a boom and bust cycle back in 2008 and according to an estimate, the property priced went down to more than 50% of their original prices. Many projects were also halted temporarily. However, Dubai did not stop the construction work and even with a slow pace, the continuance in the construction works provides an imprint of the insatiable greed of this city for property developments. 

The property experts at Bayut.com, one of the leading Dubai property portals, noticed that the realty market of Dubai showed favourable uptrends in the preceding year and even in Q1 2013. An estimate shows that the property prices in Dubai up surged by 18.3% in a year from March 2012- March 2013 and by 5.4% in the first quarter of 2013.

News also unfolded the fact that not all but various stalled projects were resurrected considering the positive air in the real estate market of Dubai. However, some investors are still concerned about the revival of stalled projects in which they have funnelled investment.

Overall there is a flourishing trend in the property market of Dubai, which can be evidenced from the price hikes in Dubai Marina apartments, Palm Jumeirah villas, Business Bay properties and other accommodations in the top-notch localities in Dubai. It also seems that the city is once again attracting the investors to funnel investment in this property market, as the increased footfall of investors can be observed in the sector.

Dubai also welcomes and accommodates a huge traffic of tourists and the real estate sector plays an important role in attracting the tourists to this city. The construction works in Dubai are in a notable upswing and the property experts hope that the sector would not experience the same boom and bust cycle as that happened in 2008.