What are Dubai's future development prospects?
Dubai is a booming city. Economically, first of all, with an undeniable boom. The Emirates continue to attract thousands of people every year. In the first half of 2023 alone, over 50,000 people moved here. Then there are the impressive figures for real estate. The number of apartments sold rose by 47.13% (to 99,300 units). The same goes for villas, with sales up 30.98% (to 15,500 units). But what's next? What are the prospects for future development in Dubai?
Development prospects in Dubai
Wondering why you should invest in a villa in Dubai? The local development prospects are quite simply very good. Indeed, the local government has announced several plans to make the Emirate one of the world's leading powers.
These include the "Vision 2030″ project, which aims to make the city a global hub dedicated to knowledge, sustainable development and innovation. There's also the program entitled "Dubai 2040", a vast urban planning and economic plant. A project structured around 3 main axes:
- enhancing the attractiveness of older neighborhoods
- better housing options
- investment in key development zones
But Dubai sees further ahead! Proof of its interest in absolutely every sector, the city is aiming to become the world's first carbon-neutral city by 2050. To achieve this, investments of $163 billion over the next few years have been announced.
The arrival of new neighborhoods, to develop our appeal
In addition to the city's economic, political and cultural development, the landscape itself is gradually taking shape. Today, new districts are eagerly awaited by locals, expatriates and property investors alike, especially those interested in the idea of buying a villa in Dubai...
Two neighborhoods are expected to be involved:
- Palm Jebel Ali
- Dubai Islands
Palm Jebel Ali
Initially planned, then abandoned and finally relaunched, the Palm Jebel Ali development program is an integral part of the Palm Islands project. This involves developing a sort of archipelago made up of several islands in the shape of a palm tree. A district designed to accommodate luxury residences, hotels, theme parks, beaches, marinas and leisure facilities.
Dubai Islands
The Dubai Islands district is an urban development project in Dubai, covering 17km² of sea and divided into a total of 5 islands. It will feature luxury residences, hotels, beaches, parks, shopping malls and leisure facilities. An incredible project, which alone demonstrates just how impressive Dubai's development prospects are.
The impact of Dubai's development on real estate investment
As we quickly saw in the introduction,the impact of Dubai's development on real estate investment is real. In just a few years, the number of investors keen to take advantage of the villa programs and associated services has exploded. 2022 was already a record year. 2023 is even more so, with a clear 37.2% increase in the number of sales, for a total of 133,200 transactions.
While apartment purchases are driving the market, with 47.13% more sales, the villa market is not to be outdone, with 15,500 sales observed throughout the Emirate, even if certain districts are more targeted than others (Jumeirah Village Circle comes to mind).
And forecasts for 2024 are quite good (even very good). While prices should continue to rise, developers and observers expect the market to grow by between 10% and 15%. This augurs well for investors, who will continue to position themselves in the market for exceptional properties.
Dubai Immo, the number one French-speaking agency in Dubai
Are you interested in a real estate project? Do you have a program in mind and would like to find out more, particularly about the villas for sale? Don't hesitate to contact us. Dubai Immo is the number one French-speaking real estate agency in Dubai, United Arab Emirates.
There are several ways to find out more:
- You can discover the different programs we offer online. Once you're interested in a villa project, don't hesitate to download the brochure.
- You'll then have all the information you need about the project you've selected for yourself. You can then contact us.
- You can contact us directly. Our teams are at your disposal by email or WhatsApp. Our RERA-certified estate agents will get back to you as soon as possible, with all the information you need.
