Yesterday we touched on the fact that there is apparently growing unease in Dubai about the state of the jobs market, but we showed how this negative overview of the emirate’s employment landscape is actually inaccurate. Today we could be saying the very same thing about the city’s property market – because there are mixed views in the media about which way Dubai’s property market is going to go.
On the one hand you have to accept the fact that there is less appetite for buying property in Dubai among Britons now that the dirham costs 28% more than it did a year ago, that fewer banks are willing to lend money to buyers or developers, and that there has been talk of falling real estate prices and an overall weakening of demand.
And then on the other hand you have to accept the fact that Dubai is not a market that’s going to go away – it’s a successful location that is determined that its success will remain sustainable. Therefore it’s time to talk about golf property developments in Dubai, because industry commentators are claiming that these will be the next big thing in the emirate.
Golf tourism, internationally speaking, is massive – in fact, golf is one of the fastest growing, most popular sports in the world with new converts and courses appearing in nations as far apart and as diverse as Brazil and China. Therefore, keen not to be left out, Dubai has well and truly jumped on this bandwagon and it has signed Tiger Woods, Ernie Els, Greg Norman, Sergio Garcia, Vijay Singh, Gary Player and Colin Montgomerie to design courses around which stunning and luxurious property developments have either been built, are under construction or are in the planning and preparation stages.
Dubai has seven championship courses already, and eleven more are being developed. Dubailand’s Golf City is going to become a reality and you can guarantee that golf tourism in the emirate is going to be heavily promoted now that Dubai has announce that it plans to establish itself as one of the world’s leading golfing destinations. Therefore, golf property is one element of the overall real estate landscape in Dubai that appears to have been unaffected by the creeping and undeniable effects of the credit crisis in the emirate.
According to a report in Emirates Business, so popular are the golf property developments in Dubai that buyers are prepared to pay over the odds in terms of the dirham per square meter price for properties on a golf course. Of course golf lovers are drawn to these homes, as are astute investors well aware of the appeal of a destination where superior, celebrity designed courses will be playable for 12 months of the year. But these people are not the only ones attracted to the likes of the Jumeirah Golf Estates, Emirates Hills and Victory Heights developments – the lush and impressive landscaping and superior on site amenities and facilities are simply attracting those who want to live in the best located homes in Dubai.
So, if you’re looking for the next big thing in the emirate – try golf property developments in Dubai.