Out of the box

How Dubai real estate has established itself globally

Ismail Al Hammadi

January 06, 2022

Far and near realize the position of the real estate sector in Dubai globally, and the extent of its importance in the local economy equation, and everyone knows the extent of demand witnessed by Dubai real estate and the most popular nationalities based on official data on real estate transactions that are issued daily, in order to view them and follow the performance of the market, but did we ask: "How has the real estate sector in Dubai established its position... and how has this volume gained global momentum in a short period of time compared to other markets?"

The factors differ and the circumstances and efforts leading to this overlap, and to say the least: “There are no less than 12 factors that have contributed to making the position that Dubai real estate enjoys today across the world, as the beginning was by focusing on luxury real estate significantly, during the period between 2008 And 2014, and with it, was the beginning of the launch of Dubai real estate towards the world.” Then there were other factors that played a major role in strengthening and consolidating this position, the most important of which revolved around diversifying options, through which developers bypassed the idea of ​​focusing on luxury real estate and turned to the middle class and gave it its right in the market, to meet the needs of most residents, residents and employees. With it, the appetite of investors of different classes and nationalities increased.

Not imposing a tax on real estate ownership, as is adopted in most international markets, was also one of the factors that contributed to raising the value of Dubai real estate globally, in addition to the various facilities that spread in the market between long payment plans until after the real estate unit delivery, and reducing the percentage of The first payment for purchase, offering the option of rent-to-own, real estate loan facilities, and everything like that with regard to the various facilities that serve the property buyer.

The matter did not stop here, but went beyond it to the legislative system, and imposed greater control over real estate development to ensure the full rights of the parties, and the best thing that came in this regard is the escrow account that guarantees the buyer his right, and I am almost certain at this point that there is no country more flexible than ours. Where the laws and various legislations regulating the real estate sector and the investment environment in general.

The continuous improvement of the nature of real estate projects presented in the market and the innovative ideas that have become widely adopted, with designs internally and externally to create a modern and more modern lifestyle for the population, had a special impact on the global real estate sector in terms of project excellence.

Developing the tourism, entertainment and shopping sectors to make Dubai a global tourist destination, and enhancing the investment environment in other economic sectors such as health, education, trade, industry and technology, in addition to the development of the digital infrastructure, and finally changing the long-stay systems, all of which together had a role in the expansion of Dubai real estate globally, in addition to Other indirect factors that we do not have time to discuss.

The idea is simply in the real estate sector's march towards globalization, it relied on four main points represented in: renewal, continuity, support and interdependence, and according to these four points, the sector will continue its march towards the future according to new mechanisms that keep pace with global changes.

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