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The Journey of Dubai Real Estate

Often one comes across the fact thatSoon, the market had this as a compact
Dubai real estate has been witnessing abuilt-up area in the vicinity of
property boom in recent years. In thisJumeirah Lake Towers and the famed
article, we are going to give you anJumeirah Beach.
overview of exactly how the real estateWhile narrating the story of Dubai real
in Dubai evolved into its present state.estate, one just cannot forget the
The mounting prices and the turning overworld-renowned Burj Dubai. By this time,
of properties have made many a pocketsthe construction work on the tower was
more affluent. At the same time,in full swing with a speed of three
undulating rental costs have left thefloors per week. At last, with 170
skeptics poorer with respect to realstoreys, Burj Dubai became the tallest
estate investments.building in the world and a prized
Back in 2005, an incident fed into thepossession. The real estate boom had
Dubai property boom. A rapid crash injust begun.
the share market led the incoming ofThe contribution of HSBC mortgages in
more cash into the realty market. Thethe development of has also been
freehold upheaval during this time alsocrucial. In October 2005, HSBC made an
proved to be good. Back then, the localannouncement that it would start
markets were also evolving. This was inproviding local mortgages. Prior to
line with the trend in the macrocosmicthis, Amlak Finance was the only
framework formed by Dubai real estatemortgage provider operating in the Dubai
itself. Gradually, investors startedproperty market. Other local banks
moving away from off-plan sales. The newgradually emerged as its rivals but the
investment interest was provided by theentering of international banking giant
coming up of luxury villas. Dubai realHSBC into the ring was a major leap.
estate had arrived.With flexible rates and a global
Today, if one stands on the terrace ofoutreach, HSBC changed the face of real
Montgomery Golf Club in Dubai, one canestate in Dubai for the years to come.
have a beautiful view of New Dubai andBut there were more challenges ahead. As
Dubai Marina. At the turn of thethe stock market started fluctuating
millennium, this was all a wasteland.again, the realty sector experienced the
Gradually, the real estate industryfirst wrinkles in its smooth sands so
started taking interest in this patch offar. At the same time, it is a fact that
land and by the year 2005, the emergencethe property bang has been taking
of high-rise buildings startedeverything in its stride and moving
transforming its skyline for ever after.ahead even now.



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