Why Dubai’s property market is set to flourish

22 Nov 2018

buildingsDubai is a city known for its modern architectural variety, lively entertainment scene and exuberant nightlife. The city’s popularity has grown exponentially, with many expats choosing to start a new life here. This could be attributed to a variety of factors, which mainly include the new initiatives that are implemented regularly in order to make life easier for those visiting, as well as the diverse cultural scene – However, what has earned Dubai the modern reputation it has today, and why is this city such an ideal one to buy property in?

One of the key advantages to purchasing property in Dubai is having the option of purchasing a residence in a well-established area and still gaining access to the excellent infrastructure and cultural aspect to living in the city. Few places offer this luxury; a unique – yet traditional – character that even new developments boast.

Jumeirah, for instance, has long been a popular destination among expats – thanks to its stunning coastline and renown touristic attracts such as Kite Beach and Burj Al Arab. What draws foreign expatriates to move here, however, is the merging of aesthetically pleasing buildings and local culture. The district combines low-rise developments and detached villas with green surroundings and a bustling entertainment scene. Moreover, the district boasts a reputation among a modern crowd.

As the Khaleej Times reports, Jumeirah is a leasehold area, which means that foreign nationals are only allowed to lease a residential unit for a period of 99 years without having full rights over the property. This means that any wish to reconstruct your residence and rebuild from scratch would require permission from a landowner. With that said, the district is also naturally transitioning towards freehold properties – due to Dubai’s growing foreign population.

A question posed by such advances is obvious – could Dubai’s heritage and traditional aspects be threatened by the growing need to engage with and adapt to an expanding global influence? Albeit worth discussing, the issue is unlikely to be a concerning one. Dubai’s unique charm has earned the city the widespread appeal it has today, and it will undoubtedly live on.  

In the third quarter of 2018, Dubai’s best performing areas in terms of property were International City, Emirates Living and Mohammed Bin Rashid (MBR) City. The market is also expected to grow and accommodate a greater audience in 2019.