Category: Development in Dubai

According to a survey released on Tuesday, the pace of growth in non-oil economic activity in the United Arab Emirates slowed in August to its lowest level in six months, although business confidence increased to its best level since before the epidemic.

The S&P Global UAE Purchasing Managers’ Index, which is seasonally adjusted, dropped from 56.0 in July to 55.0 in August. Although it was at its lowest point since February, it was still much higher than the 50.0 threshold that indicates activity growth.

The production subindex showed a persistently high rise in activity, but it dropped in August from 62.8 in July to 61.9, the lowest level since January.

Although the operational conditions continued to improve in August, according to David Owen, senior economist at S&P Global Market Intelligence, momentum has slowed down since the four-year top was reached in June.

“Having said that, most PMI indicators—including increases in input purchases, inventory buildup, job creation, and strengthening supply chain conditions—continued to provide encouraging signals.

According to the study, the speed of growth in new orders remained solid, with the subindex at 57.6—the same level as in July—and being aided in part by bettering economic circumstances, higher household spending, and an increase in the number of customers.

The UAE has been expanding its non-oil sectors, putting a focus on commerce, tourism, manufacturing and logistics, as well as financial services, making it one of the most diversified economies in the Gulf.

According to preliminary figures released by the minister of economy last month, the UAE’s non-oil GDP increased by 4.5% in the first quarter, outpacing the 3.8% growth of the country’s overall GDP.

According to the most recent PMI survey, business confidence was high and at its highest level since March 2020, with robust economic growth forecasts fueling optimism.

With its global ambitions restored thanks to a quick economic recovery following COVID, Dubai is vying for talent and investment to fuel long-term growth.

The opulent Gulf city-state’s strategy is a revamp of a flashy economic model that for years prioritized real estate investment, tourism, and money inflows from abroad.

Real estate is once again thriving, aided by Russian demand amid the conflict in Ukraine and looser residency regulations. Analysts believe that stronger safeguards are in place this time to prevent a recurrence of the issues that brought down Dubai following the global credit crunch in 2008.

Dubai, home to the tallest building in the world and artificial islands, has ambitious new objectives: D33, a 10-year economic strategy, seeks to quadruple the size of the economy and elevate Dubai to one of the top four financial centers on the planet.

By 2040, it also plans to extend its public beaches from 21 kilometers to 105 km and revitalize the dusty Palm Jebel Ali island, which was abandoned after the 2008 financial crisis.

According to data by Knight Frank, with 219 home sales over $10 million in 2018, Dubai was the fourth busiest ultra-prime real estate market in the world. Tourist numbers are virtually back to levels of 2019.

In addition, the demand for ultra-high-end goods and the rise in real estate prices are bringing back regrets from earlier excesses.

Dubai was severely impacted by the global financial crisis in 2008, which resulted in a capital and population exodus, a collapse in real estate values, and highly leveraged flagship businesses known as government-related enterprises (GREs) that were having trouble paying off loans.

The oil-rich capital of the UAE, Abu Dhabi, eventually intervened with a $20 billion lifeline that is generally anticipated to be renewed a third time.

Nasser Al Shaikh, who led Dubai’s finance division until 2009, told Reuters that there is a danger that Dubai would become an unaffordable place to live and that new construction must ensure that there is a sufficient supply of mid-range housing to fulfill demand as the population rises.

“If developers in the private sector are unable to accomplish that, then the government and GREs may have a bigger role to do that while keeping prices reasonable,” Shaikh added, alluding to the top businesses that have driven Dubai’s explosive rise.

According to official figures, Dubai’s population increased to about 3.55 million in 2022, up 2.1% from 2021 and 4% since 2020; S&P estimates it to surpass 4 million by 2026.

The possibility of a significant new round of borrowing (by GRE developers) based on irrational expectations for real estate sales exists, but Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners, is optimistic that this risk will be reduced as a result of lessons learned from previous cycles.

