D\u00fcnyan\u0131n en olgun emlak piyasalar\u0131n\u0131n \u00e7o\u011fu, en k\u00f6t\u00fc b\u00f6l\u00fcmleri zamanla, eksik kay\u0131tlarla veya basit bir \u015fekilde halk\u0131n unutmas\u0131yla yumu\u015fat\u0131lm\u0131\u015f bir y\u00fczy\u0131ldan fazla uzanan fiyat ge\u00e7mi\u015fine sahiptir. Dubai\u2019nin m\u00fclkiyet piyasas\u0131 b\u00f6yle bir l\u00fckse sahip de\u011fil ve belki de buna ihtiya\u00e7 duymuyor. Yabanc\u0131 m\u00fclkiyete yaln\u0131zca 2002 y\u0131l\u0131nda a\u00e7\u0131ld\u0131, bu da t\u00fcm fiyatland\u0131rma tarihinin – en dik d\u00fc\u015f\u00fc\u015f\u00fc ve en keskin toparlanmalar\u0131yla birlikte – modern i\u015flem verilerinin bulundu\u011fu d\u00f6nemde var oldu\u011fu anlam\u0131na geliyor. Bu veriler, Dubai Tapu Dairesi taraf\u0131ndan yay\u0131mland\u0131 ve uluslararas\u0131 arac\u0131 kurumlar ve ara\u015ft\u0131rma \u015firketleri taraf\u0131ndan detayl\u0131 bir \u015fekilde takip edildi. Bu, \u00e7ift tarafl\u0131 bir avantajd\u0131r. Bu, rahats\u0131z edici bir b\u00f6l\u00fcm\u00fcn saklanacak yeri olmad\u0131\u011f\u0131 anlam\u0131na gelir. Ayr\u0131ca, pazar d\u00fcr\u00fcst bir \u015fekilde incelendi\u011finde, geride b\u0131rakt\u0131\u011f\u0131 kayd\u0131n al\u0131\u015f\u0131lmad\u0131k derecede okunakl\u0131 oldu\u011fu anlam\u0131na gelir – gen\u00e7 bir emlak pazar\u0131n\u0131n \u015foklar\u0131 nas\u0131l absorbe etti\u011fine dair ger\u00e7ek bir yirmi y\u0131ll\u0131k vaka \u00e7al\u0131\u015fmas\u0131d\u0131r, \u00f6zenle haz\u0131rlanm\u0131\u015f bir \u00f6zet de\u011fil.<\/p>\n
O kayd\u0131n d\u00fcr\u00fcst versiyonu, en zorlu y\u0131llardan ba\u015flamak zorundad\u0131r \u00e7\u00fcnk\u00fc daha yak\u0131n toparlanmalar yaln\u0131zca onlarla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda bir anlam ifade eder.<\/p>\n
2003 ile 2008 y\u0131llar\u0131 aras\u0131nda Dubai\u2019nin emlak piyasas\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde plan d\u0131\u015f\u0131 spek\u00fclasyona dayan\u0131yordu: yat\u0131r\u0131mc\u0131lar, yaln\u0131zca ka\u011f\u0131t \u00fczerinde var olan kulelerdeki birimlerini, genellikle k\u00fc\u00e7\u00fck pe\u015finatlarla sat\u0131n al\u0131yor, tamamlanmadan \u00f6nce yeniden satmay\u0131 hedefliyorlard\u0131. Bu, kredi ucuzken ve g\u00fcven artt\u0131k\u00e7a son derece iyi \u00e7al\u0131\u015fan bir yap\u0131yd\u0131 ve her iki durum tersine d\u00f6nd\u00fc\u011f\u00fcnde de son derece h\u0131zl\u0131 \u00e7\u00f6z\u00fcld\u00fc. Eyl\u00fcl 2008\u2019de k\u00fcresel mali kriz patlak verdi\u011finde, Dubai\u2019nin piyasas\u0131 iki cephede ayn\u0131 anda etkilendi – riskten ani bir k\u00fcresel ka\u00e7\u0131\u015f, plan d\u0131\u015f\u0131 modelinin ba\u011f\u0131ml\u0131 oldu\u011fu uluslararas\u0131 sermayeyi dondurdu ve ger\u00e7ek bir yerel a\u015f\u0131r\u0131 arz durumu, son kullan\u0131c\u0131 talebinin absorbe edebilece\u011finden daha h\u0131zl\u0131 ba\u015flat\u0131lan birimlerin olmas\u0131yd\u0131.<\/p>\n
