Dubai is one of the fastest-growing cities in the world. About thousands of ex-pat individuals and families are seen moving into Dubai every year, and the need for rental and other property types is only rising sharply. People are ready to buy property in Dubai due to the low mortgage rates and favourable property prices. Some of the most cutting-edge real estate developments in the entire globe are found here. The real estate projects, totalling more than $45 billion, were finished in just 2021. This pattern will persist as new builders attempt to meet the ongoing demand from a burgeoning local population, visitors, businesses, and foreign investors eager to invest in secure locations with room for expansion. Predicting how the real estate industry will change in the future is difficult, given the numerous economic and social issues that people are currently confronting. To face the difficulties head-on and build a sustainable future for their residents, towns and countries have been obliged to step up their efforts as a result of the unpredictable world we now live in. One such project is Dubai’s “Dubai 2021” strategy plan, which aims to make Dubai into a world-class metropolis that combines its function as a significant global commercial centre with being an accessible home for its citizens.
The 2040 Plan
Dubai has now taken its plans further by introducing the Dubai 2040 Plan, which is a long-term strategic framework for further developing this city that will cater to its growing population and economy. With the new plan, Dubai aims to create a Newer, Greener and more digital city by the year 2040. It offers a clear glimpse of the city’s future appearance over the next 20 years, which is helpful for investors. As a result, judgments made in crucial areas such as asset management, portfolio construction, and real estate purchase are more confidently made. The most important criteria for new and existing investments are what, and more crucially, where, are Dubai’s future growth corridors.
Impact On Dubai:
With a share of the world economy of almost 18%, China will have by far the largest economy. The US will drop to third place, accounting for 12% of economic activity, and India will overtake the US as the second-largest economy with a 15% share. Dubai’s overall economy and development will rise by 400 per cent with an overall expansion across different sectors.
Rental Market
Living in Dubai, landlords owning a buy-to-let property will experience an overflow of demand from newly entered ex-pats and other residents once the 2040 plan is executed. With several property agents in Dubai assisting with onboarding tenants, they will find themselves occupied beyond their usual schedules. Despite the rise in rental rates, the demand will never cool down in the coming years, and rental yields will hit a skyrocketing number. New builds being added to the housing inventory will make sure there would be no crunch in the housing market.
Better Lifestyle In The Country
According to the Dubai 2040 Urban Master Plan, Dubai Marina and JBR will serve as major tourist and entertainment destinations. Going along with the proposed plans, Dubai Silicon Oasis would grow and develop into a centre for research and technology. While Downtown Dubai and Business Bay serve as the emirate’s financial centre, Deira and Bur Dubai will continue to be recognised for their legacy and traditions. Development plans call for a 400% increase in the area set aside for public beaches and a 134% increase in the region for lodging and tourism. Nature reserves will be created in 60% of the emirate.
Links Of All Kinds
In terms of trade, commerce, and culture, the UAE has developed close ties with China. The UAE accounted for 28% of all non-oil trade between China and Arab nations. More than 6,000 Chinese enterprises are currently active in the UAE, and trade deals have reached more than $50 billion. Similarly, the international links with countries across the globe will strengthen in the coming weeks, and they would go on to stabilise over the next few years.
Hospitality, Tourism And Sports
Several additional measures are available in conjunction with the Master Plan to boost investment and development in these industries even more. A significant emphasis is also placed on sustainable development and raising the standard of living. These factors are essential for luring and keeping top talent. The expansion of Dubai’s status as the region’s top financial and tourism hub is anticipated to have a more immediate positive impact on the economy. The significance of financial services and the designation of Downtown and Business Bay as the city’s financial centre is a blatant continuation of the success of organisations like DIFC. Leveraging on existing resources, tourism is expected to pick up steam and become an increasingly significant economic engine for the emirate.