Country focus: United Arab Emirates

05.03.10

01 / market overview

There was a steep decline in property activity last year as the global credit crisis took hold of Gulf Co-operation Council (GCC) markets. The resulting lack of liquidity still grips the development market, although there are cases of continuing investment from private developers, and government-backed investors/developers are completing schemes they were already committed to.

Growth in property has been significantly restrained by the liquidity crisis. Developers and government agencies have sought to diversify into the transportation, infrastructure and health and education sectors. The main stimulus for growth since the crash seems to be sovereign wealth funds. With the market now stabilised, growth in GDP for the UAE is predicted to be 2.5%, with inflation expected to increase to 3.3% throughout this year.

02 / the future

The vision of Abu Dhabi as the region’s business and cultural hub is underpinning its continued growth. The population of the emirate is on course to pass 5 million by 2030, which is likely to put pressure on its healthcare, education, leisure, transportation and housing sectors.

Source: Building.co.uk

Dubai Hotel Industry | 2000 Free Product Samples Site

In the whirlwind of hearings about the nearest financial crisis Dubai has arisen as if from anywhere. Though it is not a secret that economic recession in the USA also has left the print at coast Dubai, flesh treasury there are oil-extracting states, appearing, more than enough to suppress any economic cares. It is necessary to recognize that housing and financial sectors were of the greatest degree, as recession of economic activity first of all the victim of these motive forces of economic growth of Dubai. There was a moment when it seemed that building never will stop in this sparkling emirate. A sound drill, a hammer and a chisel are among the most widespread that it is possible to hear in silence in second half of day or dead of night. Now it seems that all is silent and is deserted, and the majority of emigrants, having left on heels of unemployment of Spree. The vein price, landing stages for yachts and country houses’ properties have descended with artificial maxima. The prices for numbers both private one and an exchange room rent also have followed to this example. It seems that best Dubai six-year habitation and building boom are already behind. After the Hotel has fallen in realities, industry of Dubai was in a shock. Dubai town-planners are already planned the variety of hotels in Dubai, and as a result have overestimated the requirements of hotel. Take Asia-Asia “the biggest hotel in the world, with 6500 numbers, a part of Badavi project on Dubailand is planned. Besides, rent of many hotels still is in Dubai on the higher party, even in the opinion of the West. There was last report that Dubai office accommodations make the tenth and the most expensive in the world. It is obvious to recover sagging economy but Dubai should made many things, more accessible. Otherwise visitors simply will not have forced to return. It is clear that healthy restoration of economy and the hotel industry will depend on variety of factors, such, as expenses on business dealing, investment, building and trading possibilities, employment and habitation and rent of apartments. Meanwhile, it is informed that rent of the inhabited real estate in Dubai has fallen from 38 percent in the beginning of 2009, from 18 percent of decrease in Abu-Dhabi. From a positive side, the increase in the last activity of investors testifies the restoration. Before superfluous liquidity and a monetary and credit policy have resulted in interest rates it is considerably low. Because of dollar depreciation, money flew from banks in the real estate and property. It will occupy little time to return the investors’ confidence of Dubai once again.

Source: Dubai Hotel Industry | 2000 Free Product Samples Site

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