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In addition, Dubai had become a hub for international business and tourism. [3] However, the 2007–2008 financial crisis had a severe impact on Dubai's economy. House prices in the Desert Sheikh fell an incredible 40% in the first three months of 2009, outpacing the fall anywhere else in the world after the investment bubble burst. [4]
The 2007–2008 financial crisis led to the Dubai housing crash in 2009 and a sharp decline in property values and a slowdown in development activity. The government took a series of measures to support the industry, including increased regulation and transparency, and establishment of the Dubai Real Estate Regulatory Agency (RERA). [ 7 ]
A house price index (HPI) measures the price changes of residential housing as a percentage change from some specific start date (which has an HPI of 100). Methodologies commonly used to calculate an HPI are hedonic regression (HR), simple moving average (SMA), and repeat-sales regression (RSR).
RERA is a part of Dubai Land Resources Department. The agency has its own financial and administrative independence with full legal authority to regulate the real estate sector in Dubai. RERA provides transparence and effectiveness of legal framework , when everyone involved in the property market can conduct a business.
Emirates Hills is the most expensive villa community to buy or rent a property in Dubai, with buyers paying up to Dh2,604 per square feet. [ 6 ] Some notable residents included the late Benazir Bhutto ; [ 7 ] [ 8 ] [ 9 ] the managing director of Géant Middle East, Mohammed Ayub Shaikh; Abdul Rahiman Abdul Azeez, owner of Alpha Smart Security ...
The Historical Documents Centre is located in the Al-Shindagha neighbourhood in Dubai, United Arab Emirates that opened in December 2016. [1] [2] [3] The centre aims to record the Emirate's historical achievements in the areas of culture, economy, and urban development as well as Dubai's relationships with other UAE emirates, Gulf states, and nations throughout the world.
CSXR is a composite index of the home price index for 10 major Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor's and uses the Case and Shiller method of a house price index using a modified version of the weighted-repeat sales methodology. This method is able to adjust for the quality of ...
Jumeirah Beach Residence (also known as JBR) is a 1.7 kilometres (1.1 mi) long, 2 square kilometres (0.77 sq mi) gross floor area waterfront community located on the coast of the Persian Gulf in Dubai Marina in Dubai, United Arab Emirates. It is a residential development and contains 40 towers (35 are residential and 5 are hotels).