Turning Dubai property into a mass asset:
Conversations about the current state of the real estate and equity markets in the UAE tend to ignore some basic parameters. Both about how value is created, as well as how it becomes mainstream as a tool of acceptance in society.
In Dubai, since the advent of freehold, the real estate sector has come to represent the economy in the same way as Wall Street defines the process of value creation in America. It is therefore worthwhile to examine the process of valuation, and its relation to society.
Nothing is more central to capitalism than capital itself. Property becomes capital when it is recognised as an asset, something that can generate value in the future. Valuations therefore become central to this process, as it creates order (and disorder) in markets.
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