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OPTIMISTIC VIEW OF THE DUBAI PROPERTY MARKET

Thursday, 14 Aug 2008

Regardless of the slump in the Dubai property market, Desert Dream Real Estate and Investment has an optimistic view. The company has proved this by its recently launched residential tower that cost in the region of Dh1,7 billion, and has another four projects for the development of even more property in Dubai.

The company’s chairman, Mahmood Khan, stated that travellers coming into the region always “fall in love with the city”. Kahn also expressed his concerns that if the market for property in Dubai is regulated too strictly then investors might be driven away and that this alone might crash the market.

The number of available property in Dubai is expected to increase drastically with the company’s planned projects alone, and anyone seeking Dubai accommodation will find something to suit their tastes. The Dream Harbour project alone, planned for construction along Dubai’s western shores, increases the company’s Dubai portfolio by Dh2.4 billion and Khan says that the company plans on strengthening its projects in Dubai in particular, as well as the rest of the UAE, and in 2009 it will invest in properties throughout the rest of the UAE.

Desert Dream Real Estate and Investment has two current developments underway in Dubai – Dream Square, situated in the International City, and Dream Bay, a 32-floor tower designed for commercial use. The other four developments planned consist of three residential buildings and one commercial property in Dubai and these four are still in the process of being designed.

Khan says that investors who put money into the Desert Dream property in Dubai are likely to see a return on their investment in a minimum of two years from the date of purchase. Khan added that long-term investors have the option of either renting out the purchased units for further income, living in the units fulltime, or using them as a holiday destination.