Is real estate booming in Dubai? The answer is a resounding yes, as the city has become an oasis for investors and tourists to own properties without having to wait years at a time for them to be built. Dubai has gone from being a small fishing village on the Persian Gulf to a modern cosmopolitan city of skyscrapers and shopping malls in just a few short years.
This has led to a surge of interest in real estate throughout the world. But property for sale in Dubai has turned out to be the leading dream destination in terms of population growth and property values. In fact, it is now home to a higher per capita income than any other city in the world. This is only possible because of how well the city has managed to transform itself over the past few decades. Here are some signs that the boom in the city is going to continue:
-The city’s real estate industry is taking off. There is a flurry of new constructions taking place across all sections of the city. There are developments on many waterfront sites, including the new Emirates Towers, which is being constructed in partnership with an Indian property development firm. Other major projects include the extension of the Dune Road and another on a remote desert tract.
-A new section of Dubai shopping malls is being planned. This stretch of malls will feature high-rise buildings with hundreds of stores. The concept is being tested in the southern city of Satwa. However, local residents are skeptical as to the long-term effects of such a structure.
-ominiums are rapidly rising in value. The boom in the industry is directly linked to the development of new real estate projects. The rising cost of properties in Dubai has led to an increase in demand for property in the city. A study by the Dubai Higher Ground Company showed that the number of new apartments constructed last year was higher than the number of new condos built over the past few years. A study by the National Association of Foreign Investors in Dubai (NAFID) indicated that in the coming years, the number of residential units that can be financed through the conventional process of mortgage will grow faster than the number of commercial properties.
– Already, the trend is showing positive signs for the future. Developers have already started building condominium projects in some areas. These will be followed by a massive build-up in the luxury property market. These projects will offer the potential buyers a variety of housing options to choose from. For example, Dubai Creek, a master planned community, is expected to offer luxurious beachfront homes to families.
– Employment levels in the city continue to grow. According to the city’s real estate agent, jobs are likely to increase in the hospitality, transport and business sectors in the coming years. This means more job opportunities for the local population, which in turn will drive up the demand for property. An increasing number of multinational companies are establishing base in the city.
Whether you are planning to relocate to Dubai or you simply want to invest in real estate, there are many things you need to know about the city. The above information will help you gain a clearer picture of how the city is developing. So get started investing in property for rent in Dubai now! It’s sure to make things exciting in the near future.
With more investment and employment opportunities, more people will be looking to buy a home and that, in turn, will mean more properties for sale. However, the rising prices are putting some property investors off. If you are one of those who are worried about the market, then you should consider investing in Dubai properties and reap the benefits now.
If you want to live in Dubai, there is no dearth of options. Apart from these stunning coastal cities on the Persian Gulf, there are many suburban cities like Al Maktoum and Jumeirah that you can choose from. You can even choose between having a high end apartment in Dubai City or a modest single-family home. The rent you pay for a property in any of these cities is sure to be worthy. Even if your budget is not as high as Dubai’s, you will not regret buying a property here.
As for the future, there is no uncertainty here. Real estate in Dubai is booming because the city has developed into a metropolis with plenty of job opportunities. The tourism industry has boomed too, making it a favorable location for investment. Whether you want a beachfront apartment or a spacious house overlooking the Arabian sea, you will have plenty of options in Dubai.