By Claudine Coletti
As is normal, the real estate industry both locally and globally has been subject to fluctuations over the last year. In the Middle East, whether you are an owner or a renter, you will no doubt have felt a sizable drop in prices over the last year, which according to a variety of reports can mostly be put down to current over-supply in the market.
Depending on which side of the coin you sit this could have been good news for you—as a renter I certainly have no complaints. On the other hand, developers may be feeling some pressure at the moment, with a couple recently hitting out at each other in the media as they discussed the market.
Of course, ultimately, they have nothing to worry about. It’s real estate—there are booms, there are corrections, and there are booms again. If maybe there have been more units opening in this last year than usual, all forecasts point to the population rising over the year to come. And when prices are low, investors come looking. Swings and roundabouts.
Real estate is still one of the best long-term investments you can make. Especially in Dubai according to the CEO of RERA, Marwan Bin Ghalita. He spoke to us this month about the emirate’s growing appeal to both local and international investors as it becomes an ever-easier place in which to do business and puts its citizens’ happiness at the top of its agenda.
And that’s good news all round—especially for our Real Estate 100. This year is the fifth consecutive year that we have ranked the region’s biggest listed and unlisted property giants. This year we’re releasing the issue on the sidelines of our inaugural “Building The Future” event. By the time you read this we will have hosted nearly 200 of the industry’s experts, leaders and entrepreneurs as they discuss some of the most pressing issues and upcoming trends, including affordable housing, sustainability and the evolving investment climate.
We’ll also be exploring the growing proptech market and the rather exciting global movement towards implementing smart city technology and laying the foundations for connected buildings. Do check our social channels for updates. Our events always offer up some very interesting conversations, and can well unveil new opportunities worth checking—don’t miss out.