In response to an inquiry for comment on how its strategy ensures that growth is sustainable and not speculative, the Dubai Media Office did not provide a response right away.

In order to acquire funds and expand its financial markets, Dubai established a Debt Management Office in 2022, paid off or restructured certain outstanding debt, and announced intentions to sell government holdings in 10 enterprises. Last year, it mentioned four of those.

Shaikh claimed that current financial officials had gained knowledge from the past mistakes of last 15yrs.

“Dubai has a strategy today, and the growth of capital markets is a key aspect of Dubai’s overall financial idea, not only to generate liquidity and pay off debt but also to deepen capital markets inside the financial sector.”

Worldwide Safe Haven

Dubai, the economic hub of the United Arab Emirates, has invested heavily in corporate and social reforms as well as industries like digital technology. Unlike the wealthy capital Abu Dhabi, less than 2% of GDP is derived from oil.

According to real estate research firm CBRE, villa prices increased by almost 15% in Q1, driving up average real estate prices by 12.8%. Sales of villas have topped 2014 peaks. Behind India and the UK, Russian buyers were third in Betterhomes’ list of the top 10 purchasers for May.

According to Richard Waind, group managing director at Betterhomes in Dubai, “Dubai has really established itself as a global safe haven,” adding that it is secure for families, politically, and economically.

“The market is no longer speculative. This market is based on sincere investment. That, in my opinion, is a significant departure from what we witnessed in 2008–2009 and perhaps the most recent peak in 2014.

According to S&P, Dubai’s gross general government debt will decrease from 78% of GDP in 2020 to 51% of GDP, or approximately $66 billion, by the end of 2023. However, due to large non-financial GRE liabilities, the overall public sector debt will remain elevated at approximately 100% of GDP.

Dubai’s five-year credit default swaps, which measure the price of insurance against a default, fell to a record-low 66 basis points on March 8 of this year, a significant decline from the 316 basis points it achieved at its peak during the COVID-19 pandemic in 2020.

According to the 2022 Financial Times ‘fDi Markets’ study released last month, Dubai garnered an estimated $12.8 billion in FDI capital last year; FDI into Saudi Arabia was roughly 30 billion riyals ($8 billion).

Dubai’s infrastructure, schools, and hospitals continue to be in high demand despite increased competition from Gulf neighbors.

Data from the real estate consulting company shows that prices in Dubai have increased by 225% from plunging to an all-time low in the third quarter of 2020.
For the ninth consecutive quarter, The Emirate held the top spot in the rankings.
According to a new research by Knight Frank, Dubai’s luxury home prices increased by almost 50% in the year leading up to June, keeping its top spot for the eighth consecutive quarter.

The property consultancy firm released figures on Wednesday showing that prices in Dubai have increased by 225% from plunging to an all-time low in the third quarter of 2020. For the ninth consecutive quarter, The Emirate held the top spot in the rankings.

Tokyo, which experienced an annual growth of 26.2%, and Manila, which witnessed a increment 19.9%.

Shanghai, China, saw an addition of 6.7%, and Singapore saw an increase of 4.2%. The survey stated that “the inflow of expatriates to Singapore, spurred by the flourishing financial and professional services sector, has influenced the rental market more than the sales market,” noting that the difference is partially attributable to taxation for purchases by foreign buyers.

Foreign buyers of residential property in Singapore must now pay an extra 60% in buyer’s stamp duty, double the prior 30%, effective of the end of April.

Due to a rise in unsold inventory from recently completed projects, prices in Hong Kong have fallen 1.5% over the past year. The Hong Kong government increased its mortgage loan-to-value ratio for residential properties priced at 15 million Hong Kong dollars ($1.9 million) or less to 70% in an effort to boost demand.

The ability of the shift to “significantly boost” growth is still unknown, according to Knight Frank’s analysts, even though the change is expected to be welcomed by purchasers.

