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The Dubai real estate sector is among the world’s most attractive markets, thanks to a strong economic environment and infrastructure. The emirate is advancing in many ways and it is no doubt the best place to live in the world.
Dubai has been heading towards a positive level for the past two years, with all the fundamentals in place for the real estate industry to showcase a robust growth. The biggest bull run in the emirate’s property sector is predicted to happen in the coming three to four years, according to one big investor who correctly predicted the 2012-2014 upturn.
The residential segment is very impressive, and it will pick up momentum again in the next few years. The Expo 2020 and Dubai Plan 2021 are landmark goals aimed at reinforcing the city’s position as a global centre and destination. The Plan focuses on transforming the city into a pivotal hub in the global economy, positioning it as the world’s most business-friendly city and a preferred destination for investment in trade, logistics, tourism and finance.
Currently, the market is witnessing remarkable growth level in terms of demand from property buyers. This is due to several new policies taken in the government level, along with very low per square foot prices compared to other major cities in the world.
A strong economic performance is forecast in general, and investor confidence is being enhanced as a result of economic stability, along with the increased inflow of expats and tourists. The market will attract wider investor and end-user interest in the coming years for a number of reasons.
The local industry experiences some of the best conditions in the world in which to operate in, benefitting from a strong quality infrastructure and a robust economic environment. The market is vibrant and has a promising outlook as major developers are expanding their footprints across the emirates. However, realty market players optimising their portfolios need to be aware of the demographics and market demands, and customise their portfolios accordingly, incorporating all the right elements.
The capacity of Dubai’s realty sector is growing significantly in the long term. So, investors have the opportunity to build up real estate assets. This argument becomes more relevant when we consider the results of many global studies that position Dubai among the world’s most sought-after cities in terms of real estate investment.
The emirate is already a cosmopolitan city, well-established by itself among the world’s most promising financial hubs. Investors from around the world prefer Dubai as their destination considering the strength of the city’s infrastructure and the quality of the existing as well as new projects in the property sector.
Real estate service providers and project developers need to take this opportunity to challenge themselves in terms of meeting the current market requirements. They have to identify the key market requirements and leverage the situation, leaving the market to balance itself from the supply-demand point of view.
The demand will increase significantly with a slew of projects in full swing. Another major factor that contributes towards Dubai’s growth momentum is the development of major infrastructure projects in preparation for Expo 2020.
The maturity of the Dubai realty market is currently going through an interesting phase, where investors are more concerned about the quality and location of the property. They also prefer reputed developers and service providers with excellent track record in terms of ensuring the best service and delivering the projects as committed, with very attractive and unprecedented payment plans.
Source: Kalpesh Sampat, Director, SPF Realty.