Dubai Property Market On Its Way To Recovery
Tej Kohli is of the opinion that this positive upturn in the Dubai Real Estate Market is here to stay. As the property prices in Dubai moves towards more reasonable levels, now is the time to strike the iron as the market enters a new phase of metamorphosis.
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Dubai – Real Estate industry in Dubai is experiencing a remarkable boon in property prices for the first time since its property market crashed in the third quarter of last year.
According to the Colliers Dubai house price index for the third quarter of 2009, the property value in Emirate has rose by 7% between July and September from the last quarter this year. It is the first price jump since Dubai real estate market hitting the bottom during 3rd quarter of the last year.
With the release of this report, real estate investors across the world are looking up to Dubai as a safe haven to invest in property and real estate projects. Mr. Tej Kohli, a real estate investor and the founder of ozone real estate commented that the third quarter report indicates a rebound in the property prices and is the harbinger of a potential recovery.
Working as a long term analyst in the real estate, Mr. Tej Kohli believes that the real estate costs in Dubai will become more stable from here on. In view of the fact that real estate prices are coming down to more affordable levels, this is the right time to buy some excellent assets as the market enters a new phase of change.
The colliers reports also noted a 64% increase in market transactions during the same period this year. Another important factor contributing to this boon is the host of new projects and launches happening in the city, which includes some ultramodern buildings and luxury hotels. Starting with the gala opening of Rose Rayhaan, world’s tallest hotel which will be embellishing the dazzling skyline along the Shaikh Zayed Road. Close on its heels is the grand reopening of the five-star Jebel Ali Golf Resort and Spa, recommencing it operations after months of extensive renovation.
Kohli Tej says “With a host of projects slated to launch along with the opening of a spanking new airport, Dubai has plenty on its plate to silence the critics and welcome its investors.”
To add to this is a myriad of high-end hotels like The Conrad Hotel Dubai and another Ritz Carlton, also slated for an early 2010 launch. Also on track are the Palazzo Versace Resort and a series of new hotels coming up on the Crescent-Shaped The Palm Jumeirah by 2010, including the five-star Ottoman Palace featuring the world’s largest Turkish bath. Following shortly, five star Royal Amwaj Resort and Spa will lend a touch of the elegant Indian ocean to The Emirate with its luxurious water villas.
Dubai’s prime golf themed real estate establishment, The Jumeirah Golf Estates is also anticipated to open by late 2009. Located at a 30 minutes drive from the Dubai International Airport and boasting of an 18-hole championship course, the Tiger Wood’s Ruwaya Resort too will start operating by 2010.