Death toll rises to 34,622 with 77,867 wounded since the conflict began on October 7
mena2 hours ago
It does seem surreal for boundless vistas of desert to co-exist with some of the planet's most magnificent property and man-made waterways. To its credit, Dubai has made this seem less like a paradox. This megapolis of 2.7 million people is rapidly growing to become a global symbol of the limitless power and potential of the human mind, of the future as we don't know it and of leadership and vision that inextricably links humanitarian interests with science, progress and investment.
Dubai, home to 200 nationalities, is one of the most globally diverse places to live and work in. Dubai, within an eight-hour flight from two-thirds of the world's population, is Europe's most easterly and Asia's most westerly hub.
It is also one of the world's most appealing real estate investment destinations. The Dubai Land Department's (DLD's) annual report reveals a total of 60,595 real estate transactions in 2016, exceeding Dh259 billion in value. The year saw foreign investment in the Dubai real estate market approaching Dh44 billion from 22,834 investors across 136 nationalities.
It should come as no surprise that Dubai overtook London as the most preferred property investment location for 2017 in a regional survey by Cluttons. While Indian, British and Pakistani investors in real estate top the list, Chinese investors are becoming particularly aggressive in the Dubai market. This is testimony to the sector's maturation and identity as a safe haven for investment, providing long-term returns.
A new report from Reidin/Global Capital Partners has revealed that total return analysis of real estate assets in major cities such as Dubai, New York, Singapore and London stood between five and 11 per cent. In Dubai and Singapore alone, real estate assets have returned close to 120 per cent in the form of rents and capital gains over the last 10 years, compared to 75 per cent in London and 63 per cent in New York. In Dubai, the majority of returns have been through rental increases.
While the sheer volume of supply and construction of design-oriented, luxury homes will always set Dubai apart from its competitors in Europe and the US, an increasing focus on affordable homes has helped to diversify its real estate offering and expand the mid-market property segment - something that local and international buyers are taking note of.
The market needs more players that bring the same superior construction and build values to all their wide suite of offerings that span all real estate categories, thus catering to the ever-evolving needs of buyers.
In recent times, there has been a surge in demand for affordable housing owing to improved regulations within the local real estate sector, and the overall growth of the population, economy, tourism, number of visitors and infrastructure. The need for high-quality, affordable housing and apartments is on the rise as an increasing number of young professionals and families are looking for spacious houses that are value for money.
If the region at large continues to sustain its current growth trajectory, Dubai is certainly poised to continue to thrive.
As a 21st century destination city where young Arabs from across the region and indeed people of every nationality from all over the world come to realise their full potential in all fields, from the arts and business to media and technology - Dubai is today home to most of the world's leading companies. If we continue to embrace every opportunity, as we have done in the past, Dubai will continue to sparkle as the region's crown jewel.
The writer is chief officer - commercial at Dubai Properties. Views expressed are his own and do not reflect the newspaper's policy.
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