Dubai’s architectural advances
Dubai is a city which wants to be the biggest and the best. The city always strives to add to its amazing list of architecture and attractions. Dubai is already home to a number of architectural wonders, such as the Burj Al Arab and Burj Khalifa and major tourist and leisure attractions. In the coming years, Dubai hopes to add even more exciting attractions to its impressive list.
Some of the incredible projects that are expected to be completed in the next three years include:
- The Dubai Water Canal Project
- The Museum of the Future
- The Jewel of the Creek
- The Al Habtoor City
- The Deira Islands
- The MBR City – District One
- The Aladdin City
- The Dubai Frame
- The Al Mamzar Beachfront
- The Bluewaters Island with the Dubai Eye
- The Dubai Creek Harbour
The Dubai Creek Tower will be taller than Burj Khalifa! The tower is still under construction and was expected to be completed in 2022. However, with the coronavirus pandemic, it is currently uncertain as to when the building will be complete. Construction began in 2016 and is said to cost over AED 3.67 billion.
Once all these additions are complete, it will surely allow Dubai to maintain its status as one of the world’s best cities and then some!
Dubai has a thriving expat community
Thanks to its tolerance and openness towards different nationalities, cultures and religions, the expat community in Dubai makes 80% of the total population and includes over 200 nationalities.
With 44% of younger, millennial expats keen to purchase a home in the UAE (United Arab Emirates) within the next three years, demand is set to continue to be strong, says Gulf Sotheby’s International Realty.
Popular destination for tourists
Dubai is a booming tourist destination, within an eight-hour flight of two-thirds of the world’s population. Dubai aimed to attract 20 million visitors every year by the year 2020, which was double its 2012 figure. Although figures suffered during 2020 as a result of coronavirus travel restrictions, Dubai became a popular destination amongst internet influencers, undoubtedly attracted to the city’s luxurious nature. According to the Gulf Bureau of Statistics, the city is set to lead in the world of tourism and commerce by 2023.
Although many economies have suffered during the past year as a result of COVID-19, it’s predicted that Dubai will recover to pre-pandemic levels in 2022, with gross domestic product (GDP) seeing 3.5% growth.
Dubai’s Burgeoning business opportunities
A safe, viable and profitable business environment is vital to attract international investors. The city is politically stable, with a strong economy and positive outlook, which makes it an obvious choice for anyone looking to invest in overseas real estate.
Dubai rental yields range from 8%-10% a year, says property website Bayut.com, and is attracting increasing numbers of Indian and China investors.
Dubai’s property market
Whilst many property markets have been on the decline during COVID-19, last February saw Dubai’s property market rebound due to strong demand for luxurious apartments and villas. Property price increases were experienced in areas such as Jumeirah Beach Residence, Palm Jumeirah and International City in February, seeing average monthly growth of 1.3%.