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Dubai Plan 2021 is a landmark goal aimed at reinforcing the city's position as a global destination. The plan will have a positive impact on Dubai's economy, significantly supporting the real estate market as well.
Dubai has been heading towards a very positive level for the past two years, with all the fundamentals in place for the real estate industry to showcase a robust growth.
Dubai's winning bid to host the Expo 2020 has already fuelled the emirate's property market in the years 2013 and 2014. The real estate sector rebounded strongly in 2013, and the market continued its road to strong performance in 2014, with a strong growth projected across all sectors. The city, as a stable place to invest in the medium to long-term for returns, now attracts mature investors.
With the Dubai Plan 2021, the emirate's economy will perform well, with core sectors such as retail, trade, manufacturing and tourism showing steady growth. With the launch of a number of programs and projects, the most direct benefits of the Plan 2021 will be felt in the hospitality sector. The hotel market will perhaps be the most buoyant in terms of offering the most opportunities, apparently supporting the real estate sector.
The assumed growth in the real estate market is expected to be in line with investor confidence, interest from property buyers, population growth, job opportunities and a continuation of infrastructure improvements to achieve the Dubai Plan 2021 goals.
The plan will set strong examples in developmental strategies to compete with the best cities in the world in terms of social, economic, urban and governance. It aspires to make the emirate an enjoyable destination for people with various needs.
The key element to achieve this goal is to transform Dubai as a city with the best educational, healthcare and housing services of the highest quality, catering to the needs of people from across the world at a globally competitive cost of living.
As per the plan, Dubai will provide a rich cultural experience and globally distinctive entertainment outlets, so the residents and tourists will be able to enjoy a diverse set of cultural, entertainment and recreational options with green spaces, beaches, sporting facilities, and so on. This will make the city an attractive and entertaining destination for residents, and a popular destination for tourists.
Dubai will also create an infrastructure to support the best-in-class economic and social life, matching with world-class levels of efficiency and accessibility, eventually allowing the future growth of the city.
The Dubai Plan 2021 also focuses on transforming the city as a pivotal hub in the global economy. As per this, Dubai will be positioned as the world's most business-friendly city and a preferred destination for investments in trade, logistics, tourism and finance.
Developers are now recognizing these needs and planning to launch more projects, anticipating the demand to meet the plan's goals.
The next six to seven years are expected to witness a sustained growth in the hospitality sector, with an increasing number of hotels and serviced apartments, in addition to commercial and residential buildings. With the arrival of millions of tourists and residents, the population will grow in line with the opportunities created to achieve the plan by the year 2021.
When it comes to investing in the realty sector, those willing to hold the properties beyond the year 2021 are likely to benefit from significant long-term growth in values. Investors should buy properties to make profits over the long run by achieving capital appreciation, while earning more income in the form of rental yields.
Overall, the Dubai Plan 2021 aims at making this emirate the most secure and profitable place in the world for residents and tourists alike.
Read more on what's beyond Expo 2020
Source: Yash Shah, Special to Freehold
The writer is Property Sales & Leasing Manager - SPF Realty