Correction Is Vital For Real EstateTuesday, September 02, 2008
Not so close to the concept of a soft landing what the UAE's property market needs is a correction of sorts. It would not only be a vital adjustment, but a crucial one for an industry that is notching up improbable numbers in terms of growth. Dubai has positioned itself as a major global metropolis with real estate that is on par with the best, but if prices continue to climb then home ownership will be uneconomical and beyond the reach of the common man. In every healthy economic cycle, there are necessary alterations. And in Dubai's case this is necessary, with options cropping up in the Gulf Cooperation Council states and other emirates. A healthy correction also ensures that the speculative element is addressed. In 2002, Dubai opened its property market in the absence of suitable legislation and regulation. Today it is on the right track. Source: Gulf News
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