No place in the world can justify this proverb better than Dubai. Today, from being a vast expanse of barren lands, it stands high and mighty competing with the world’s developed countries.
Evolution is inevitable, but the rampant pace at which the metropolis has boomed leaves nations awestruck. It truly is the epitome of turning vision into reality.
Over the past two decades, the country witnessed significant economic growth, and astonishingly the oil sector is not the driving force. One of the primary factors has been Real Estate. And it doesn’t come as a surprise.
Time travelling four centuries back, Dubai was a desert land expanding across all directions. The citizens established the pearl industry with a population of just 800. Towards the end of the 19th century, Dubai had built a strong reputation in foreign trades, decreased the taxes levied by the United Kingdom, and established Dubai Creek — the Trading Hub.
What became the turning point in its history are the three legendary architectural projects that compelled the world to turn their eyes and notice the flourishing city — Ali Jebel port, the Dubai Dry Docks and the Dubai International Trade Centre. And this is how Dubai found its place in real estate and has seen an upward growth and demand since then.
In May 2002, the crown prince general of Dubai, Sheikh Mohammed bin Rashid AlMaktoum issued a decree favouring foreigners to buy property freehold. This action lured investors from across the world to contribute to Dubai’s growth. The citizens were already working on futuristic projects at an unusual pace. For instance, in 2004, 5 new projects amounting to 654 apartments were sold in the Marina, one of the most sought after areas to live, which increased by 3,555 in 2006.
The country’s real estate industry enjoyed uninterrupted until the world financial crisis hit in 2008. In 2009, the prices of real estate dropped by 49%. However, the country bounced back stronger. Of course, it wasn’t all glitter and rainbows. The citizens and employees faced a fair share of challenges. The 2007-2010 crisis left thousands of workers unemployed.
However, the vision, mission, strategy, and determination remained undeterred. By 2012 new projects were on the line, and the country had stabilized the debt and economic crisis. The government leveraged the Chinese and Indian influence, reformed its investing laws, and announced sops, attracting interested investors worldwide. In 2015, it was reported that average rents plummeted by 16.5%. On top of it, their visionary projects have redefined architecture and engineering.
The developments in architecture and engineering once seemed impossible are enjoyed by the residents and tourists worldwide. The innovation in architecture and engineering calls for appreciation.
If it doesn’t exist, you create it. No beach? Dubai has artificial beaches.
No marina: well, we already talked about the project earlier.
Knowing how quickly Dubai adapts, recovers, and stabilizes against any crisis lays a strong foundation of security and trust for the investors welcoming them to become its part.
After recounting all the incidents from history, it’s safe to say that Dubai shows a promising future for the residents and non-residents. Investment is risky, but not when it is in Dubai. With reliable Real Estate service providers like Loft & Manor with their deep-rooted know-how of the local market, citizens and enterprises can transact with zero hassles. Our 360-degree bespoke service line ensures that your personalized property needs are expertly taken care of!