You must have seen the ultra modern Dubai and its skyscrapers; can you imagine the history of Dubai? What it was and how it appeared as modern and luxurious attraction out of nowhere and how old mixed with new. Did any one think about that a small town of Bedouin area will turn into high fashion shopping malls and tallest hotels’ land? But this land developed and earned most of its revenue from tourism not from oil and soon it has faced recession and the first victim was housing and financial sector.
There was a time when it was thought that construction of new buildings and hotels will never stop in emerging Dubai. A sound drill machine, heavy hammers, cranes and chisels with crew are among the most widespread sounds that could be heard anytime and could be seen anywhere in Dubai. But now it seems like that silence is everywhere and a gloomy atmosphere. The prices of both private owned properties, high-rise buildings and hotels room rates, all seem to follow the same trend.
When tallest hotels were carved in reality on earth, it was shock for all. Dubai town planning agency planned variety of hotels and as a result hotel industry was mushroomed and boom was visible. Besides, average room fair of many 5-star hotels in Dubai is on higher side, which makes Dubai an expensive option in the world. It is obvious to recover sagging economy but Dubai should made many things, more accessible. Otherwise visitors will not feel like to return to enjoy festivity of emirates.
It is also apparent that the refurbishment of Dubai economy is not just based on lowering the hotel rooms’ fairs but also dependent upon variety of factors such as, decreasing business expenses, heavy investment, employment, habitation and stable rents of apartments. These factors give the positivity to investors who are waiting to invest again in Dubai hospitality sector. Because of dollar depreciation, money flew from banks in the real estate and property. It can take little time to return the investors’ confidence in Dubai once again but it will happen.