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Dubai Real Estate: A Look Into the Future
Recently, Dubai authorities have unveiled a large-scale master plan for developing the emirate until 2040. Following the ambitious project, in the next 20 years, the metropolis will become one of the best places in the world to live.
The Future Is Near
Nowadays, investors are already accustomed to the fantastic pace of development in Dubai. It is worth bearing in mind that almost 60 years ago, there were only 40,000 inhabitants in the city. By 2022, this figure has grown 80 times to a record 3.3 million people. The largest construction companies in Dubai have increased the building area by 170 times.
According to the Master Plan of Dubai authorities, it was decided to create new and modernize existing areas of the city. However, not only do elite skyscrapers and luxurious cottage villages appear on Dubai's territory, and most of it will turn green. This is a very ambitious project, given that most of the UAE are desert.
Here is what lies ahead for the residents and visitors of Dubai in 2040:
- Recreational areas and landscape parks will be doubled;
- National parks will make up more than 50% of Dubai's area;
- Green corridors will stretch through Dubai - from residential areas to business centers and major attractions;
- Bicycle and pedestrian paths will appear in all parts of Dubai;
- Environmental-friendly public transport will replace gasoline analogs.
According to Mr. Saeed Al Qadi, CEO of Homebond Properties, "Dubai is a vivacious and ever-changing metropolis, where first-time homebuyers can avail multiple benefits, including the issuance of golden visas, numerous business opportunities, access to an international market, zero taxation, and very low maintenance costs, high and guaranteed rental yield, and investment safety.”
Rising Residents in Dubai
In the near future, all areas of Dubai will become convenient for residents. It will become full of green space, recreation areas, shopping centers, and other infrastructure necessary for a comfortable life. According to the plan, more than 50% of the population will have access to metro stations and public transport stops within 800 meters.
The number of medical and educational institutions in various fields will increase by 25%.
In addition, by 2040, the population of Dubai will increase to 5.8 million. And if you consider students, tourists, and labor migrants, more than 7.8 million people will live in the metropolis.
For such a massive number of residents and guests in the city, new districts will be developed, and existing ones will be enlarged. As part of the Master Plan, the development of these places in Dubai is expected:
- Deira and Bur Dubai are the city's oldest districts and the emirate's historical center. Buildings here are considered outdated and inconvenient to living. The general plan provides for the renewal of the districts while maintaining their culture and significance. However, modern residential complexes will appear on the territory.
- Downtown and Business Bay are the business districts of Dubai, popular with tourists. Dubai authorities are planning to strengthen these centers for the work of representative offices of world-famous companies.
- Jumeirah Beach Residence and Dubai Marina are the tourist and entertainment hub of the emirates, and authorities are planning to make this part of the city a global tourist center with a concentration of recreation and hospitality areas.
- Expo 2020 is a World Expo area that will continue to be used for major international events. By 2040, this part of the emirate will become Dubai's residential, tourist, and transport center.
- Dubai Silicon Oasis is a government-owned free zone that promotes modern technology-based industries with a mission to attract talented people from around the globe. According to Dubai authorities, many new productions, office premises, and residential facilities will be developed here.
Wrapping Up
At Homebond Properties, we're here to help you find the right developer and choose the project and location that best suits your lifestyle and investment. We have an extensive portfolio of luxury real estate properties to buy or rent throughout Dubai. The combination of our high experience in the real estate sector, quality business understanding, customer-oriented problem-solving ability, and resourcefulness of the team members allows us to show customers the best places to live and invest in Dubai.