Other cities that experienced declines were New York, which fell 3.9%, and San Francisco, which had an 11.1% decline. Frankfurt, Germany, came in last on the list after experiencing a 15.1% decline.
In all 46 markets included in the Knight Frank Prime Global Cities Index, average yearly price growth was 1.5%.

According to Knight Frank’s Global Head of Research Liam Bailey, “the switch to higher interest rates is still exerting pressure on the world’s housing markets.”

However, he pointed out that the index’s findings confirm that prices are backed by robust underlying demand, limited supply as a result of the interruption of new construction projects due to the pandemic, and the influx of workers back into cities. Changes in prices in many markets are likely to be smaller than was anticipated even three months ago, Bailey continued, as uncertainty regarding the path of inflation appears to have decreased in recent months.

Dubai is well-known for its gorgeous architecture and cutting-edge design when it comes to new projects. Over time, it has undergone a spectacular transformation. In particular because it was moved from a sleepy fishing village to a bustling city that welcomes tourists from all over the world.

1. Dubai Creek Tower
2. Marsa Al Arab
3. Burj Binghatti
4. Agri Hub District
5. One Za’abeel Ciel
6. Dubai Urban Tech
7. Dubai Wasl
8. Dubai Tower

It is not surprising that Dubai is currently home to some of the most stunning and ambitious megaprojects ever! Let’s now take a closer look at Dubai’s top most anticipated projects for 2023, as well as their locations.

1. The Dubai Creek Tower
   Dubai Creek Harbour is the location.

if your standards exceed those of the Burj Khalifa. Your goals will be met by this project. The tallest structure in the world, Dubai Creek structure, will undoubtedly entice many people to visit.

The Tower was the name they chose for it initially, however Dubai Creek Tower was later added. Emaar oversees the majority of Dubai’s newest projects. It makes sense that it is the one who built this stunning structure.

The location of this marvel will be in the center of Dubai Creek Harbour. This is a well-known location within the Emirate.

2. The Marsa Al Arab
Location: South of Dubai

Marsa Al Arab is a brand-new construction that will divide the Burj Al Arab into two artificial islands.

The project is now under construction and will have a variety of attractions, including a luxury resort, a theater, a marine park, and more. A helipad, a yacht club, and a private marina will also be included in Marsa Al Arab.

3. Burj Binghatti 
Location: of Business Bay
One of the most well-known planned developments in Dubai’s Business Bay neighborhood is the Burj Binghatti. The tower is 200 meters high. Additionally, it provides 181 opulent apartments, ranging in size from studios to three-bedroom homes.

It stands out as a highlight in the city’s skyline due to its distinctive honeycomb design. with first-rate features and a good location. In Dubai, Burj Binghatti has grown to be a highly sought-after address for urban life.

4. Agri Hub by URB 
Location: the Al Barari

An upcoming project called Agri Hub by URB is now being built. Additionally, this ground-breaking project aspires to establish an urban agricultural neighborhood that is environmentally responsible and sustainable.

It is situated in a desirable area. Residents will have access to fresh fruit and a distinctive living environment thanks to Agri Hub by URB. This project is groundbreaking in the field of urban development since it places a strong emphasis on sustainability and community.

5. Dubai Urban Tech District 
Location: Al Jaddaf neighborhood.

In actuality, Dubai Urban Tech District is one of the brand-new construction initiatives that will likely be finished by the conclusion of 2030. Additionally, this ground-breaking project aspires to establish a center for technology and innovation by uniting business owners, startups, and well-established corporations in a vibrant and cooperative community.

Dubai Urban Tech District is positioned to become a major hub for technology and innovation in the area thanks to its cutting-edge facilities and enviable location. It is a forthcoming initiative that is causing a lot of anticipation in the business and tech circles.

6. One Za’abeel
Location: Za’abeel area

If you want to view one of the most stunning architectural creations you’ll likely ever see. One Za’abeel fulfills all the requirements. It’s one of the upcoming developments in Dubai that will leave you breathless.

