Dubai is a beachfront metropolis with enormous future plans. More precisely, with one specific plan: to become the best city in the world by 2040. It’s ambitious, like everything in Dubai. But it’s absolutely possible. Like everything in Dubai.
In 2021, a new master plan for the city development, Urban Master Plan 2040, was opened to the public.
So, what is the 2040 plan about, and why should you invest in Dubai property now?
- The population increased from 3.3 million to 5.8 million people
- + 400% length of public beaches
- + 134% of land for hotels and tourist attractions
- + 25% of areas for healthcare and education facilities
- 60% of the emirate’s territory will be occupied by nature reserves and green areas
- 55% of residents will live 800 meters from public transport stops
Dubai also plans to significantly develop 5 districts of the city (3 existing and 2 new), following a specific concept for each.
1. Deira/Bur Dubai
Concept: Historical essence of the city
It is honoring the history of Dubai and preserving its traditions and heritage.
2. Downtown / Business Bay
Concept: Global financial hub
This district will be the international business hub for the economic, financial, and business sectors.
3. Dubai Marina / JBR
Concept: Tourism and entertainment
World point of attraction for tourism, recreation, and hotel business.
4. EXPO 2020
Concept: International portal for events and exhibitions
The city’s economic growth will get a new round: famous exhibitions, world-class events, and excellent logistics services.
5. Dubai Silicon Oasis
Concept: Knowledge and Innovation Center
An international hub that will attract talent and minds from around the world to participate in global development and Dubai’s leadership.
The real estate market has recorded an incredible rise in sales and even set a new record since the recent master plan announcement.
Let’s look into the main results of the Dubai real estate market in the first half of 2022. According to a Dubai Land Department (DLD) report, from January to June 2022, 42,953 real estate transactions worth ~$31 billion were registered.
59% – 25,370 sales of ~$21.68 billion — resale and finished properties
41% – 17,583 sales of ~$9.4 billion — under construction
Total sales increased by 59.9% in quantitative terms and by 88.1% in value terms compared to the first half of 2021:
- the number of transactions for the sale of secondary and newly constructed real estate increased by 47.1%, their value — by 73.2%;
- the number of transactions for the sale of real estate under construction increased by 83.1%, and the cost — by 134.9%.
June 2022 became the absolute record breaker! This hot month has the hottest sales result since 2009.
Top selling areas:
- Business Bay
- Burj Khalifa
- Jumeirah Village Circle
- Dubai Creek Harbour
In June 2022, the price dynamics of the Dubai residential real estate market are also representative.
According to the REIDIN Information Service Residential Property Price Indices (RPPI), which takes into account the average prices for apartments and villas:
Property For Sale
The sales value index increased by 0.27 points, from 87.28 to 87.55 compared to May 2022. Growth — 0.31%.
Prices have increased by10.12% compared to June 2021.
Rental Property
The rental price index increased by 3.80 points – from 80.39 to 84.19 compared to May 2022. Growth – 2.18%.
Prices have increased by 21.65% compared to June 2021.
Dubai is growing and developing at high speeds, like its real estate market. And now is the best time to invest in stability and a prosperous financial future.