Development in Dubai has uplifted the whole Middle Eastern region. The once desert city, joined the race of urban development under the supervision of aspiring and extremely talented Royalty which lead it into a new era of ‘jet-globalization’.
Talking about the beginning, Daniel Brook mentions in his book ‘A History of Future Cities’ how the upswing in Aviation industry highlighted Dubai on the international air routes. The Emirates literally rebranded Dubai to the world. While westerners always doubted the sustainability of the development in Dubai, they were again and again proven wrong by the consistent Foreign Direct Investment (FDI) in the vicinity. Arabs are rich people with lavish taste in architecture, lifestyle and recreation. And this is what caught the eye of international investors. Above it all, the 9/11 crisis gave Gulf States an opportunity to cash on the mounting oil prices and invest the proceedings nearby; and what better option was there than Dubai.
In a nutshell, history worked in favor of Dubai.
Now, with over 80% expats, Dubai beats New York in hosting a diverse population. This makes it all the more likeable by foreigners.
The real estate in Dubai has witnessed a liftoff as well. The start of one after another residential, recreational and commercial plans is a solid proof of investor’s trust and customer expectation. 62% of the total international visitors in Dubai are actually investors exploring new opportunity and cashing on the existing ones. So much so that in 2008 Dubai witnessed a growth rate parallel to Shanghai.
Real estate development has driven subsequent growth and competition in closely knit industries like consultancy, structural engineering and architecture. Interestingly, 24% of the development cranes in the world are right now in Dubai, overhauling its urban stature.
With all the development happening around, you need expert advice before investing in Dubai’s red-hot real estate. Contact our team at Seven Skys, to guide you about the in and out of the local market.