How has Dubai Real Estate remained globally competitive? Research
Dubai has gone through a lot of changes for the past couple of decades. Though there may have been some rough beginnings and tough challenges, Dubai Real Estate still remains globally competitive up to this day. The two strongest competitors of Dubai are Singapore and Hong Kong, both of which are performing excellently when it comes to real estate. But since the government of Singapore and Hong Kong intervened with their market, things seemed to slow down a little bit for them. Dubai kept its vision strong which is the reason why the real estate market in the region is popular around the world.
Like Hong Kong and Singapore, countries like Australia and New Zealand became difficult for foreign investors to enter their real estate market because of the government's intervention. Because Dubai has become very open and diverse, huge opportunities for the real estate market were opened. It’s the reason why there are a lot of properties for sale and apartments for rent in Dubai that can be seen in the market. As we all know there are 200+ nationalities residing in the region. Dubai has built strong relations with these countries, enabling them to strengthen the real estate market even further.
Dubai’s real estate market is continually maturing. The prices in the region are quite attractive compared to its global competitors. Its rapid growth in the market has caused it to keep up with pace of its global competitors. We may have heard lately about the thousands of units getting handed over by developers for the past few years. This 2019, it was predicted that the first two quarters would be favorable for investors and tenants. We can expect more affordable properties for rent in Dubai for the months to come. In addition to that, the approval of the 10 year VISA residency will give residents a sense of stability which could greatly enhance property investments.
The government’s vision and the drive of it’ people to position Dubai’s real estate market in the competitive global market is continually innovating. Most especially now that the Expo 2020 draws near, there is a huge expectation of a positive impact in the real estate market. There will be a huge increase in economic activity, property investments, and thousands of new residents to be welcomed in the region. That being said, the supply and demand for properties and apartments for rent in Dubai will continue to be very active.
Dubai never stops to adapt to the trend. We can credit all of this to the excellent leadership that the government has displayed from the start. The vision driven leaders and the competent people working for this region has made it possible for Dubai to become well-known in the real estate market globally.