Did you know that the current market cycle will speed up process towards a more transparent marketplace?
by Georgina Zeneldin
The theory of ‘maturity’ is helpful in trying to understand the changes and cycles in a real estate market, which often go hand in hand with a country’s economy and legislation.
Maturity is classified by the degree of change in, for example, the range of investor and developer opportunities, market transparency, flexibility of property interests, know-how of market stakeholders, regulation of market practices and property rights in a built environment. Over years, property markets develop and grow, in terms of features, practices and mechanisms.
Dubai has a relatively young real estate market. It is only since the last decade that freehold ownership was made available and all nationalities were permitted to buy property. However, already the market appears to be transitioning into a second phase of its evolution, offering a number of advantages to all stakeholders.
Dubai’s property arena is quite unique in its composition. It is a market where almost 90 per cent of the population are expats, unemployment is near zero, and is a tax-free haven located just a few hours flight time between Asia, Africa and Europe.