Real estate
Church Construction and the Americans with Disabilities Act
Choosing a Lighting Design for Your Church
Steel Building Design
Future of Dubai Real Estate According to Fitch Rating
Creating a 3D Model for Your Church Design
The Perfect Working Environment
The Future of Steel Buildings in Commercial Construction
Steel Buildings: Get the Best Structures Erected at Affordable Rates
Planning to Build a Church? How to Get Started
The Value of Good Building Plans for Your Church: Developing a Master Plan
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  Future of Dubai Real Estate According to Fitch Rating
Fitch is an international rating agency which has recently predicted the future of Dubai real estate. According to it, real estate market in Dubai does not seem to be recovering until 2012 to 2013. The major reason daunting the recovery process, according to it, is oversupply of properties. On the other hand, banks are unable to increase demand by lowering their interest rates to the minimum due to significant refinancing risks faced by them. As a result sufficient amount of mortgage loans are unavailable and interest rates are increasing on them, keeping this sector under constant pressure.

Fitch predicted that the Dubai rental market will face a decline of 20% to 40% in the upcoming quarters of 2011. This decline is likely to continue in the next 12 to 18 months. This is because of the reason that many real estate developers continue lowering their rents to rent out their property on whatever price they get for it. They think to get little is better than to get nothing.

Fitch added that unavailability of mortgage loans and their high cost is forcing developers to sell their assets to complete their upcoming and halted projects and pay off credit liabilities. But this cannot continue in the long run. With out the interference of government and central bank of Dubai, developers cannot repay their liabilities for which maturities are falling near. That is why, they are currently relying more on short term maturity loans. The developers need support in the shape of lowering cost on mortgage loans and further relaxing of lending criteria.

Also, Fitch highlighted the current Dubai real estate market situation. According to the latest report, sales prices of the Dubai properties showed stagnant growth in first and second quarter of 2011. Apartments and commercial properties in Palm Jumeirah and DIFC still fall under high price brackets. When it comes to the condition of villas, their rental prices also showed stagnant growth except in the two places: "Meadows" and "The Springs" where 5% to 6% decline has been observed due to oversupply of units.

Also, the prices vary according to the level of facilities and amenities contained in the houses or apartments. Report also added that Palm Jumeirah remained the most expensive place to live in, in the first and second quarters of 2011. Fitch concluded Dubai real estate market is showing stagnant signs of stabilization so it will take some time till it recovers completely. This time seems to come in 2012 to 2013.

William King is the director of Property in Dubai, Dubai Rentals and UAE Property. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.

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