Great reasons for going property hunting in Dubai during the downturn
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Home Page > Finance > Real Estate > Great reasons for going property hunting in Dubai during the downturn
Great reasons for going property hunting in Dubai during the downturn
Posted: Feb 21, 2012 |Comments: 0
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During the property boom a few years ago, it had become a ritual of sorts for developers to announce the construction of yet another property. In fact, not a day seemed to pass by when some developer threw open the gates to the latest apartment block or commercial complex. Office spaces too were in great favour with developers as they attempted to out-do each-other in their race to build. With tax-breaks and friendly lending terms being extended by the local authorities, things were on in full swing. But then, the market began to slow down, as demand started to dry up. The global financial climate began to have an adverse effect on this Vegas of the Middle East. Everyone, from tenants to owners and even the developers themselves, began to feel the pinch. The credit crunch had reared its ugly head and put the brakes on this well oiled machine.
Reports suggest that commercial rentals in Dubai have fallen drastically in certain prime areas, as they get besieged by oversupply in the face of the credit crunch. Places such as the tax-free business hub at the DIFC have reported price corrections to the tune of almost 50%. Even the prime business bay area, surrounding the central business district appears to be hit by a supply glut. Vacancy rates have been climbing steadily as landlords and owners look to offer deal sweeteners in order to rent out their vacant properties. With office space rising by over 15% annually and the demand failing to match this rate, it has left the market open to some mouth watering deals. While there are many who believe that this slowdown is here to stay, there are some rental companies that are starting to look at the bright side of this situation. They believe that there could never be a better time for a firm to make a move into a better commercial premises, that clients have been holding out on, this far.
A great place to head out to for the next best deal on a commercial property in Dubai would be rental experts, Move in Dubai. With their specialized assistance and vast inventory, one is sure to find the rental that meets their expectations and requirements with them. For further information on their products and services, do visit: http://www.moveindubai.com
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About the Author:
Move in Dubai is one of the leading service providers for Commercial property in dubai. Some of the categories of stock that they handle are: residential rentals, vacation rentals, holiday apartments, vacation villas etc. They offer some of the choicest Dubai properties to rent in town.
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