Ortaya \u00e7\u0131kan d\u00fczeltme, d\u00fcr\u00fcst bir muhasebe a\u00e7\u0131s\u0131ndan olduk\u00e7a sertti. Kurulmu\u015f b\u00f6lgelerde fiyatlar\u0131n 2008 zirvesinden 2010-2011 civar\u0131ndaki dip noktas\u0131na kadar %40 ila %50 civar\u0131nda d\u00fc\u015ft\u00fc\u011f\u00fc geni\u015f bir \u015fekilde rapor edildi, baz\u0131 \u00e7evresel ve daha spek\u00fclatif geli\u015fmeler ise \u00e7ok daha fazla d\u00fc\u015ft\u00fc ve birka\u00e7 duyurulan proje durduruldu veya tamamen iptal edildi, erken al\u0131c\u0131lar da pe\u015finatlarla kay\u0131plar\u0131 absorbe etmek zorunda kald\u0131. Bu, yaln\u0131zca Dubai\u2019ye \u00f6zg\u00fc bir ba\u015far\u0131s\u0131zl\u0131k de\u011fildi. Bu, ayn\u0131 k\u00fcresel kredi patlamas\u0131 s\u0131ras\u0131nda a\u015f\u0131r\u0131 bor\u00e7lanan di\u011fer piyasalarda benzer emlak d\u00fczeltmeleri ile birlikte geli\u015fti – \u0130spanya\u2019n\u0131n baz\u0131 b\u00f6lgeleri, \u0130rlanda ve ABD\u2019nin g\u00fcne\u015f ku\u015fa\u011f\u0131 ayn\u0131 d\u00f6nemde yap\u0131sal olarak benzer \u00e7\u00f6k\u00fc\u015flerden ge\u00e7ti. Bu ba\u011flam, Dubai\u2019de olanlar\u0131 yumu\u015fatmaz, ancak do\u011fru bir \u015fekilde yerle\u015ftirir: gen\u00e7, hala olu\u015fan bir pazar, k\u00fcresel bir kredi krizi i\u00e7inde yakalanm\u0131\u015fken kendi a\u015f\u0131r\u0131 arz problemini de \u00e7\u00f6zmeye \u00e7al\u0131\u015fmaktad\u0131r; bu da daha geni\u015f d\u00fcnyayla ili\u015fkisi olmayan bir yarg\u0131 alan\u0131na \u00f6zg\u00fc bir ba\u015far\u0131s\u0131zl\u0131k de\u011fildir.<\/p>\n
D\u00fczeltmenin \u00f6l\u00e7e\u011fi, Kas\u0131m 2009\u2019da k\u00fcresel mali haberler haline geldi. Dubai h\u00fck\u00fcmeti, emirli\u011fin h\u0131zl\u0131 geni\u015flemesine arka \u00e7\u0131kan devlet ba\u011flant\u0131l\u0131 holding Dubai World\u2019\u00fcn, yeniden yap\u0131land\u0131rma s\u00fcrecinde yakla\u015f\u0131k 26 milyar dolarl\u0131k bor\u00e7ta alt\u0131 ayl\u0131k bir duraklama talep edece\u011fini a\u00e7\u0131klad\u0131. Bu duyuru, Dubai\u2019nin en b\u00fcy\u00fck sahil projelerinden birka\u00e7\u0131n\u0131n geli\u015ftiricisi Nakheel taraf\u0131ndan ihra\u00e7 edilen 4 milyar dolarl\u0131k sukuk\u2019un vadesinin geldi\u011fi zamanla \u00e7ak\u0131\u015ft\u0131 ve k\u00fcresel piyasalar\u0131 k\u0131sa s\u00fcreli\u011fine sarst\u0131. \u00c7\u00f6z\u00fcm, haftalar i\u00e7inde, y\u0131llar i\u00e7inde de\u011fil geldi: Aral\u0131k 2009\u2019da, Abu Dabi\u2019nin bildirilen 10 milyar dolarl\u0131k destek sa\u011flad\u0131\u011f\u0131, bunun bir k\u0131sm\u0131n\u0131n do\u011frudan Nakheel\u2019in y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lamaya gitti\u011fi bildirildi ve duraklama, iflas yerine m\u00fczakereli yeniden yap\u0131land\u0131rma yoluyla ger\u00e7ekle\u015ftirildi. Bu, a\u00e7\u0131k\u00e7a zorlu bir d\u00f6nemdi, \u00fcst\u00fcn\u00fc \u00f6rtmektense a\u00e7\u0131k\u00e7a belirtmekte fayda var – ancak geriye d\u00f6n\u00fck olarak, sonraki yirmi y\u0131l\u0131 okunakl\u0131 k\u0131lan \u015feyin bir par\u00e7as\u0131d\u0131r: kriz ger\u00e7ekti, d\u00fczenli bir yeniden yap\u0131land\u0131rma ve federal destek yoluyla \u00e7\u00f6z\u00fcld\u00fc, d\u00fczensiz bir \u00e7\u00f6k\u00fc\u015f yerine, ve piyasa buradan yeniden in\u015fa edildi.<\/p>\n
