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New Way Forward- Glaring Opportunities of Property Investment

Posted By: Dany | Posted On: 2009-06-03 | Article ID: 201829

Dubai, the jewel in the crown of the emirates of UAE, has been at the epicenter of the world investment for years. The tremendous rate of the growth of emirate sets the precedent for all the countries in the gulf region to adopt the model of Dubai to follow. In this article we would try to look that whether the model of Dubai real estate development can be followed by the other UAE and gulf countries successfully or they should develop their own model for revamping and remodeling their economy.

Though Dubai has seen the unprecedented economic growth in the past decade but if you single out any one of the sector I think that Dubai property sector would be on the top of the list as far as the growth is concern. Why this sector grew over the past few years? Experts have different answer for that some believe that because Dubai has open its policy and allowed foreigners to freehold properties in Dubai and some experts have the view that being the melting point of East and West and having the reputation of one of the most dynamic economy of the 21st century Dubai attracts foreign investors to invest in Dubai properties. In my opinion both views are correct and one can interpret the success story of Dubai in either way.

But the crucial question is that how can other UAE emirates in particular and other Middle Eastern states in general follow Dubai model of development and whether they should follow it or not? To me the answer is simple Dubai has proved that even without so much oil wealth a state can grow and reach the heights of development. But this all happened because of the open policies of Dubai government. The UAE real estate especially Abu Dhabi property has got a huge potential for growth and it can even attract more foreign investors than Dubai. The government of Abu Dhabi has to realize the worth that foreign investment brings to a nation. The investment in property does not only bring money but it also brings much needed human capital that a state earns after years of investment.

Abu Dhabi Report for Q1 2009 issued by a renowned real estate firm based in UAE showed that a limited supply of residential and commercial units was the main reason for the high demand for quality apartments and offices in Abu Dhabi. Development, designing and branding firms working in Gulf region are very positive about the Abu Dhabi property market as Plan Abu Dhabi 2030 that will house 2 million people over a period of the next 20 years has been made public. A surge in the rates of Abu Dhabi property is expected shortly as real estate demand outgrows supply.

So what they require to do? In my opinion the Middle Eastern countries just need to open a bit more and allow foreign direct investment in their countries and leave other things to market as I free economy the market decides the course of events. So let it happen and enjoy the fruit of globalization.

 

Article Source: http://www.articlecell.com

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About The Author
Dany
Daniel McCain is expert real estate consultant associated with Halcon Real Estate, Dubai-based international real estate firm that specializes in residential, commercial and retail properties in Dubai. He has vast experience of working in Dubai real estate market. www.halconrealestate.com/





 


 
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