DUBAI, UNITED ARAB EMIRATES - With the recession almost out of sight, global investors, from the bourgeois to high net worth investors, are keenly eyeing Dubai for real estate investments, given the Emirate's phase of "relative stability" in prices and affordable housing. In a positive upturn, the latest results from the Dubai House Price Index from Colliers indicate that real estate prices in Dubai have risen almost 7% in the third quarter of this year from the previous quarter.
"The results indicate a bounce in the market and are an indication of an excellent recovery," says Mr. Tej Kohli, visionary, real estate investor and founder of Ozone Real Estate.
As a long-term analyst in real estate, Mr. Kohli is of the opinion that stability in real estate prices is set to be steady from this point on. Given the fact that real estate prices are moving towards more reasonable levels, now is the time to strike the iron as the market enters a new stage that will help the transition into reformation.
The most encouraging sign in the Colliers report shows that transactions increased by 64% in the third quarter. To add to the rising real estate boom will be a host of new launches and openings within the emirate. By mid- December this year, the world's tallest tower, Rose Rayhaan, is all set to have a gala opening, which will dot the luminous skyline along Shaikh Zayed Road. Following shortly, the five-star Jebel Ali Golf Resort and Spa will re- open after a comprehensive renovation.
Kohli opines, "With a host of projects slated to launch along with the opening of a spanking new airport, Dubai has plenty on its plate to silence the critics and welcome its investors."
In addition, a slew of high-end hotels, including The Conrad Hotel Dubai and a second Ritz Carlton, are also on track for an early 2010 opening. The Palazzo Versace Resort and new hotels opening on the crescent-shaped The Palm Jumeirah in 2010, including the five-star Ottoman Palace by Rixos, boasting the world's largest Turkish bath, will follow immediately. Close on its heels will be the launch of the five-star Royal Amwaj Resort & Spa, which will bring in a touch of the sparkling Indian Ocean to Dubai with its water villas.
The much-awaited Jumeirah Golf Estates will start operating in late 2009 and 2010 as Dubai's prime golf-themed real estate evolution. Moreover, a half an hour drive from Dubai International Airport, Tiger Woods' Al Ruwaya resort is also set to commence in 2010, boasting an 18-hole championship course.
"The slew of launches goes to show that Dubai is well on track; with global visitor numbers up four per cent for the first half of 2009 compared to the same period last year," claims Mr. Kohli.
Source: Ozone Real Estate