D\u00fczeltmeden sonra olanlar, d\u00fczeltmenin kendisi kadar \u00f6nemlidir. K\u00fcresel ko\u015fullar\u0131n iyile\u015fmesini beklemek yerine, Dubai\u2019nin d\u00fczenleyicileri, durgunlu\u011fu, pazar\u0131n yap\u0131sal g\u00fcvenlik \u00f6nlemlerini yeniden in\u015fa etmek i\u00e7in kulland\u0131. Dubai Tapu Dairesi alt\u0131nda faaliyet g\u00f6steren Emlak D\u00fczenleme Kurumu, 2007 y\u0131l\u0131nda kurulmu\u015ftu ve sonras\u0131nda, geli\u015ftiricilerin bir projede al\u0131c\u0131 \u00f6demelerini, yaln\u0131zca do\u011frulanm\u0131\u015f in\u015faat a\u015famalar\u0131na kar\u015f\u0131 serbest b\u0131rak\u0131lan \u00f6zel bir escrow hesab\u0131nda tutmalar\u0131n\u0131 zorunlu k\u0131lan 2007 tarihli 8 numaral\u0131 Kanun uyar\u0131nca, escrow gerekliliklerini uygulad\u0131. Bu sayede geli\u015ftiriciler, \u00f6n sat\u0131\u015f fonlar\u0131n\u0131 serbest\u00e7e harcamak yerine, plan d\u0131\u015f\u0131 birimlerini yaln\u0131zca tamamlanmadan \u00f6nce kaydedilen bir i\u015flem yap\u0131lmadan \u00f6nce birka\u00e7 kez yeniden sat\u0131lmas\u0131 sa\u011flanan bir bo\u015flu\u011fu kapatt\u0131. Daha sonra, BAE Merkez Bankas\u0131, ulusal ve yabanc\u0131 al\u0131c\u0131lar i\u00e7in mortgage kredi kurallar\u0131n\u0131 s\u0131k\u0131la\u015ft\u0131rarak, kredi-de\u011fer oranlar\u0131n\u0131 s\u0131n\u0131rlad\u0131 ve sistemde 2008 \u00f6ncesindeki gibi birikmesine neden olan kald\u0131ra\u00e7 miktar\u0131n\u0131 azaltt\u0131. Tapu Dairesi ayr\u0131ca kendi i\u015flem kay\u0131t ve a\u00e7\u0131klama sistemlerini geni\u015fletti, fiyat ve m\u00fclkiyet verilerini al\u0131c\u0131lara, arac\u0131lara ve d\u00fczenleyicilere daha \u015feffaf hale getirdi.<\/p>\n
Escrow korumas\u0131n\u0131n yan\u0131 s\u0131ra, Tapu Dairesi, sat\u0131n alma an\u0131nda do\u011frudan d\u00fczenleyici ile plan d\u0131\u015f\u0131 sat\u0131\u015flar\u0131 kaydetmek i\u00e7in Oqood sistemini de resmile\u015ftirdi. Bu, daha \u00f6nce baz\u0131 plan d\u0131\u015f\u0131 birimlerin, resmi bir i\u015flem kaydedilmeden \u00f6nce birka\u00e7 kez kay\u0131ts\u0131z olarak yeniden sat\u0131lmas\u0131na izin veren bir bo\u015flu\u011fu kapatt\u0131. Daha s\u0131k\u0131 mortgage s\u0131n\u0131rlar\u0131 ile birle\u015ftirildi\u011finde, pratik sonu\u00e7, 2008 durgunlu\u011funu art\u0131ran \u00f6zel t\u00fcrde kay\u0131ts\u0131z kald\u0131ra\u00e7 ve kay\u0131ts\u0131z spek\u00fclasyonlar\u0131 yeniden in\u015fa etmeyi zorla\u015ft\u0131rmak oldu.<\/p>\n
