Dubai properties will see new growth in 2017
Last year was tough for most global economies due to many important global events, including the US elections, Brexit and the gravest refugee crisis witnessed in modern times. Collectively, these events proved burdensome for the global community as a liquidity crunch overshadowed world markets.
Dubai and its real estate sector also suffered from the slowdown in economic activities as business moved at a below-average pace throughout the year. But the fortunes of this Middle Eastern port city’s realty sector are looking to change this year as real estate developers initiate mega-projects in anticipation of World Expo 2020.
The Dubai government introduced new regulations in the realty sector to tackle the threat of a global financial crunch. As of now, the emirate’s property market is expected to remain steady in the next 12 months owing to big projects being undertaken in the property sector. Most of these projects initiated in Dubai are being developed to meet the demands of World Expo 2020.
Dubai real estate outlook for 2017
In a recent analysis of the UAE real estate market, property portal Bayut.com said 2017 would likely to be the year when preparations for the Expo 2020 gain full momentum and propel engines of growth, infrastructure development and economic prosperity.
This is not far from the truth, as many renowned real estate developers have joined hands with the Dubai government to deliver world-class projects before the start of Expo 2020. The results of this collaboration are already showing in the form of mega projects initiated throughout the emirate.
Five important projects are discussed here:
Jumeirah Central: Master developer Dubai Holding initiated this project by keeping the demands of Expo 2020 in view. The high-end project comprises of residential units, schools, offices, parks and smart police services. The project will also include car parking facility for 44,000 vehicles which is an important step considering the city will be flooded with tourists by 2020.
Dubai Creek Harbour: Emaar Properties initiated this project between the Dubai Creek and Ras Al Khor Sanctuary. The best part about this initiative is that the wildlife sanctuary has been left intact and the project will rely on integrating sustainability in its designs to promote biodiversity. Once completed, this project will become the emirate’s own green city.
Dubai South: The mega project is set to become a modern city within the already modern emirate. The project was recently bolstered by an announcement by real estate giant Emaar who announced plans to build 15,000 residential units around a golf course. Once completed, Dubai South will house nearly a million people.
Other noteworthy developments that will be launched here include The Villages and The Pulse projects.
Schon Properties: The AED3.2 billion project will comprise of 2,550 hotel apartments and will be located within Dubai Investment Park. The project will have 21 mid-rise buildings and is slated for completion near 2020. The apartments will house a large number of tourists and is at a convenient location too. It is in close proximity to Al Maktoum International Airport and the Expo 2020 site.
Mirdif Hills: The mixed-use residential, commercial and development project will be completed at an estimated cost of AED 3 billion. The project will consist of 1,054 apartments, a four-star hotel and a fully functional hospital.
Work has already been initiated on some of these projects and the ongoing year will see a lot of construction related activities in Dubai. If the year 2016 was a year of ‘ifs’ and ‘buts’, 2017 will be the year when things will get done as far as the emirate’s real estate sector is concerned.