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The 2007–2008 financial crisis led to the Dubai housing crash in 2009 and a sharp decline in property values and a slowdown in development activity. The government took a series of measures to support the industry, including increased regulation and transparency, and establishment of the Dubai Real Estate Regulatory Agency (RERA). [ 7 ]
Tourism is a major economic source of income in Dubai and part of the Dubai government's strategy to maintain the flow of foreign cash into the emirates. [19] The tourism sector contributed in 2017 about $41 billion to the GDP, making up 4.6% of the GDP, and provided some 570,000 jobs, accounting for 4.8% of total employment. [20]
The increase in property prices pushed out the British expatriates, and forced them to look for property outside Dubai in cities like Ras Al Khaimah. [209] Despite the rising property prices, real estate transactions in Dubai are at an all time high, with 180,987 transactions worth AED 522.5bn taking place in 2024.
Now Dubai is the world’s top market for prime real estate thanks to a rush of new buyers, including from Russia, that prompted prices to skyrocket 225% in the last quarter after hitting a ...
Real estate bubbles are invariably followed by severe price decreases (also known as a house price crash) that can result in many owners holding mortgages that exceed the value of their homes. [ 32 ] 11.1 million residential properties, or 23.1% of all U.S. homes, were in negative equity at December 31, 2010. [ 33 ]
In addition, Dubai had become a hub for international business and tourism. [3] However, the 2007–2008 financial crisis had a severe impact on Dubai's economy. House prices in the Desert Sheikh fell an incredible 40% in the first three months of 2009, outpacing the fall anywhere else in the world after the investment bubble burst. [4]
The emergence of Dubai's lively real estate market was briefly checked by the global financial crisis of 2007–8, when Dubai was bailed out by Abu Dhabi. [31] The recovery from the overheated market led to tighter regulation and oversight and a more realistic market for real estate throughout the UAE with many 'on hold' projects restarting.
List of bridges and tunnels in Dubai; List of buildings in Dubai. List of tallest buildings in Dubai; List of tallest residential buildings in Dubai; List of communities in Dubai; List of development projects in Dubai; List of free-trade zones in Dubai; List of hospitals in Dubai; List of hotels in Dubai; List of Industrial areas in Dubai; List ...