2018 has seen the real estate market continue to develop on positively in uncertain economic times globally. Dubai specifically is still focused on developing major master plans, retail and leisure destinations which include Dubai Creek Harbour, Dubai Hills Estate, The Pointe, Nakheel Mall and with Deira islands infrastructure well underway there is a great deal to be excited about for this ever growing city.
This however doesn’t come without hesitation or reservation from retail tenants/retailers or even prospective residential investors with potential risk of further market saturation. We have seen retail operators pull back or at a very minimum add extreme caution to the wind with existing, older assets and their willingness to invest in long term agreements with newer, better developed malls/retail destinations becoming readily available.
This all said, the job market continues to be positive within real estate especially with semi government master developers continuing their hiring plans to hit deadlines for projects in the pipeline. However regarding the private sector, some developers would appear to be slightly slowing with caution being added, given on/off news reports of changes to RERA regulations regarding off plan sales/developments.
From speaking with senior figureheads in the real estate market, there is certainly mixed views on the next few years, 2020 and beyond. Some hold high optimism and positivity, others less so. Personally, I remain optimistic regarding the short, medium and long term and it’s difficult to not see the UAE coming out on top given the continued vision and commitment to growth of the country.