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Dubai Property will there be another Bubble?

Dubai is back with bang. For the open mouthed outsider looking in you have to fear that the bubble is starting to inflate and if all the plans are delivered, which would be a first for Dubai, the bubble that burst in 2008 could easily reoccur.

As an international recruitment agency we have seen more enquiries from Dubai than any other Middle Eastern country in 2013. We are delighted to be involved in supplying international executives from Executive Secretaries, to lawyers and architects and just recently the demand for real estate marketing and sales professionals has taken off.

Anyone planning their next career move should have the Middle East firmly on the radar as energy related projects are picking up as well with a massive investment in solar taking place.

To the average follower of Dubai the most grandiose plan is a replica of the Taj Mahal that is four times bigger than the original, a skyscraper with nine swimming pools and a mile-long canal winding its way around office buildings are among the high-profile projects unveiled in recent months. Our client Link Global is building the Taj Mahal and includes a 300 room hotel in a replica of the 17th Century palace the plans had been on hold since the financial crisis brought the emirate’s property boom to a halt in 2008.

Taj Arabia was designed to be part of the Falconcity of Wonders, a 41 million-square-foot complex of homes, offices, hotels and stores along the Emirates Ring Road that links Dubai to the United Arab Emirates’ six other sheikdoms. That project, featuring attractions including replicas of the Pyramids, the Great Wall of China, the Eiffel tower and the leaning tower of Pisa, was derailed by the collapse of the real estate market.

But not everything is rosy in Dubai and the recovery is very specific where Dubai has seen property prices drop by up to 65% and about 25% of residential properties remain empty with another 25,000 properties hitting the market in 2013 as developers fulfil contracts awarded before the crash.

Potential investors need to tread carefully, the Dubai property market could be an accident waiting to happen, if prices start to creep up. Demand should increase as Dubai is now an international hub for air travel and can now, for example, be accessed from 6 different places in the UK. Emirates Airline only stated in 1985 with 2 planes now has 198 and is valued at US$4.1 billion so when they get it right the rewards follow.

Of course the rest of the world is very grateful for the flow of business opportunities and with 80% of those in Dubai being ex-pats there are many opportunities and we encourage enquiries from Employers and equally CV registrations from those interested in working in the Gulf.

 

Author: Chris Slay

 

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