The recovery of Dubai’s property market over the last 12 months had boosted sales values, rentals and investor sentiments, this change also successfully revitalized the affluence of those stalled projects that were caught by the recession.
Every time there is an improvement in the market fundamentals, investors and specialist funds rush in to obtain the stuck projects and foster them back into strength by taking over the construction, either on their own or together with the original developer involved. Lately, Dubai Land Department, has been overseeing the recovery process, and facilitating the transfer to the new set of investors as soon as they were able to show serious of intent. According to market sources, over 50% out of the 100 projects concerned underwent the transition.
According to an investment firm, reinforcement was easily achieved by the smaller and medium sized projects since only modest amount were required. Moreover, the revival in asset values has made the process of bringing back some of the larger projects, particularly in Dubailand are more challenging for expectations of the stakeholders have also risen in level with the revival of the market.