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December 11th, 2008 admin Leave a comment Go to comments

Better Homes

Better Homes Committed to Dubai’s Real Estate

It was the best of times; it was the worst of times… so begins the classic ‘A Tale of Two Cities’ by Charles Dickens. One wonders if he had a premonition of Dubai in the early years of the 21st century. In the last decade we have seen this glorious city both get and lose its glory days. Some think the worst is not over yet, others are more hopeful, and Better Homes is definitely with the latter. Since its very inception, the real estate and property wing of Better Homes has reflected Dubai’s hopes and strong resolve to make this emirate a beehive of business and residential opportunities. The company has contributed to Dubai’s growth by taking a stance in owning, building and commenting upon the state of the property market. It is quite refreshing and reassuring to get some positive comments from a professional onlooker amid a sea of depressing reviews. Can Dubai rise again, like a phoenix from the ashes of the present downturn, or is the Government’s plan misplaced. Only time will tell. For the present, Dubai is once again looking at its neighboring emirate Abu Dhabi to bail it out of the debt crisis that Dubai World, a Government owned enterprise, has worked itself into. Help seems imminent but Abu Dhabi clearly does not share Dubai’s enthusiasm for aggressive spending or taking on risky projects. Negotiations between the two emirates will put Abu Dhabi in the driving seat. And maybe that is sorely needed, no matter what Dubai feels.

Back in Dubai, one certainly sees the effects of the financial crisis. The Dubai stock market has tumbled, with foreign firms unloading their portfolios to prevent further losses. The world is already in a recession and is looking for a way out without Dubai’s stock exchange crisis to add to its woes. Dubai may ride out the present storm, but it is clear that some of its misguided priorities will have to change. It was only a few weeks ago that the ruler of this emirate had some key ministers and advisors fired and replaced, because things were clearly not working according to plan.

So maybe it’s time to go back to the drawing board and reshape the future. Whatever the changes, it seems certain that they will affect the fate of the villa project in Dubai, the Dubai luxury homes, and even the Dubai warehouse and labor camps in Dubai. This is because the resurgence in the economy will certainly being about a positive change in the employment scenario. For the sake of Dubai and the world, let’s hope that good times are around the corner.

This certainly seems to be reflected by the world’s interest in what is going on in Dubai. Now that Dubai World has managed to sidestep the debt repayment issue by rescheduling and asking for a moratorium for six months, the crisis for Dubai seems to have been averted. Resumption of some building projects is in full swing. Rose Rayhan Tower is due to open mid December, followed by the five star Jebel Ali Golf Resort and Spa. Things are certainly looking to pick up, with tourists and people returning cautiously to find employment and living opportunities.

About the Author

Daniel Marshal is one of the most famous Dubai real estate opinion makers associated with Better Homes, a leading real estate firm in Dubai. He deals in buying and selling of commercial and residential property in Dubai with special emphasis on Abu Dhabi property. Daniel' firm also offers online real estate services in Dubai.
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