Property in Dubai Remains Strong and in Demand
Dubai as a city is becoming increasingly synonymous with growth, profitability, opportunity and did I mention, growth?
It is quite unique and dumbfounding, the immense boom that the Emirates has and is experiencing for a number of years now? and continuing without any dramatic signs of cessation.
Many of the surrounds of Dubai is also experiencing the ripple effects of such a booming economy, from the property sector, to education, medical, transport and food industries ? all of which have been affected by the upsurge in tourist percentages, as well as the vast majority of foreign expatriates ? who have claimed Dubai as their home away from home, while they are employed by one of the many businesses which have opened up location in Dubai and the surrounding cities, in an attempt to further strengthen and grow the economy, on the whole.
Examples of such can be seen in Kuwait, where property companies in general may get good rankings reaching 70 percent at available selling centers, compared to nearly 30 percent for phone services and 50 percent for specialized salesmen and warranties.
A successful property company is required to provide professional real estate services to customers, however, the warning bells ring, when one considers the fact that many a developers is of the persuasion that Gulf construction contractors should or need to tend towards implementing only plush and luxurious projects for the sake of opulent and wealthy groups.
Another worrying factor which has recently surfaced, is the fact that the UAE?s construction sector is currently facing a manpower shortage that could delay a number of projects, as was reported by Gulf News.
?Analysts say Indian workers, who make up about 80% of the UAE?s construction workforce, are shying away due to high inflation and the decreasing value of dirhams against a strong rupee. Fuelled by increasing disposable income and falling barriers Qatar real estate market growth is sustainable? states Markaz study which shows
Kuwait Financial Centre ?Markaz? in its Qatar real estate report, ?forecasts the current growth rates in the real estate market in Qatar to be sustainable.?
Many property analysts also agree that it is due to ?The demand-led price growth has been a reflection of the buoyant economic conditions in Qatar. Until 2003, Qatar GDP grew at a rate less than 8% p.a.?
When one considers the facts, it is quite clear and apparent why the emirates continues its upward surge:
Since 2003, the rate of growth has not dipped below 11%.
Increasing disposables incomes and importantly the opening up of the sector to foreigners to buy real estate has supported the real estate growth.
This had resulted in the demand supply gap to widen in the last three years, with demand outstripping supply.
The growth in economy has in turn resulted in an increase in the expatriate population.
The factor of expatriate population is important in Qatar as expatriates? form almost 67% of the population.
In the last six years, expatriate population in the country has increased by 5% on a CAGR basis.
In 2004, the Qatar government relaxed its real estate policies to allow foreigners to own real estate.
The increase in personal disposable incomes and the resultant change in preferences of consumers from apartments to villas, all of these drivers generated considerable pressure on an already stretched supply.
Currently, the viewpoint generally is that ?demand is outstripping supply in all the spheres of Qatar real estate - Residential and Commercial (office, retail, hospitality, and Industrial) segments. Residential Demand, for both freehold and leasehold residential units outstrips the supply in Qatar. However, ?Markaz? expects the shortage ratio to narrow down going forward, as it expects Doha (major housing market) to see more supply of housing units by 2010. Building permits issued to the residential sector have surged by 27% on a YoY basis in 2005.?
Clear as day is the fact that Dubai is not without flaws and complexities, which often time could relate into somewhat of complications and unnecessary head-aches, the final point one should remember is that even with all the problems relaying to supply and demand, Dubai is continually still in very clear demand, and with the factor alone, it will continue to exponentially grow as a super power in not only the property industry, but economically as well!
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