It is incredible to see how Dubai has grown from a small village to a prominent real estate hub. From being home to the world’s tallest building to constructing artificial islands in the form of a world map, the city has consistently taken on ambitious construction projects, showing that it’s one of the most heavily populated cities in the UAE.
Dubai’s real estate market has gone through significant growth and development over the past years. It was once a small village with fishing communities, but now the city is renowned for its iconic skyscrapers, tourism centres and Dubai’s luxurious homes.
Dubai’s potential to be an oil hub was discovered in the 1960s. Thanks to the revenue generated from exporting oil, the government started investing and aiming to turn Dubai into an urban hotspot. In order to attract foreign investors to invest in the real estate market, the UAE government implemented a few policies. The Dubai Land Department introduced e-services such as online registration and property ownership certificates which have allowed more efficient and streamlined transactions. These efforts have made it easier for investors to navigate the market.
The authorities knew what they were doing and started investing their wealth in large-scale passion projects such as The Palm Jumeirah and the world’s tallest building, the Burj Khalifa. Along with these, Dubai Marina and the Dubai Creek Harbour have added even more value to the real estate industry and brought in multiple investors and buyers from foreign countries.
Due to the global financial crisis in 2008, the real estate market value in Dubai started to decrease. However, it recovered quickly due to the government’s continuous efforts. Ever since then its real estate market has only continued to evolve with the development of Dubai Creek Harbour and the residential areas in Downtown Dubai. This city is becoming a hub for technology, luxury and innovation.
As mentioned above, Dubai Creek Harbour is one of the most notable developments and was developed by Emaar Properties. “A city within a city” is the concept behind this Harbour. Situated in Dubai Creek, it is aimed to be a hotspot for innovation and technology. With residential and commercial spaces, Dubai Creek Harbour is planned to be a major tourist attraction.
Furthermore, the government has also made significant investments in infrastructure. One such is the Dubai Metro, which has made travelling convenient for residents and visitors to travel around Dubai and has made it more accessible to potential real estate buyers. The Metro has connected many of the major residential areas in Dubai such as Palm Jumeirah, The Gardens, Jumeirah Lake Towers, Al Sufouh, Deira City Centre and more, making them more easily accessible to residents and visitors.
In conclusion, the history of Dubai’s real estate market is one of rapid growth, development and evolution. The city’s ambitious construction projects and government investment have turned it into a global leader in real estate development, attracting international investors and buyers.
