Dubai Vision 2040
What does Vision 2040/ Dubai Vision 2040 mean for Dubai Real Estate Market? How can a government plan 20 years ahead?
How can a government plan 20 years ahead?
What makes this city of desert the most enticing destination for people around the world?
Dubai is constantly evolving and developing. Compared to the other real estate markets in the world like Singapore, UK, USA that are old and mature, Dubai is a city that is still an emerging market in the industry.
Dubai benchmarks one of the most impeccable leadership in the world It has already taken the plaque for the world’s largest mall The Dubai Mall, world tallest building Burj Khalifa and now the Creek Tower, largest Ferris wheel Ain Dubai, and world’s largest man-made island Palm Jumeirah which now would be the second largest with the launch of Palm Jebel Ali, all made possible in only 20 years
Impact on Real Estate:
Dubai Vision 2040 will significantly impact Dubai’s real estate market Increased Demand:
What we see in Dubai today in 2023, wasn’t planned 4-5 years ago, on the contrary the opulent infrastructure and booming city that we see today was also a part of the plan and milestones set by the government 10-15 years ago.
It is due that vision that lures and amazes the fast-growing population currently 3.5, estimated to be 5.8M by 2040. This additional population of 2.5M people overtime, which is approximately 120k yearly consequently means increased residential and commercial demand, hence an increased supply of projects.
Infrastructure Development: The Dubai vision 2040 involves increasing public transport including expansion of the Dubai Metro line. Already the metro station plans have been made public, which would mean that majority of the population in the next 17-18 years would reside in the proximity of 800 meters of either a metro station or a bus stop. Properties near these stations will become more sought-after when it comes to investments.
Community Development: When we talk about Dubai Vision 2040, it’s what Dubai desires to accomplish in the next 20 years. It’s to strike that perfect balance between community and tourism and heritage.
The most renowned developers are already focused on creating sustainable neighborhoods with amenities that cater to residents and visitors from all parts of the world. The real estate market will likely witness a prominence on eco-friendly designs and practices.
Core settings and Investment Opportunities: Dubai has now accomplished the provision of 100% ownership of business in mainland for expats, whereas previously it was limited to free zones only.
Golden Visa, Tax free investments with healthy ROIs, and the recent announcement of offering citizen, all these changes and enactments in a corruption free economy is a preparation towards the Vision 2040 Continued adjustments to real estate regulations and laws are expected to facilitate investment, ownership, and development processes.
Supply Diversification: The key vision of doubling the population evidently involves retention of that population as well.
What trends would that involve in terms of the supply in real estate market?
The beauty of the Dubai’s real estate market is that it has products spread across the city for each category of buyers and investors including young entrepreneurs just entering the market, or larger families looking to get into townhouses or villas in the most beautiful master communities like Dubai Hills Estate, Dubai Creek Harbor, Palm Jumeirah and Emaar South to name a few.
Developers will focus on creating a variety of property types to cater to different buyer segments, such as young professionals, families, and retirees.
In summary, Dubai’s Vision 2040 outlines an ambitious roadmap for the city’s development, with a strong emphasis on enhancing the real estate sector to accommodate growth, diversity, and sustainability while maintaining its position as a leading global destination.
Considering Dubai’s visionary leadership and taking history as an indication, it’s safe to say that Dubai is keen to hold on to its status of pioneering excellence and quality lifestyle as its focal point.
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Meet the Author :Zara Pervaiz