photo credit: u07ch
Dubai is moving towards an “innovation-based economy”, and property investment in the emirate still looks a good long-term prospect, industry leaders have said.
Real estate firm Schon Properties rounded off the year by hosting an industry event looking at the state’s financial future.
The talk, entitled ‘Dubai Property Market, Past Present Future’ attracted government officials from Dubai’s Real Estate Regulatory Authority (RERA) and Land Department.
Speakers included Asad Khan of Shaw Group Middle East and Asia, plus government officers.
Mr Khan said:
“People talk about Dubai being the Singapore of the Middle East, it’s not only Singapore, it is also the Switzerland. It is the hub for the region.”
“You can’t look at the current situation through a soda straw. Things have slowed down, but if you are a true investor you have to look at five years down the road, it’s not a bad time right now.”
Nasir Husain, co-chairman of Schon Properties, also said the company does not “harbour illusions of normalcy”, but said the current recession was a set back on the road to better times.
Officials from the Land Department encouraged more developers and property professionals to hold similar networking events to help confidence during the current slowdown.
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Yes I totally agree with Mr. Khan that Dubai being the Switzerland of the Middle East. Dubai have the higher skyscraper in the world almost completed on his elevation yes am talking about Burj dubai tallest tower in the world. The burj dubai tower willbe one the most visited attraction in the world with restaurant, business corporate floor, view room.
I have stayed in Dubai for 2 years and the place is fantastic, it is really growing as a premium business center of Asia and in the coming days Dubai has a bright future.
DUBAI’S rapid expansion in recent years provided jobs for millions. But the global financial meltdown has abruptly ended the dream for many people as more and more firms sack staff to cut costs.
Tainted Satyam founder B Ramalinga Raju knocked every door, known and unknown, and even reportedly travelled to Dubai several times during 2008 in an apparently desperate attempt to raise resources before finally throwing in the towel and making the confessional statement.
hi
Overall it’s an informative post and i do agree what has been said over here. But i believe that signs of a market slowdown has been there since the beginning of the summer 2008. Also many fears that it is primarily due to liquidity crunch in the market as well as the Dubai property investors sentiment being low due to global economic slowdown. But you know that i consider it as temporary halt in the real estate investment activity and will recover from it, as the fundamentals of Dubai property market are quite strong then other global property markets.
Thanks
dubaipalmisland
its not really that i do agree with all these statements but personally i think property market is not the same now so we better say Dubai used to be Singapore or Switzerland of the Middle East. Now after this huge economic crisis now Property market is not going to be the same.
Asad Khan is a con man.
I strongly urge anyone having dealings with this man to think twice before trusting him.
He was removed from his position in the Marine Corps for his poor treatment of prisoners and troops – such disregard for fellow humans seems to also be exhibited in his business and personal life also