The Khaleej Time's excerpt of an article narrates the mentions from an expert stated that maintaining Dubai's property growth story depends on the UAE government's lenient immigration policies.
High-net-worth individuals (HNWIs), entrepreneurs, investors, and Ulta-HNWIs (UHNWIs) from all over the world are drawn to Dubai, proving its irresistible appeal. Due to its business-friendly policies, tax benefits, long-term residency options, and legislative reforms, Dubai has become a popular destination for international capital. The city's top-notch lifestyle, healthcare, education, and infrastructure all contribute to its allure and make it the ultimate retreat for the wealthy. The CEO of Driven Properties, Abdullah Alajaji.
Dubai's success, like that of Madrid and Miami, is based on favorable economic and migration policies, Alajaji emphasized. For affluent people looking for a better standard of living and financial security, these cities have become safe havens. However, he noted that cities like Berlin, Hong Kong, and London have experienced economic setbacks as a result of changing regulations and unstable market conditions.
All eyes are on the supply situation within Dubai's real estate market. "Although demand is still high, supply is currently being carefully controlled." Some significant master plans have been shelved, such as the lavish Jumeirah Central project, which was initially supposed to be finished across from the Mall of the Emirates. As this is going on, developments like Palm Jebel Ali are advancing thanks to calculated moves like the enlargement for Al Maktoum Airport as well as Dubai's projected population growth. Dubai Islands is moving forward in the north, and developers are getting ready to unveil new plans shortly," Alajaji stated.
The emirate's eastern region still has a large supply of land, but Alajaji pointed out that careful supply management will be essential to avoiding market saturation. "This measured approach is essential to keeping Dubai's real estate market balanced and making sure it continues to attract international investors," he continued.
Driven's Golden Square, which includes the Peninsula, the newest Jumeirah Water Canal, ultra-luxury island, Downtown, and City Walk, is a prime area that stretches from Port De La Mer to Jumeirah Bay Island. According to Alajaji, this area is expected to see the highest occupancy rates and growth in the years to come. He went on to say, "This area will be the centerpiece of Dubai's premium real estate with destinations like the Dubai International Financial Center and the soon-to-be DIFC 2.0."
The mega-developers in Dubai have shown a commitment to maintaining the market's health by delaying or reducing some of their large-scale projects. The CEO of Driven said that the city's transition to strategic, controlled growth is encouraging for its future.
In terms of both transactions volume and value, Dubai's secondary property market has surpassed the primary market for the very first time in a number of quarters, according to recent trends. This change demonstrates the maturation of the market and the rising value of properties that are already there.
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