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