By the end of 2011, the overall situation of Dubai real estate wasn’t that encouraging but there still is something for the investors to cherish about. Emirate’s Land Department reported that the total transactions in Dubai properties rose 20 percent in 2011 as compared to that in 2010. It seems like the economic crunch, that hit the region in 2008, might just be hiccupping its way to death. Although the policies devised by the Dubai Government are yielding favourable results but the experts still have mixed opinion on the expected condition of Dubai real estate. Some say the year 2012 will bring good news for the sector while others claim recovery cannot be expected before 2016.
With dawn of 2012, some experts started expecting that recovery in real estate in Dubai is soon to be witnessed. It is mainly because of the fact that the transactions went 20 percent up in 2011. Local and international investors interested in Dubai property sector may get interested in investing more by noticing these figures. According to officials, the transactions made in Dubai’s property sector during 2011 were valued around AED 143 billion. All the financial reports showed positive index but the progress is still slow, which according to some experts is a steady sign.
While the other experts believe, the recovery process has begun as a slow trickled, limited to a handful of areas, and is not spreading to other parts of the city. The growth is seen in few posh areas, which never underwent any serious drop in prices, while others suffered huge loses due to oversupply. Few projects were completely abandoned and many were halted for undeclared time. These experts question that with such statistics, how can one assume that 2011 remained satisfactory for real estate in Dubai. According to them, the recovery will be considered positive, if a steady and uniform improvement in all areas of the state.
A big majority of experts are hopeful that the growth will soon become noticeable and increase the number of transactions in Dubai properties. They believe that quantity, quality and property transactions procedures reflect the recovery and growth of real estate sector in Dubai. The credit of this recovery directly goes to Dubai Government as it has made every effort to stabilize Dubai real estate market and making the properties attractive for the investors. This growth is not just limited to sales of properties but Dubai rental properties, houses in Dubai and Dubai apartments are also observed to be in more demand as compared to that in previous years.
According to Dubai Land department officials, the figures point to a stable Dubai real estate sector as it is expected that this growth will lead to a robust recovery in near future. In spite of this growth, some experts believe that property prices will continue to fall and softening over the next five years because more housing units will be added to the supply line and the economic crunch will continue to cast its shadow over the real estate sector.
William King is the director of Dubai Properties, Rent in Dubai and Property in Dubai. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.
Whenever Pakistan real estate is under discussion, the performance of Karachi, Lahore and Islamabad real estate is discussed primarily. In the beginning of 2011, you might have heard the news stating, “Just like 2010, the year 2011 will also remain a challenging year for Pakistan real estate.” This is because the performance of this sector remained under the standard bar throughout the four quarters of 2011. Out of all the three main real estate sub sectors of Pakistan, Karachi real estate remained the most deteriorated one during 2011 and contributed considerably to the overall low performance.
Despite the fact, that due to being the largest city with seaports, Karachi is the business hub of Pakistan, its residents continue to migration to other cities. The biggest reason behind all of this is the violence and blood shed in the city. The cases of robberies, kidnappings, extortion, and target killing stayed at alarming high rate throughout the year. Even the once best performing and highly peaceful areas of Karachi, like DHA, are not safe anymore. Many vehicle snatching and other robbery incidents in DHA occurred due to the carelessness of DHA’s security plan.
This weak law and order situation motivated the people of troubled areas to sell their property and assets in Karachi and move their investments to other peaceful cities. Even the people who afforded to buy a decent house in Karachi preferred, shifting to other cities just because they could no longer live in “no man’s land”. Residents of Karachi mainly shifted to Lahore as they always find Lahore offering the same trendy lifestyle as Karachi’s along with better law and order condition.
The migrants of Karachi preferred to live in the posh areas of Lahore including Bahria Town and DHA. As the property price in the mentioned areas of Lahore is extremely high, those who could afford to purchase their own houses did so while those who couldn’t chose to live on rents in the same areas. These migrants also moved their businesses to Lahore, which increased the chances of Lahore emerging as the financial capital of Pakistan. This migration raised the Lahore’s real estate values by 30% and the demand of Karachi real estate plummeted.
Moreover, the non-transparency of the Karachi property market also added to its deteriorating condition. The worst reported cases of Land mafia were noticed in Karachi at large. Besides that, the fraudulent and fictitious allotments, doubtful land recording, non-transparency in registration process and duplicate and multiple claims on the properties and many other such encumbrances kept Karachi real estate under pressure. To control violence and prevent people from migration, indiscriminate and ruthless action should be taken by the Federal Government. Some stern actions along with better implementation of law would automatically fix the deteriorating condition of Karachi real estate. People are desperately waiting for elections so that the new government does what is best for Karachi
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