All About Dubai Real Estate In Dubai
Sherah Etame
Office Manager (Front & Back Office) ??? Certified Dubai Property Expert | ?? Helping You Rent, Buy, Sell & Invest | ??? Luxury Homes & Prime Locations | ?? International Clients Welcome | ?? DM for Consultations
The Past & the Future of?Dubai Real Estate Market
Dubai is a city-state in the?United Arab Emirates (UAE), located within the emirate of the same name. It is one?of the seven emirates that constitute the United Arab Emirates. Located southeast of the Persian Gulf on the?Arabian Peninsula, the emirate of Dubai has the largest population in the UAE (2,106,177) and the second largest land territory by area (4,114 km. sq.) after Abu Dhabi. Abu Dhabi?is the Capital of the?UAE. However, Dubai and Abu Dhabi is the only two emirates among five others that have veto power over critical matters of national importance in the country’s legislature.
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Brief History of Dubai-
Four centuries ago, just a vast expanse of?desert inhabited what today is known as Dubai. By the end of the 18th century, a handful of people had settled?there to form the Dubai town and engaged in pearl trading, thus establishing the pearling industry. The population was about 800 then. By the early 19th century, members of the Bani Yas?clan established Dubai, which remained dependent on Abu Dhabi till 1833. Dubai came under the protection of?the United Kingdom by the?“Exclusive Agreement” of 1892.
Dubai, meanwhile, tried to develop the business of Dubai by making foreign trades and decreasing the taxes, thus expanding and making Dubai and Dubai Creek?the rading Hub.
Economic Development and Establishment of Real?Estate-
The late Sheikh Rashid bin Saeed Al Maktoum has the greatest influence and role in the establishment of Dubai as the Trade Hub it is today.
In 1905, he dredged Dubai Creek,?a natural harbor, and significantly expanded its capacity. This facilitated the first Dubai Construction Boom in the 1960s. Eventually, the Sheikh made other visionary?projects such as the great Ali Jebel port, the?Dubai International Trade Centre and the Dubai Dry?Docks.
The three projects played the key role in the development of Dubai. During the 1990s, Dubai was greatly?involved in a huge?number of construction projects. One example of the great works?during the late 1990s was the?beautiful 7-star hotel, the Burj Al Arab.
The Most Significant Moment in Dubai’s Real?Estate Business
May 2002 changed the course of Real Estate of Dubai. Until May 2002, according to the law of the then Dubai, only the citizens of Dubai could own the property of the land on which their houses stood.
However, in May 2002, the crown prince general of Dubai, Sheikh Mohammed bin Rashid Al. Maktoum issued a decree which allowed foreigners to buy property freehold. This?changed the course of Real Estate of Dubai?forever. The construction process boomed. Hugh number of infrastructures were constructed and sold like fresh hot cakes to locals as well as foreigners. Private Developers, both local and international?bought land for construction. Some of the other significant developments after the 2002?decree were The Palm, Jumeirah, the Springs, etc.
The Stand Still of?the Dubai Real Estate Market-
With the onset of the financial crisis of 2007- 2010, Dubai’s real estate market declined after enjoying an uninterrupted boom since 2002.
This was one of?the most challenging times for Dubai’s Real?Estate Market. Thousands of?employees from Dubai’s significant Real Estate Companies were sacked throughout the world. By 2009, Dubai’s leading Real?Estate Company, the Dubai World had debts of 59 billion US Dollars. The cost of infrastructures and the cost of shares started declining consistently.
The Present Real Estate Market of Dubai-
After a remarkable recovery in 2012, the real estate of Dubai is set for bigger and better performance in 2013. With many huge projects planned for?the present year and large supply of residential and corporate units to?serve the increasing interests of investors, Dubai has already started showing signs?of healthy growth. For instance, a 16.5% hike has?been noted in average rents in Dubai apartments during the first two months. Hence, Dubai’s real estate in all set for?healthy growth and success
Real Estate for sale in Dubai
Investing in real estate in Dubai provides an opportunity to get the maximum profit, as housing and commercial premises in this mega-popular city among expats and travelers are profitable. The UAE is the point where the interests of people from all over the world converge. Events of diverse business segments are held here – from small to large. Expo Dubai has been postponed to 2021, which is attracting investors from different countries because they know that this event will affect the residential market and make them liquid. After the quarantine in 2020, the housing market has stabilized, but it is possible to buy a property in Dubai in 2021 at the same prices that have not been increased.
