REAL ESTATE
Aside from being one of the safest, most proactive cities to visit, live and work in, Dubai is an ideal hub for business, innovation and, of course, real estate. The city offers both investors and tenants a diverse set of benefits to take advantage of and the market is boosted with improved affordability following price falls, and relaxed foreign business ownership regulations. The UAE Central Bank’s removal of the 20% cap on bank real estate lending, steady economic activity, and relaxed visa rules also make the market attractive.
The hosting of Expo next year will also drive forward the vision of Dubai, especially from a real estate development point of view. It is not merely the preparations and the hosting of the event itself, which, now with the postponement, is building continued excitement, but the event represents a gateway to the world, putting Dubai on the global stage, forming business relationships, and attracting investment in the long term.
The introduction of new legislation in 2019 helped boost the real estate sector, in particular the creation of the higher committee for real estate, in conjunction with senior property developers and headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Regulation changes have also been implemented by Dubai’s Real Estate Regulatory Agency (RERA), which, coupled with the launch of the Real Estate Investment Opportunities (REIO) initiative are expected to attract a wider range of real estate investors to the Emirate. Post-COVID, Dubai’s real estate market has shown some promising signs of stability with 8,137 real estate transactions recorded in Q3 2020, reaching a total value of US$4.65 Billion.
Dubai South
Dubai South’s designated real estate hub is a major contributor to Dubai’s real estate market and holds the potential to shape its prospects in more ways than one. The hub entails a residential district as well as a retail and business park to create a vibrant living environment, which is being dubbed as the Emirate’s first urban lifestyle project that is fully committed to supporting economic expansion and divergence plans.
The Residential District reimagines urban spaces by offering a world-class community based on the happiness and well-being of people, in line with Dubai South’s commitment to developing quality, affordable residences. It is distinguished by its distinct design, superior build quality, and wide range of lifestyle amenities in proximity to the Expo site and Al Maktoum International Airport. The Business Park offers commercial tenants Free Zone incentives that include total foreign ownership, catering to various key sectors that substantially contribute to consolidating Dubai’s economy.