Real estate in Dubai
Real Estate in Dubai refers to the market for property development and investment in the emirate of Dubai, United Arab Emirates. Real estate is a significant contributor to Dubai's economy, accounting for a substantial portion of the city's GDP.[1] Dubai's real estate market has experienced growth and transformation, driven by the city's rapid economic development, strategic location, and urban planning. Real estate is a driver of Dubai's economy.[1] The city's real estate industry is regulated by the Dubai Real Estate Regulatory Agency.[2]
History
[edit]The Dubai government established the Dubai Land Department in 1960 to manage the city's land and property assets.[3] The department is responsible for registering all real estate transactions and ensuring that all property-related laws and regulations are followed.
In the 1980s and 1990s, the city's property market was primarily driven by the oil industry.[4][5] However, with the decline of the oil industry, the government of Dubai began diversifying its economy and investing heavily in real estate.[6]
In the early 2000s, the Dubai government launched a series of projects to develop the city's real estate sector. These projects included the construction of the Burj Khalifa, the world's tallest building, and the Palm Jumeirah, one of the world's largest man-made islands.
The 2007–2008 financial crisis led to the Dubai housing crash in 2009 and a sharp decline in property values and a slowdown in development activity. The government took a series of measures to support the industry, including increased regulation and transparency, and establishment of the Dubai Real Estate Regulatory Agency (RERA).[7] Since 2020, during the pandemic, developers have largely refrained from new projects.[8]
In 2023, despite higher material costs and tighter credit, they are returning to construction, due to increased demand.[8]
Market Trends
[edit]According to the Dubai Land Department, the total value of real estate transactions in Dubai in 2021 was AED 155 billion ($42.2 billion). The department also reported that there were 49,862 real estate transactions in Dubai in 2021, with 33,337 of these being sales transactions.[9]
The luxury property market in Dubai is particularly strong, having reached the peak in 2023.[10]
Projects
[edit]- Some of the most notable real estate projects in Dubai include:
- Burj Khalifa and Downtown Dubai
- Palm Jumeirah and Palm Islands
- Dubai Marina and Jumeirah Beach Residence
- Dubai Water Canal and Business Bay.
- Dubai Creek Tower and Mohammad Bin Rashid City.
- Dubai Frame and Dubai Mall
See also
[edit]References
[edit]- ^ a b "Dubai's Real Estate: A Key Driver For Economic Growth". The Economic Times. 2021-11-24. ISSN 0013-0389. Retrieved 2023-04-14.
- ^ Buller, Alicia (25 Sep 2019). "New law issued to regulate joint ownership of real estate in Dubai". arabianbusiness.com. Retrieved 14 April 2023.
- ^ "Essential Guide: Dubai Land Department". www.thefirstgroup.com. Retrieved 2023-04-14.
- ^ "Dubai Real Estate Market: A Comprehensive Look at its History and Present Status". limeswood.ae. 2023-01-31. Retrieved 2023-04-14.
- ^ "China's Urban Challenge: Balancing Sustainable Economic Growth and Soaring Property Prices | Newgeography.com". www.newgeography.com. Retrieved 2023-04-14.
- ^ "Economic Diversification in Oil-Exporting Arab Countries" (PDF). IMF.
- ^ "Real Estate Regulatory Agency (RERA)".
- ^ a b "Dubai Housing Boom Shows No Sign of Slowing as Prices Jump Again". Bloomberg.com. 2023-03-09. Retrieved 2023-04-14.
- ^ "Dubai Land Department - Dubai Land Department Reveals the Total Value of Real Estate Investments Made During the First Nine Months of the Year". dubailand.gov.ae. Retrieved 2023-04-14.
- ^ Properties, M. N. A. "Dubai property market set to hit new peak in 2023". mnaproperties.ae. Retrieved 2023-04-14.