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