The Linx, the longest-ever cantilever bridge, connects two connected skyscrapers in this project. Additionally, the skyscrapers will include a stunning observation deck, a luxury hotel, residential apartments, and retail stores. Pay attention to this one!

7. City of Dubai Vertical
Vertical City, a zero-energy structure, has been suggested for development by Luca Curci Architects. This might bring something unique to Dubai’s famous skyline. This project, whose price tag is unknown, was initially announced in 2019 during the Knowledge Summit in Dubai. The Middle East is the suggested location for this project. And under the project proposal status, the client that is responsible for it is identified as a private organization.

An idea for a self-sustaining, water-based tower complex is called Vertical City. That has a maximum capacity of 25,000 people. The city also wants to implement a zero-waste strategy. Additionally, it will depend on renewable energy sources including solar energy, wind energy, and hydroelectricity.

8.  Dubai Wasl Tower
Location : Sheikh Zayed Road
By Q2 of 2024, completion is anticipated. At more than 300 meters tall, the Wasl Tower dominates the skyline.

The 56th story of the Wasl Tower has reportedly had all structural construction done, and as of October 2022, the façade has advanced to level 13.

229 residential units, 258 hotel rooms, 185,345 square feet of office space, and 11 parking floors will be included in the tower’s 64 total floors. Additionally, the tower will appear to be looking in all directions because to its distinctive design based on the Z axis, which will provide the impression of dynamic mobility.

To sum up, Dubai’s forthcoming major projects are expected to completely change the city and solidify its status as a leader in tourism, real estate, and business worldwide. These initiatives will significantly increase the city’s already excellent infrastructure and skyline while also representing a significant investment in its future.

Here is a list of Dubai’s future intriguing new real estate projects that will further add to the emirate’s allure. Future events are imminent.

Dubai’s infrastructure continues to be the key to its prosperity, and the government has recognized this by dedicating 46% of its 2020 budget to its growth. This dedication to infrastructure development involves work on airport and port facilities as well as public transportation and is essential to assisting a number of economic sectors.
Businesses in Dubai and beyond can apply for e-business residency.
Dubai’s government has made significant infrastructural expenditures, and it also fully supports innovative programs that aim to create an environment where enterprises of the future may prosper.

Dubai, a real-world test site for the future, collaborates with visionary leaders from around the globe to encourage genuine collaboration and creativity. This backing is shown in the government’s establishment of e-business residency, this enables business owners, wherever they are based, to establish virtual firms in Dubai.

Up to ten-year residency permits
Additionally, the city now grants professionals in the medical, scientific, research, and technical domains resident visas valid for up to 10 years. Additionally, Dubai is home to a burgeoning network of incubators and accelerators for startups that are perfectly situated to support companies during their initial phases of growth.

Ideally situated, serving as a testing ground for new ideas

Dubai is strategically situated and can serve as an incubator for a wide variety of enterprises, making it ideal for innovators and those looking to build globally competitive businesses. These four industries are ideal for Dubai.

Healthcare and medicine

By the end of 2021, it is expected that Dubai’s medical and healthcare sector would increase to a value of US$28 billion. According to a report by Fitch Solutions, the healthcare industry in MENA is predicted to increase at a rate of 11.7% compound annual growth rate (CAGR) at constant currency rates, from US$185.5 billion in 2019 to US$243.6 billion in 2023.

Dubai Healthcare City (DHCC), the largest medical free zone in the world, and Emirates SkyPharma, the first and largest multi-airport hub exclusively for temperature-sensitive pharmaceutical shipments, are both located in the city.

A major force behind ICT and technical advancements is health tech.
In order to enable the licensing of new facilities and the application of cutting-edge technology, Dubai Health Authority provides proactive investment facilitation supports and promotes discourse on policies and regulations. This will encourage rollout and increase community access to patient care. Over 75% of outpatient services and over 65% of inpatient services in Dubai are utilized by private sector healthcare providers.

