2008 we saw the
second largest financial crisis all over the world, which affected the banking
sector, real estate sector as well as the IT sector in most of the developing
countries due to the depreciation of the US Dollar, as well as the UK Pound.
The crisis resulted in decreasing the prices of land all over the world, which is
also affecting ongoing construction projects, including malls and flats. The
prices of land fell by about 30 – 40 % compared to what the prices were in mid
February, 2008. Loosing all confidence in the financial market as well as in the
companies, most of the investors (in fear of loosing their money) got their
money back from the real estate sector.
Because of the
money being taken out, the land prices fell where every one previously thought the
land prices were over rated. For a long time, Dubai had been the destination for many
people interested in purchasing land in the major oil producing country of the
world. During the period of February 2008 to November 2008, Dubai saw a constant decrease in the shares
of all the real estate sector companies, as well as in the prices of the land.
But after a long session of depreciation, people have again begun purchasing
land in Dubai,
and the era of boom has started up again. The future prospects of the land, as
well as the apartments in Dubai,
seem to be blooming, with growth occurring in all sectors and the economy
appearing to improving. Dubailand in Dubai,
which is a seven sectioned themed divided city, is one place that provides
attractions for anyone. Dubailand offers
great shopping complexes, malls, cuisines, and housing as well.
In addition to Dubailand there are
a lot of constructions going on to attract more of the domestic (as well as the
international) buyers of the apartments. Dubai
land department has also come up with a new scheme where a combination of land
pieces can be combined together. Combining of these land pieces is known as
addition. All the apartments being constructed in all the areas of Dubai suit the investors
at every level. As all the apartments built come under the categories ranging
from economy to luxury that depends on the spending power of the investor. The
government has moreover eased the norms by modifying them to become more
investor friendly.
According to the
experts all around the world, the prices of the land, as well as the apartments,
has come down to the level where the risk is nearly negligible and the purchasing
of apartments at the current time can end up being fruitful and can give a good
amount of returns in the end. So looking at all the changes that have been
brought in for the prices as well as the norms by the Government, it seems that
2009 will prove to be a very good year for apartments as more stress is being
given on the quality rather than quantity.
