Dubai witnessed stable financial recovery – report

An aerial view of Dubai. Photo - AP

Dubai is among the cities in the world which gradually recovered from the impacts of global financial crisis that began in mid 2008, a research conducted by the Oxford Business Group said. The findings also revealed that the Emirate’s residential market is on a positive course of recovery due to encouraging economic performance shown during the previous quarters.

According to Oliver Cornock, Regional Director at Oxford Business Group, noted that Dubai’s residential sector in particular has already recovered to some extent. He emphasised that while the rate of growth given by different agencies may likely change to some degree, the stability is just gradual but has steady recovery.

The report added that growth has been driven by the government’s initiative to issue a number of laws so as to improve the Emirate’s property market. It mentioned the recently-proposed ‘Draft Investor Protection Law’ in particular which gives the investors a right to cancel their contracts if the First Party (developer) doesn’t provide all the facilities and services mentioned or stated in the Sales & Purchase Agreement (SPA) Contract.

The OBG report underlined that the official implementation of investor protection law will reassure investors interested in purchasing a property in Dubai as well as encourage them to invest further in the Emirate’s economy. “Dubai’s property market is now considered in the healthy recovery if compared to other cities in the world,” Oxford Business Group report concluded.