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Drop in Dubai realty prices?

Property News

Drop in Dubai realty prices?

A fire that broke out on the 76th storey of Sulafa Tower in Dubai Marina on Wednesday the 20th of April engulfed several floors, but was put out in three hours.

Civil Defence said the blaze was reported at 2.48 p.m. and units from Al Barsha, Al Rashidiya, Al Karama and Al Marsa stations rushed to the scene. Civil Defence workers evacuated nearby buildings and blocked roads to prevent injuries from falling debris, leading to traffic chaos as hundreds gathered to watch the blaze. Dubai Police and Civil Defence officials reacted swiftly and resolved the situation.

Use of flammable facade panels has always been an ongoing problem and it is to be noted that since 2013, Dubai Municipality has mandated developers to use inflammable materials for all buildings especially high-rises. However, as we know there exist numerous developments already built with flammable material. 

Knowing the government of Dubai, we are confident they would take all the possible measures to limit any future accidental fires. In this regards, the CEO of fäm Properties, Mr. Firas commented saying, ‘there have been incidences of fires in the past couple of years in Dubai, and the use of flammable materials on the facade of the building is a common catalyst for these incidents’.

Hence as market experts, at fäm Properties we believe, going forward the use of recent standards, latest and superior inflammable materials would be mandatory keeping in mind safety factors and the directives of Dubai’s very stringent municipality laws. This in turn would mean increments in the costs attached thereof. In short, the new wave of off-plan developments launched in the market on completion would demand a premium as compared to those constructed before 2013.

Therefore you are better off buying an off-plan property at existing prices. This meaning you are buying at much lower costs than what you would in the near future, also knowing that the one you are buying now already is constructed with inflammable building materials developed using latest advancements.

 

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