Bu, gelecekteki durgunluklar\u0131 tamamen \u00f6nlemek i\u00e7in tasarlanmam\u0131\u015ft\u0131 – emlak d\u00f6ng\u00fcleri, d\u00fczenlemenin ortadan kald\u0131raca\u011f\u0131 bir \u015fey de\u011fildir. Ancak, 2008\u2019in Dubai\u2019ye \u00f6zellikle zarar vermesine neden olan belirli ba\u015far\u0131s\u0131zl\u0131k modlar\u0131n\u0131 hedef alm\u0131\u015ft\u0131r: al\u0131c\u0131 pe\u015finatlar\u0131yla kaybolabilecek yetersiz sermayeli geli\u015ftiriciler ve ilk \u015foku art\u0131ran de\u011fil, absorbe eden kald\u0131ra\u00e7 seviyeleri. Bu ayr\u0131m, pazar\u0131n bir sonraki b\u00fcy\u00fck \u015fokunun, on iki y\u0131l sonra, \u00e7ok farkl\u0131 bir \u015fekilde geli\u015fmesinin b\u00fcy\u00fck bir par\u00e7as\u0131d\u0131r.<\/p>\n
COV\u0130D-19\u2019un 2020\u2019deki ilk \u015foku, Dubai\u2019nin emlak pazar\u0131n\u0131, d\u00fcnyan\u0131n neredeyse her emlak pazar\u0131n\u0131 etkiledi\u011fi gibi etkiledi: i\u015flem faaliyetleri yava\u015flad\u0131, uluslararas\u0131 seyahat durdu ve belirsizlik artt\u0131. \u0130lk birka\u00e7 ayda, y\u00fczeyde, ba\u015fka bir 2008\u2019in a\u00e7\u0131l\u0131\u015f b\u00f6l\u00fcm\u00fcne benziyordu. Olmad\u0131. Yakla\u015f\u0131k 12-18 ay i\u00e7inde, i\u015flem hacimleri yaln\u0131zca toparlanmakla kalmad\u0131, ayn\u0131 zamanda rekor k\u0131rd\u0131 ve \u00fc\u00e7 y\u0131l boyunca bu rekorlar\u0131 k\u0131rmaya devam etti. Dubai Tapu Dairesi verileri, 2021\u2019de 84,000\u2019den fazla i\u015flem ger\u00e7ekle\u015ftirilerek yakla\u015f\u0131k 300 milyar AED de\u011ferinde oldu\u011funu g\u00f6steriyor – bu, 2020\u2019ye g\u00f6re hacimde %66\u2019l\u0131k bir art\u0131\u015f ve de\u011ferde %72\u2019lik bir art\u0131\u015f. 2022 bunu yeniden a\u015farak, bildirilen sat\u0131\u015f de\u011ferlerinin yakla\u015f\u0131k 72 milyar ABD dolar\u0131 oldu\u011fu, y\u0131ll\u0131k %61\u2019lik bir art\u0131\u015f sa\u011flad\u0131. 2023, \u00fc\u00e7\u00fcnc\u00fc kez rekor k\u0131rd\u0131 ve 132,600\u2019den fazla i\u015flem kaydedildi.<\/p>\n
O geri d\u00f6n\u00fc\u015f\u00fcn arkas\u0131ndaki nedenler gizemli de\u011fildi ve b\u00fcy\u00fck \u00f6l\u00e7\u00fcde politikaya dayal\u0131yd\u0131, sadece duygusal de\u011fil. BAE\u2019nin kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak h\u0131zl\u0131 yeniden a\u00e7\u0131lmas\u0131 ve a\u015f\u0131 da\u011f\u0131t\u0131m\u0131, bir\u00e7ok benzer piyasalara g\u00f6re daha erken g\u00fcveni yeniden sa\u011flad\u0131. Uzaktan \u00e7al\u0131\u015fma, d\u00fcnya genelinde normalle\u015fmi\u015f, Dubai\u2019ye ta\u015f\u0131nmak i\u00e7in daha \u00f6nce m\u00fcmk\u00fcn olmayan bir grup profesyonel ve giri\u015fimci i\u00e7in sermaye ve ikamet ta\u015f\u0131may\u0131 pratik hale getirdi. 2022\u2019deki Alt\u0131n Vize program\u0131n\u0131n geni\u015flemesi – nitelikli yat\u0131r\u0131m e\u015fi\u011fini d\u00fc\u015f\u00fcrmesi ve oturum ko\u015fullar\u0131n\u0131 kolayla\u015ft\u0131rmas\u0131 – uzun s\u00fcreli, d\u00fc\u015f\u00fck s\u00fcrt\u00fcnmeli oturum se\u00e7enekleri i\u00e7in k\u00fcresel talebin artt\u0131\u011f\u0131 tam zamanda geldi. 