Investors of previously stalled projects in the emirate of Dubai have reason to heave collective sighs of relief as projects worth over USD12 billion (Dh44 billion) on hold in key areas like Dubai International Finance Centre (DIFC), Downtown Dubai and Business Bay are being revived; this according to a report in a national daily.
Further, the report quotes MEED Projects stating that last year alone: “More than $23 billion in contracts were awarded in the construction sector, $1.8 billion in hospitality projects and more than $800 million in retail projects.” On a related note, aside from buyers hailing from India, UK, Pakistan, the GCC region and other Arab countries, Chinese investors have taken great interest in what Dubai has to offer in terms of real estate, especially during this period leading up to the actual highly anticipated Expo 2020.
Areas near the Expo site like Dubailand have also recorded growth, with a 100% quarter-on-quarter rise in renter interest. In fact, Dubailand is currently the fourth most-searched area among buyers.
Seeing the growing trend in the tourism and leisure sector, developers have also concentrated their efforts on enhancing their retail offerings, and introducing more hotel and hotel apartment projects to cater to the growing visitor numbers of the UAE. UAE hotel projects slated to open this year and in the next few years include the Renaissance Downtown Dubai Hotel, Crowne Plaza Dubai Marina, Capital Centre Arjaan by Rotana, InterContinental Ras Al Khaimah, Premier Inn Sharjah, Capital Centre Rotana, Novotel Abu Dhabi Al Bostan, Courtyard by Marriott Abu Dhabi Central Market, Marina Mall Arjaan by Rotana, Centro Jebel Ali Airport, Four Seasons Abu Dhabi, and many more.
All these developments, taken together, are a good reflection of the vigor in the ongoing revitalization of the UAE real estate market.
* Projects on hold in Downtown Dubai, Business Bay, DIFC active again
* Dubailand currently the fourth most-searched area by buyers
* UAE hotel, hotel apartment projects to opening this year and beyond
Source: Lovely Claire CD, Special to Properties
The writer is a freelancer