The cost of property depends on the type of housing, its area, and location. For example, a two-bedroom flat in the Genesis by Meraki complex costs over AED 1,000,000, or $273,000. Schools, shops, and green parks are located near the residential complex. It has a gym, swimming pool, and restaurant. Property prices in Dubai for exclusive five-bedroom villa within walking distance of Burj Khalifa and Dubai Mall are AED 16,966,000 or $4,600,000. The house is located near a forest nature reserve, so its residents will admire the green landscapes. This is facilitated by high floor-to-ceiling windows, offering a breathtaking view.
Property types
There are numerous housing options on the market in the United Arab Emirates. Property in Dubai is attractive not only to homebuyers and foreign nationals but also businessmen and investors for various purposes:
Those interested in housing in the emirate can buy freehold property and find real estate in Dubai. In different districts, the city offers various property options in apartment buildings, townhouses and penthouses with luxurious interiors, detached houses near beaches and residential complexes on artificial islands, and so on.
Areas of Dubai
There are the 5 best neighborhoods for foreign customers to buy real estate in Dubai:
The area is the most popular in the metropolis. There are luxury mansions, buildings with large-sized apartments, and other housing types. Cafes and numerous restaurants, shops and beach clubs are open for tourists and locals.
This is a business center with offices of the world’s well-known companies and a tourist area with the sights of the emirate. Downtown Dubai is a city center with a well-developed infrastructure. Boutiques, beauty salons, restaurants, supermarkets, and entertainment venues are open to residents. There are also medical institutions, kindergartens, schools, and banks a few minutes’ walk away.
The man-made artificial island is a gem in the heart of the city, offering 360-degree views of the Persian Gulf and the panorama of the city. Palm Jumeirah offers diverse elite hotels, such as Atlantis, One & Only Palm, Kempinski, Rixos, and Jumeirah Zabeel Saray. In addition, Emaar Beachfront, a brand-new residential complex, offers unique properties in Dubai not far from the district. There are various types of property to buy here, from apartments and penthouses to villas and land plots.
The district known as Dubai Hills Estate offers luxury and affordable flats and villas by developers Meraas and Emaar in MBR. Dubai Hills Estate is the first phase of development in Dubai. It will include gardens, parks, bike paths, and golf courses. The district will have 4,600 villas and 22,000 apartments.
This is the largest business center in Dubai created by Sheikh Mohammed Rashid Al Maktoum to develop a global commercial center in the UAE. Upscale office space and expensive flats are under construction in this area. Business Bay is a great place for international companies to do business in the Middle East.
Living in Dubai
The emirate is a sought-after and desirable destination for travelers at any time of the year. Here it is summer all year round, warm sea, bright sun, and diverse properties for sale in Dubai, rent, purchase, and investment. Dubai properties for sale are perfect to those interested in investing in their future, because in the end this housing will be expensive. Dubai has always appealed to locals who want to improve their lifestyle, and foreigners who are looking for flats and villas on attractive terms to invest in property. High-quality infrastructure is another crucial factor when choosing a property in the emirate. Everything is well-developed here, from construction and health care to food and service for residents. Many people can do their business in this tax-free country.
Investing property in Dubai the UAE
Dubai is the investment center of the Middle East, a place with the safest environment for investment. The city is the leader in the top investment attractiveness with property for investment among other countries. A favorable geographical location, Dubai investment properties, a rapidly developing segment of commerce and technology, and many business benefits attract the largest companies from all over the world. A potential investor can find different types of housing to invest his capital with different property prices and ways of earning.
Buying a property in Dubai with AX Capital
The real estate agency in Dubai works with residential, commercial, including retail and primary properties real estate market. We help sell, purchase, and rent villas, apartments, penthouses in the elite areas of Dubai, such as Dubai Marina, Downtown, Palm Jumeirah, Emirates Hills and so on.
Start fulfilling your desire to become the owner of a luxury home in the city of your dreams now! Choose properties for sale in Dubai and find your villa, penthouse or flat among the ads!