The city is engaged in a number of projects to implement cutting-edge technology in healthcare, including 3D modeling, precision medicine, robotic pharmacy, digitization, health apps, smart fitness, and many others.

Technological innovation
The UAE is one of the top 10 nations in the world, according to KPMG’s Autonomous Vehicles Readiness Index (AVRI), in terms of readiness for driverless vehicles.

Leading logistics technologies will power trade in the future.
The city is also spending a lot of money on incentives to promote the switch to electric vehicles, including free public charging stations, toll-fee exemption, and reductions on vehicle registration.

The fastest transit system in the world moves freight at breakneck speeds.
For instance, the Dubai government is collaborating closely with Virgin Hyperloop One to build the fastest transit system in the world, which would transport both people and freight at previously unfathomable speeds. The cooperation between Virgin Hyperloop One and DP World, which manages Dubai’s ports, is expected to transform Dubai into a regional logistics and support powerhouse.

It is a component of the Cargospeed project of DP World, which seeks to provide superior priority service for on-demand commodities. Not only will freight be delivered at record-breaking speeds, but trucking-like prices will be used to accomplish this. Cargospeed will enable customers to respond swiftly to unexpected needs and keep flexibility at times.

One of the top cities in the world for fashion spending per person

Dubai had one of the highest per-person fashion spending rates in the world last year, at $1,600 USD.Due to its proximity to African and Indian production centers, Dubai makes logistics for the fashion industry more easier. The government of Dubai has reacted by opening the College of Fashion and Design to establish a top-notch educational institution that will promote the rise of both local and international talent in light of the growing presence of international brands and the upsurge in popularity of regional brands such as Elie Saab, House of Nomad, and more.

A reduction in oil output as a result of OPEC-agreed production limits, a slowdown in the non-oil sector due to increased interest rates, and weak foreign demand are some of the major challenges facing the UAE’s prospects for economic growth in 2023. Global Data predicts that the UAE’s real GDP will rise at a lesser rate of 3% in 2023 compared to the strong 7.6% growth rate seen in 2022.

The oil and gas sector contributes over 30% of the UAE’s GDP and 13% of all exports, according to GlobalData’s most recent research, “Macroeconomic Outlook Report: UAE.” The year 2022 saw a major economic recovery, fueled mostly by rising oil prices, with a growth rate of 7.6%, the highest since 2007.

However, the UAE’s prospects for the current year’s economic growth are directly impacted by the fall in oil and gas prices that has been occurring since the start of 2023 and is predicted to continue throughout the year.

Economic research analyst at GlobalData Indrajit Banerjee makes the following observation: “The government must continue to pursue its goal of diversifying the economy if it wants to reduce the economy’s sensitivity to outside shocks. The UAE Circular Economy Policy 2031, with an emphasis on manufacturing, food, green infrastructure, and sustainable transportation, as well as Abu Dhabi’s plan to invest US$2.7 billion to double the population of the manufacturing sector by 2031, reflect the government’s desire to shift to a more diversified economic base.

The industries that contributed the most to the gross value added (GVA) in 2022 were mining, manufacturing, and utilities, which made up 31.2% of the total. Next came financial intermediation, real estate, and business activities, which made up 22% of the GVA, and the wholesale, retail, and hotel sectors, which made up 15%. GlobalData predicts that these three industries will expand nominally by 2.9%, 3.7%, and 2.5%, respectively, in 2023 as opposed to 9.6%, 12.4%, and 8.4% in 2022.

With an investment of US$23 billion in July 2022, the UAE has started a number of development projects that will open up employment possibilities and greatly increase the construction and related industries. The building of Dubai’s urban tech center and the AED40 billion (US$11 billion) railway network project are only a couple of the ongoing initiatives,

the Rashid Solar Park’s capacity being increased by 2025. The construction activities, which GlobalData predicts will increase by an average of 2% between 2023 and 2025, are anticipated to be driven by these projects.

