Is Dubai Changing For Better?
Everything about Dubai in the past decade has been about its striking benchmarks: the busiest airport, the tallest tower and the largest indoor ski slope. So, what does the future hold for Dubai? Will these defining features continue to be the only differentiating factor or is Dubai really planning to throw a surprise for its diverse population and for the world at large to see and admire?
The fact is that Dubai’s policy stance since the global meltdown in 2009 has changed. The more recent slump in global economic activities has further reshaped that ideology of this contemporary economic hub. With considerable knowledge from these experiences, policy makers in Dubai have for the past couple of years focussed on creating a sustainable city with a purposeful existence that is beyond lifetimes and generations. The focus of the growth and development agenda is on the people and society which have become the mainstream factors controlling the moves and strategies of the policy thinkers.
The core of the direction of development is the growing political discourse on tolerance, diversity, multiculturalism and sustainability coupled with prosperity. These quintessential factors determine the flow of people from across the world to Dubai in an inter-connected world.
Up and coming
There has been rapid development on ground in Dubai. For instance, The Dubai Canal project, which is due to be completed by 2023, is expected to add new features in terms of varied entertainment options, food and beverage points and approximately 200 waterfront homes. Furthermore, there are plans to position Dubai as one of the world’s best-connected cities. The Smart Cities Project is likely to aid Dubai in its mission to increase communication and smart connection between people, data and technological devices using the Internet of all things. Additionally, Dubai also wants to position itself as a hub of cultural activity and creativity with the completion of the second phase of the Dubai Design District in 2021 which will tremendously enhance the potential of the local design minds and markets.
Requisite steps were taken by the authorities to cool down the rumours of a housing bubble that followed the recovery of the economy in 2014. The residential market was also able to recover and maintain stability with the help of developers who were able to phase out supply keeping in line with the growing demand.
The demand continues to grow for off-plan properties as the economy opens up with new industries and new talent pool. Given its proximity to the Central Business District, Downtown Dubai continues to be a popular option along with varied range of lifestyle and entertainment amenities like the Dubai Opera and The Dubai Mall.
Palm Jumeirah, which has string of luxury resorts and hotels, continues to attract investors and occupiers alike. With the completion of the Nakheel Mall and The Pointe in 2018, the demand will continue to only rise with availability of dining, retail and world-class entertainment options. Arabian Ranches and Emirates Living continue to be popular amongst investors as they offer community spaces and essential services like schooling.
The expo push
The Dubai Expo 2020 is seen to be a major boost to employment opportunities in the region with generation of thee lakh jobs directly and generating around a million indirect jobs. An increase in job creation would increase the demand for housing. Several luxury as well as affordable housing projects is underway to cater to demands from local as well as foreign buyers.
The real estate industry particularly the residential market and the retail hub in Dubai are expected to thrive and contribute to the growing economy of Dubai.