Marketing Assignment Essay Example | Topics and Well Written Essays - 3500 words

Marketing Assignment - Essay Example In the recent past, the countries especially that of United Arab Emirates, Saudi Arabia and Yemen have come up as the major real-estate hubs of the world. There were many reasons for such development. The locations of the middle-eastern countries proved to be very vital for such development as they could be reached from Europe, Africa and Asia with in few hours of flight. The government of these nations was also very supportive to the real estate projects as they became source of foreign exchange for the economies. But with the economic recession and liquidity crunch taking toll over the world economy, the housing bubble of the middle-east got the beating. As more of the global companies of repute and leading multinational companies bankrupted and laid off their employees, the industry of real estate in the near east region which was basically redundant for the global citizens faced the severe music. Since the end of last decade the boom of real estate has been evident in the cities of Middle East like Dubai, Abu Dhabi and Sharjah. The huge boom in the real estate market was primarily because of the increasing life style of the citizens of the world. Having an apartment in the posh location of the above mentioned cities has been like of a status symbol. The various amendments of regulations by the governments of Middle Eastern nations also supported the cause. Compared with the demand of having apartment for residence or office space, the supply always fell short. Therefore, the prices went on increasing. Numerous projects are coming up with large number of units mostly as the satellite townships near the big cities. It was estimated by the reputed market research agency, Colliers International that in 2007 more than 14,000 villas and 18,000 apartments were under construction only near to the mega city of Abu Dhabi. The market research report forecasted the figure to reach appro ximately around 205,000 by 2015. According to the international agency, projects like