2021\u2019in ilk \u00e7eyre\u011fi ile 2024\u2019\u00fcn ilk \u00e7eyre\u011fi aras\u0131nda, Dubai\u2019nin yakla\u015f\u0131k 269,000 ki\u015filik bir net n\u00fcfus ak\u0131\u015f\u0131 absorbe etti\u011fi bildiriliyor ve toplam n\u00fcfusunu 2024 ortas\u0131na kadar 3.7 milyonun \u00fczerine \u00e7\u0131kard\u0131. 2003-2008 y\u0131llar\u0131 aras\u0131ndaki spek\u00fclatif, plan d\u0131\u015f\u0131 talebin aksine, bu dalga arac\u0131lar taraf\u0131ndan son kullan\u0131c\u0131 ve yeniden yerle\u015fim odakl\u0131 olarak tan\u0131mland\u0131 – insanlar\u0131n ve sermayenin ger\u00e7ekten \u015fehre ta\u015f\u0131nmas\u0131, yaln\u0131zca tamamlanmadan \u00f6nce ka\u011f\u0131t s\u00f6zle\u015fmeleri \u00e7evirmek de\u011fil.<\/p>\n
Momentum, 2023\u2019\u00fcn sonunda temiz bir \u015fekilde durmad\u0131. Dubai genelindeki emlak fiyatlar\u0131n\u0131n 2024 boyunca ortalama %20 civar\u0131nda y\u00fckseldi\u011fi, kiralar\u0131n da benzer bir marjda art\u0131\u015f g\u00f6sterdi\u011fi bildiriliyor ve o zamana kadar d\u00f6rt y\u0131l s\u00fcren ard\u0131\u015f\u0131k bir b\u00fcy\u00fcme d\u00f6nemini uzat\u0131yor. Villa topluluklar\u0131 ve birinci s\u0131n\u0131f sahil adresleri, yukar\u0131da tan\u0131mlanan yeniden yerle\u015fim odakl\u0131, son kullan\u0131c\u0131 do\u011fas\u0131na uygun olarak, arac\u0131lar taraf\u0131ndan bu b\u00fcy\u00fcmeyi y\u00f6nlendiren unsurlar olarak s\u00fcrekli olarak belirtilmi\u015ftir, 2008 \u00f6ncesi d\u00f6ng\u00fcn\u00fcn karakterize etti\u011fi daha ince, daha spek\u00fclatif al\u0131mlar yerine.<\/p>\n
Bu tarihi, Dubai emlaklar\u0131n\u0131n \u201csadece y\u00fckseldi\u011fi\u201dnin kan\u0131t\u0131 olarak okumak bir hata olur ve d\u00fcr\u00fcst olmayan bir hata. A\u00e7\u0131k\u00e7a y\u00fckselmiyor. Pazar, k\u0131sa kamu tarihinin en k\u00f6t\u00fc kesiminde yar\u0131ya yak\u0131n bir d\u00fc\u015f\u00fc\u015f ya\u015fad\u0131 ve bunu – kald\u0131ra\u00e7, spek\u00fclatif \u00f6n sat\u0131\u015f yap\u0131lar\u0131, k\u00fcresel bir kredi krizi – tamamen tekrar edebilecek nedenlerle yapt\u0131. A\u015f\u0131r\u0131 arz riski de ortadan kald\u0131r\u0131lmad\u0131; son d\u00f6ng\u00fclerde Dubai genelindeki yeni lansmanlar\u0131n h\u0131z\u0131, uzun vadeli yat\u0131r\u0131mc\u0131lar\u0131n g\u00f6zlemlemesi gereken bir de\u011fi\u015fken olup, g\u00f6z ard\u0131 etmek yerine takip etmelidir.<\/p>\n
Kay\u0131t, daha dar ve daha yararl\u0131 bir iddiay\u0131 desteklemektedir: iki \u00e7ok farkl\u0131 \u015fokun, on iki y\u0131l arayla – biri yerel bir kredi ve kald\u0131ra\u00e7 \u00e7\u00f6k\u00fc\u015f\u00fc, di\u011feri d\u0131\u015fsal bir k\u00fcresel pandemi – Dubai\u2019de belirgin \u015fekilde farkl\u0131 sonu\u00e7lar \u00fcretti\u011fi ve bu fark\u0131n, aralar\u0131ndaki yap\u0131sal de\u011fi\u015fikliklerle yak\u0131ndan takip edildi\u011fidir. Zay\u0131f escrow korumas\u0131na, ince d\u00fczenlemeye ve