When UAE's real estate bubble well and truly burst in 2008 who would have thought that just 4 years later Dubai would be ranked as the 2nd hottest property market in the world after Hong Kong? That's right, according to the Forbes ranking of ‘The Hottest Real Estate Markets On Earth’, Dubai saw property prices rise by a massive 19% in 2012 with little sign of the growth abating into 2013.
So what does this mean for the Serviced office market? The most explosive growth has been in the private property sector with villas and apartments seeing rental prices nudging above pre-crash levels for the first time but this is a symptom of increased activity in the UAE's business markets which in turn is likely to feed into the serviced office sector. As Dubai and the other Emirates continue to consolidate their position as regional business and financial hubs we could well see a sharp rise in rental prices across the board in both the commercial and private sectors so now's the time to make sure your company is ready for the future.
Director-General of DLD, Sultan bin Mijrin was recently quoted as saying “Geographically the UAE is a strategic location between East and West and a developing hub for international business. The market offers a good climate, favourable tax structure and in the wake of the Arab Spring is viewed as a safe haven for wealth, making it attractive for investors and second-home owners,”. If this is the case and the stability and bright outlook for this region continues to attract property investment from around the world then now is a good time to find a serviced office solution that can provide your business with the space and facilities that you might need in the longer term and to negotiate a longer term lease agreement to ensure a good deal going forward.
With prices set to rise and a wealth of fantastic options currently available this is a golden opportunity for businesses with a long term interest in Dubai who anticipate growth, to find their perfect work environment and secure it at a reasonable rate.