Dubai properties sector is not enjoying the high time now-a-days as it was doing before 2008 but according to the latest news, it can pave back the recovery path soon. There are certain factors that are required to be resolved for the quick economic growth. But what are they? Certainly, the economic factors are not only responsible for slowing down the activities of real estate sector but are causing problems in other sectors as well. Construction sector is one such sector that is being directly and indirectly affected by the rough economy. When no one is willing to buy the already constructed properties, it is useless to spend money on further construction of new properties.
Construction companies and Dubai property developers demand long-term subsidies for the new property projects to kick start. The drooping construction industry needs an immediate support from government that will help and boost the industry throughout Dubai and UAE. Subsidies and discounts on municipality fees and electricity are the best forms of official support from the government. Dubai Government must facilitate developers and investors to subsidize them and give them tax exemptions.
Experts and developers also support this theory and expect subsidies for 8 to 10 years. Once the government will take this daring step, it can encourage more developers to come in action by showing them real guarantees, discounts, exemptions and subsidies. The cuts can be funded by lucrative oil and gas sector that are much supportive and can provide a back up for this industry.
Currently, rare developers are in position to start any new project or complete the construction of halted projects. Everyone is aware of economic crunch in the late 2008 that has turned the upside down of Dubai real estate sector by dropping the prices 60% below than the actual prices, put billion dollars of worth projects on hold and left construction industry groping for cash. All financial and back up resources were ended. Keeping in view the need of the time, stakeholders of Dubai real estate sector expect solid, long-lasting and effective steps from the government that can help them in bringing a good change in real estate and construction sector. » Read more: Subsidies Can Bring Dubai Construction Industry Back on Its Way!
