It has been a decade since the property market faced its toughest challenges beginning in late 2008. The Dubai real estate market has since undergone a major transformation as it continues to mature and develop in line with the city’s growth. We spoke to five property market experts to understand the fundamental differences between 2008 and today, the major challenges that the real estate industry had to overcome and continue to grapple with, as well as the industry’s biggest achievements to date. Robust regulatory framework It is now nearly 10 years since the bursting of the property bubble in late 2008 to 2009. Although the effects of this were obviously very serious at the time, it has undoubtedly resulted in a more mature and sustainable real estate market, with a more robust legal and regulatory framework now in place. A major highlight of the past 10 years is the growth of the Real Estate Regulatory Agency [Rera], which has achieved a great deal since its inception in 2007 in developing a regulatory framework that seeks to protect real estate investors and end users and restore confidence in the market. There have also been some welcome consumer protection measures introduced through...

Dubai: Opinion is divided on the timing of Dubai’s feared property market slowdown. Some analyst say the sector will cool in 2009 while others forecast at least seven more years of growth. A report from investment bank EFG-Hermes says residential property prices will peak in the second half of 2008, before housing supply overtakes demand – the possible trigger for a 15-20 per cent dip in prices by 2011. If the expectation proves correct, it will bring to a halt the market’s unrelenting price appreciation since 2002 when Dubai said it would allow foreigners to own freehold property. But the bank’s views are far from unanimous among local property analysts. Some say prices will continue to rise for another seven years due to limited supply of new units, lengthy construction delays and demand for real estate among foreign investors buoyed by Dubai’s improved property market regulation and the falling value of the dirham. EFG-Hermes bases its forecast on an anticipated 25,000 new housing units hitting the market in 2007, 64,000 more homes in 2008 and a further 68,000 units in 2009. On the demand side, it predicts a need for 45,000 to 50,000 units per year. “Supply in the residential...