Dubai, one of the cities in the United Arab Emirates, located on the southern coast of Persian Gulf. It is the highly populated city in UAE and second largest land territory by area. Until 1966, Dubai was a small village with fishing and pearl diving as the major source of income. With the discovery of oil reservoirs, Emirates market resulted in unmatched progress in all major sectors of trade, business and real estate, city infrastructure, tourism, and transportation. Under Dubai’s ruling family of Sheik Mohammed, city’s economy started to show first signs of growth in real estate property business since 1980’s. State Government, developers, and investors started structuring city to develop into business and finance hub, thus by constructing beach hotels and resorts to attract tourists across the globe.
Dubai, the undoubtedly most popular city in the United Arab Emirates, is governed and ruled by his highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-president and Prime Minister of UAE and Ruler of Dubai. Under his governance, Dubai developed in terms of business and today it is recognized as the global city. He is responsible for the launch of major enterprises – Emirate Airlines, Jumeriah Group and DP World, administered establishment of Technology Park and economic zone. He also mastered launch of Emirate Airlines, development of famous landscapes of Dubai Port World, The Burj Al Arab and Jumeriah, Dubai Internet City and TECOM, Palm Islands, Burj Khalifa and many other noticeable structures.
State Government decided to bridge the gap between West and East by utilizing oil reservoirs for establishing finance and trade hub. Developing real estate properties in the residential, commercial and retail sector was the key plan to provide accommodation to business owners and investors who were willing to relocate to Dubai. Shopping malls, residential and commercial projects were constructed, which resulted in the rise of state economy with a huge amount of income. This, in turn, attracted investors and developers across the globe to invest in Dubai real estate and thus enhanced the demand for properties. And Real estate market boomed spectacularly after 2002.
Dubai’s property market was deteriorated during 2008-2009 due to the financial crisis. However, it made a rapid growth and as of 2012, it was considered as 22nd most expensive city in the world. Today it has emerged as a cosmopolitan city and rated as the best place for living and cultural hub of the Middle East and the Persian Gulf.
In the recent years, Dubai has shown unprecedented growth in financial, commercial, tourism and real estate sectors. Its headline-nabbing, awe-structured landscape mega projects are the signs of success. With the development of themed free-economic zones like Dubai Media City and Dubai International Financial Centre, it is encouraging overseas development companies and investors to start property business providing residential and commercial properties for rent or sell and thus fulfilling property market growth.
Due to increasing demand for properties, Dubai is outstripping in meeting requirement for rental accommodation of commercial and residential property sectors. To fulfill rising demands in real estate segment, developers and investors have announced the construction of new projects in both the sectors.
Graph portrays yearly increase in demand and supply of real estate property
Since 20 years, Dubai’s economy has average annual growth of 10% every year. With this growth, it is continuing in attracting foreigners to invest in real estate market and relocate to Dubai. One of the main reason people willing to purchase or rent properties is its high tax-free salaries and also, Dubai banks provide mortgages to overseas buyers. To meet the demand, exciting new development projects are under construction.
On 2 November 2011, along with Dubai, four other cities had bid for Expo 2020. However, delegates from Bureau International des Expositions visited Dubai and examined the infrastructure. For its amazing building structures and facilities, on 27 November 2013, the city was privileged to win amongst other bidders to host Expo 2020. This event will also provide about 270,000 jobs leading to the economic growth of the city.
With real estate properties in the boom, various property portals have started with indexing residential and commercial properties for sale and rent. Planetbuyers, property dealers in UAE, is recognized as the best leading property portal in UAE. Find real estate properties in Dubai that includes residential properties like apartments, villas, townhouses, penthouses, studio apartments, condos, flats, residential plots, houses, homes to buy and rent. Dubai is the best commercial place to find commercial properties for sale and rent, and also to start and expand business. Browse through our portal to find office space, offices, buildings and warehouses, shops for rent or sale at an affordable rate, in your nearest locality.