During the downturn of 2008, Dubai was one of the hardest hit real estate MARKETS in the region, with prices dropping by about 60 percent and around half of projects mothballed, put on hold or canned altogether. Six years later, the rollercoaster side that is the Dubai real estate market is once again in full flow. House price growth in the twelve months leading up to the end of June was the highest in the world, according to a new report by Knight Frank.
Dubai topped the annual rankings for the fifth consecutive quarter, recording annual price growth of 24 percent. However, there are clear signs that Dubai’s property bubble, which has been expanding steadily since the middle of 2012 may be in danger of overheating. Is another correction looming on the horizon? Rents in some areas of Dubai have already started falling, according to the latest Real Estates Regulatory Agency’s (Rera) rent INDEX.
Ahead of Cityscape Global - the city's biggest property showcase - we asked some real estate experts and analysts for their two cents on what is happening in the MARKET right now.
The expert panel debating the issue consists of (in no particular order):
Kabir Mulchandani, CEO of Skai Holdings
Mat Green, Head of Research and Consultancy at property consultancy firm CBRE Middle East
Ahmed Al Matrooshi, Managing Director of Emaar Properties
Adham Saleh, Managing Director of eZayed Real Estate
Simon Townsend, Business Development Manager - Middle East at property consultancy firm DTZ
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