| Often one comes across the fact that | | | | Soon, the market had this as a compact |
| Dubai real estate has been witnessing a | | | | built-up area in the vicinity of |
| property boom in recent years. In this | | | | Jumeirah Lake Towers and the famed |
| article, we are going to give you an | | | | Jumeirah Beach. |
| overview of exactly how the real estate | | | | While 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 over | | | | world-renowned Burj Dubai. By this time, |
| of properties have made many a pockets | | | | the 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 the | | | | floors per week. At last, with 170 |
| skeptics poorer with respect to real | | | | storeys, Burj Dubai became the tallest |
| estate investments. | | | | building in the world and a prized |
| Back in 2005, an incident fed into the | | | | possession. The real estate boom had |
| Dubai property boom. A rapid crash in | | | | just begun. |
| the share market led the incoming of | | | | The contribution of HSBC mortgages in |
| more cash into the realty market. The | | | | the development of has also been |
| freehold upheaval during this time also | | | | crucial. In October 2005, HSBC made an |
| proved to be good. Back then, the local | | | | announcement that it would start |
| markets were also evolving. This was in | | | | providing local mortgages. Prior to |
| line with the trend in the macrocosmic | | | | this, Amlak Finance was the only |
| framework formed by Dubai real estate | | | | mortgage provider operating in the Dubai |
| itself. Gradually, investors started | | | | property market. Other local banks |
| moving away from off-plan sales. The new | | | | gradually emerged as its rivals but the |
| investment interest was provided by the | | | | entering of international banking giant |
| coming up of luxury villas. Dubai real | | | | HSBC into the ring was a major leap. |
| estate had arrived. | | | | With flexible rates and a global |
| Today, if one stands on the terrace of | | | | outreach, HSBC changed the face of real |
| Montgomery Golf Club in Dubai, one can | | | | estate in Dubai for the years to come. |
| have a beautiful view of New Dubai and | | | | But there were more challenges ahead. As |
| Dubai Marina. At the turn of the | | | | the stock market started fluctuating |
| millennium, this was all a wasteland. | | | | again, the realty sector experienced the |
| Gradually, the real estate industry | | | | first wrinkles in its smooth sands so |
| started taking interest in this patch of | | | | far. At the same time, it is a fact that |
| land and by the year 2005, the emergence | | | | the property bang has been taking |
| of high-rise buildings started | | | | everything in its stride and moving |
| transforming its skyline for ever after. | | | | ahead even now. |