The global economic slowdown has proved to be something of a shock to many countries. While most of the established economies of the developed world have experienced this kind of downturn before. They have strategies in place to deal with it and ensure the wheels of commerce continue to turn.
While the effectiveness of those strategies, and governments' implementation of them, is up for debate given the continued bad news coming from companies and other organizations, for many of the new economic success stories that have emerged it is the first time they have experienced any kind of economic challenge.
This means that for many of the biggest and most successful property developers in new markets, they are having to change strategy for the first time in their history.
The classic example is Dubai's Property Market. The Emirate has been one of the great economic miracles of the past decade. No more than 20 years ago, Dubai was just a fishing village trying to develop itself into a regional hub of activity. While development of the property market and the government's attempts to lure businesses to Dubai have been going on since the 1970s, it has been only in the last ten years that the explosion in real estate development has really put Dubai on the map.
With ever more ambitious projects and seemingly-impossible building achievements being announced, it seemed that nothing would stop Dubai's progress. However now that buyers have disappeared, combined with a degree of bad press about the lifestyle, cost of living and employment prospects of moving to the Emirate, Dubai is having to refocus it efforts.
Whereas once we would see new projects launched in Dubai every month, which would then sell out completely before building even started, developers have now held back from releasing new projects to the market. Now, developers are focused on delivering the project that have been sold and are mid-construction.
While many developers are concentrating on delivering projects that have already been sold, others are keen to look at other markets in the region as a possible source of growth, such as property in Egypt,Ordan, Qatar, Saudi Arabia, Lebanon and even Iraq. This gives buyers interested in buying in a region where there is still much business potential to be filled the opportunity to look at some new areas where prices are lower than in the more established parts of the region.
While the effectiveness of those strategies, and governments' implementation of them, is up for debate given the continued bad news coming from companies and other organizations, for many of the new economic success stories that have emerged it is the first time they have experienced any kind of economic challenge.
This means that for many of the biggest and most successful property developers in new markets, they are having to change strategy for the first time in their history.
The classic example is Dubai's Property Market. The Emirate has been one of the great economic miracles of the past decade. No more than 20 years ago, Dubai was just a fishing village trying to develop itself into a regional hub of activity. While development of the property market and the government's attempts to lure businesses to Dubai have been going on since the 1970s, it has been only in the last ten years that the explosion in real estate development has really put Dubai on the map.
With ever more ambitious projects and seemingly-impossible building achievements being announced, it seemed that nothing would stop Dubai's progress. However now that buyers have disappeared, combined with a degree of bad press about the lifestyle, cost of living and employment prospects of moving to the Emirate, Dubai is having to refocus it efforts.
Whereas once we would see new projects launched in Dubai every month, which would then sell out completely before building even started, developers have now held back from releasing new projects to the market. Now, developers are focused on delivering the project that have been sold and are mid-construction.
While many developers are concentrating on delivering projects that have already been sold, others are keen to look at other markets in the region as a possible source of growth, such as property in Egypt,Ordan, Qatar, Saudi Arabia, Lebanon and even Iraq. This gives buyers interested in buying in a region where there is still much business potential to be filled the opportunity to look at some new areas where prices are lower than in the more established parts of the region.
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