Out of the box

Renovation of old areas.. Enhancing the investment environment

Ismail Al Hammadi

October 26, 2021

Between the modernity of architecture and old construction, the local real estate sector woven its threads, and the investment returns from it and its contribution to the local product were achieved, as the fact that the old residential areas also have a role in strengthening the basket of real estate investments and the return from it, if we look at the population density that the areas embrace The old neighborhoods in Dubai such as Al Fahidi, Al Souk Al Kabeer, Naif, Souk Al Gold and Al Murar, and other areas, the beauty of the residential units in these areas is their large areas, and the most beautiful of that is their location on the emirate’s map, which makes them attractive tourist areas, and their location qualifies them to be It will be a unique real estate destination if its environment is renovated to suit modern building trends and the requirements of modern life.

It must be realized that the process of renovating the old residential areas contributes to giving another perception of the real estate product, and also plays a role in giving a new impetus to the sector within existing and existing areas in reality, which in turn contributes to reducing the amount of development of new areas to launch new real estate projects.

From another angle, this matter falls within the process of determining future directions for the sustainability of the real estate sector and the renewal of the real estate investment environment.

It is no secret to everyone that the old areas are one of the most prominent axes of the Dubai Urban Plan 2040, as the plan aims to rehabilitate the old areas near the city center in order to enhance the citizens’ connection with them, and according to which the necessary technical studies and possible scenarios for the rehabilitation and development of these areas were announced. And the concerned authorities have already carried out the rehabilitation of some areas and linked them to the approved modern systems, and this is an opportunity for owners to take advantage of this plan and reconsider the renovation of buildings according to the quality of real estate projects that the market is witnessing today, and an opportunity to find a new real estate product that parallels the current products, in addition to giving these areas a shift A new investment supported by its distinctive location on the map, and an architectural view different from the one it was before, which re-formulates the mechanism of benefiting from it and the market returns, in line with the directions of the general urban plan.

In short, the renewal of old urban areas in line with modern trends is a renewal of the attractions in the real estate sector, and in this context I invite property owners in those areas to resurrect them again to receive the same level of popularity that they were in their beginnings, and I say to them: “No Forget that you are in the most expensive areas of Dubai in terms of land value, and you have the full opportunity to achieve investment returns that exceed your expectations, so do not miss this opportunity by neglecting and marginalizing your old real estate properties.”

• «The renewal of old urban areas in line with modern trends, is a renewal of the attractions in the real estate sector».

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