y\u00fcksek kald\u0131ra\u00e7 seviyelerine sahip bir piyasa, 2008\u2019i k\u00f6t\u00fc bir \u015fekilde absorbe etti. Escrow korumal\u0131 geli\u015ftirici finansman\u0131, daha s\u0131k\u0131 mortgage d\u00fczenlemeleri ve daha \u015feffaf kay\u0131tlarla donat\u0131lm\u0131\u015f bir piyasa, 2020\u2019yi iyi bir \u015fekilde absorbe etti ve ard\u0131ndan bu toparlanmay\u0131 \u00fc\u00e7 ard\u0131\u015f\u0131k rekor y\u0131la d\u00f6n\u00fc\u015ft\u00fcrd\u00fc. Bu, bir pazar\u0131n ba\u015far\u0131s\u0131n\u0131n ve ba\u015far\u0131s\u0131zl\u0131ktan sonra kendi temellerini yeniden in\u015fa etme kapasitesinin kan\u0131t\u0131d\u0131r – kal\u0131c\u0131, tek y\u00f6nl\u00fc bir de\u011fer art\u0131\u015f\u0131n\u0131n kan\u0131t\u0131 de\u011fil ve bir sonraki \u015fokun, ne t\u00fcr olursa olsun, temiz bir \u015fekilde absorbe edilece\u011finin garantisi de\u011fil.<\/p>\n
Bu tarihin nas\u0131l okunmas\u0131 gerekti\u011fi konusunda zaman ufkunu da g\u00f6z \u00f6n\u00fcnde bulundurmak \u00f6nemlidir. \u0130ki y\u0131ll\u0131k bir bak\u0131\u015f a\u00e7\u0131s\u0131yla Dubai emlaklar\u0131n\u0131 de\u011ferlendiren bir yat\u0131r\u0131mc\u0131, asl\u0131nda d\u00f6ng\u00fcn\u00fcn tek bir a\u015famas\u0131n\u0131n nerede sonu\u00e7lanaca\u011f\u0131na bahis yapmaktad\u0131r. On y\u0131l veya on be\u015f y\u0131ll\u0131k bir bak\u0131\u015f a\u00e7\u0131s\u0131yla de\u011ferlendiren bir yat\u0131r\u0131mc\u0131 ise, pazar\u0131n ciddi bir \u015foku alabilme, d\u00fczeltme, kendi d\u00fczenleyici temellerini yeniden in\u015fa etme ve yeniden toparlanma yetene\u011fini – iki farkl\u0131 ko\u015ful alt\u0131nda iki kez – teminat alt\u0131na al\u0131yor. \u0130kinci bahis, ilkinden \u00e7ok daha farkl\u0131 ve savunulabilir bir tekliftir.<\/p>\n","protected":false},"excerpt":{"rendered":"
Dubai\u2019nin emlak piyasas\u0131, 2008\u2019deki yerel bir kredi \u00e7\u00f6k\u00fc\u015f\u00fc ve 2020\u2019deki k\u00fcresel bir pandemi gibi iki \u00e7ok farkl\u0131 t\u00fcrde \u015foku atlatm\u0131\u015ft\u0131r ve sonu\u00e7lar belirgin \u015fekilde farkl\u0131d\u0131r. Aralar\u0131ndaki fark, ger\u00e7ek hikaye ve diren\u00e7ten daha fazlas\u0131n\u0131 s\u00f6yler, kal\u0131c\u0131 bir de\u011fer art\u0131\u015f\u0131 vaadi sunmaz.<\/p>\n","protected":false},"author":1,"featured_media":19130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/posts\/19164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/comments?post=19164"}],"version-history":[{"count":0,"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/posts\/19164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/media\/19130"}],"wp:attachment":[{"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/media?parent=19164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/categories?post=19164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arshahomes.com\/tr\/wp-json\/wp\/v2\/tags?post=19164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}