And defying all restrictions to the recovery process, the emirate manages to extend its boom to its lesser luxurious areas as they too experience a certain yet respectable rise in property value.
Experts at Bayut.com, who burn the midnight oil, studying and deducing the various trends occurring in the real estate market of Dubai, it is perceived that the specific escalation of prices in the posh areas of Dubai has given a piggyback ride to some of the less luxurious places, which in turn have proved to be beneficial to the secondary real estate market of Dubai which was forever being out-shinned by the high rise buildings and the great shopping malls.
Among the possible reasons, deemed for the healthy spike is the open secret that while the rental prices increased in the luxury realty market of Dubai, the tenants were forced to leave as high rents were too much for some, thus they turned to the less posh areas of Dubai which realising the sudden popularity got its prices escalated as well.
Another factor which was noticed by the experts at Bayut.com was the rise of population in Dubai because of the Arab Spring. Due to the extensive efforts of the government, Dubai has been successful in creating a vast amount of job opportunities to attract investors but the high density of jobs seemed to have attracted many neighbouring Arab brothers, thus resulting in an adequate increase in population.
The increase in population is found to be directly proportional to the rise in demand for the residential units and a sincere spike in the amount of tenants as well.
To know more about the curiously important trends unfolding in the real estate market of Dubai and get a peek at the statistical data provided by the experts, read the full article at Bayut.com’s blog.
Monday, August 19- 2013 @ 12:49 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.