Export growth is anticipated to drop from 4% in 2022 to 2.6% in 2023 on the international front. Real household consumption spending is anticipated to increase domestically at a slower rate of 4% in 2023 compared to 8.4% in 2022.

In the GlobalData Country Risk Index (GCRI Q4 2022) of 153 countries, the UAE is categorized as a very low risk country and is rated 10th overall. In comparison to other countries, the country has a lower risk score in terms of the macroeconomic, social, and environmental risk criteria, as compared to average of middle east and north African nations.

In 2021, the UAE will hold 4% of the world’s natural gas reserves and 7.2% of the oil reserves, according to a GlobalData study based on statistics from the OPEC database. ADNOC found 650 million bbl of onshore crude oil reserves in Abu Dhabi in May 2022, which was a huge discovery. The hydrocarbon reserves base in the UAE has grown as a result of this discovery. As a result, it is anticipated that the nation will continue to play a significant role as an important producer and exporter of hydrocarbons in the near future.

The UAE’s economic growth projection for 2023 confronts hurdles, but continuous diversification efforts and development initiatives targeted at bolstering the economy will play a crucial role in lessening its sensitivity to outside shocks, according to Banerjee.

For the first time in human history, we are fortunate to live at a time where life extension is actually a possibility. Even though we still cannot escape death, science has dramatically increased life expectancy, first with vaccines and subsequently with new medications to treat chronic illnesses.

The Hevolution Foundation in Saudi Arabia announced plans to invest up to $1 billion annually in basic research on the biology of aging and potential pharmacological inhibitors in 2021.

The UAE, a neighboring country, has begun a national initiative to map each Emirati’s DNA in order to provide individualized medical care for each resident. This initiative paves the way for local production, design, and manufacture of cutting-edge medicines for diseases like cancer and diabetes in the future.

For more than 10 years, the area has been interested in biotech as a potential growth sector.

While governments in the area have prioritized research into diseases, extending life expectancy, and producing treatments, investors and regulatory agencies have been investing to establish public-private partnerships with big pharma and upstart biotechs during the past few years. Players in the biopharma industry are developing inventive manufacturing capabilities.

In addition to signing partnerships with top-tier global pharma partners, local drug makers are expanding their local production capacity with new creative therapies for diseases with high frequency due to lifestyle factors, rare genetic abnormalities, and malignancies.

The strategy worked well. As an ecosystem is developed, the biotech and life sciences sector in the area is expanding to new heights.

Proactive healthcare prevention
“Pharma and life sciences developed to the forefront in the Middle East over the pandemic when the supply chain got disrupted, and life-saving medication was not accessible, putting millions of lives at risk,” says Abbas Berdi, a partner at PwC Middle East who specializes in the healthcare sector with a focus on pharmaceutical and life sciences. The inclusion of supply chain resilience and medication supply security in national agendas was sparked by this, according to regional governments.

Instead of combating disease, Berdi contends that proactive preventative healthcare is the main goal. And this quality is especially useful in areas where diabetes and heart disease place a heavy strain on healthcare providers and lead to high rates of hospital admission.

Due to its extensive talent and investor pools, Abu Dhabi, the largest biotech hub in the UAE, attracts both major pharmaceutical corporations and the most promising biotech startups.

According to Kareem Shahin, Chief Business Officer of G42 Healthcare, a major health tech business with offices in Abu Dhabi, “The UAE government made investments in infrastructure, research facilities, and universities to promote innovation in the sector.” Public and private institutions collaborate in the “life science ecosystem” to advance innovation, R&D, and medicines production.

Spending on healthcare

According to recent data, the biotechnology industry is growing rapidly in the area. The biotechnology market in the area is anticipated to reach $2.6 million by 2028, with the UAE and Saudi Arabia holding the highest part of the industry, according to a report by the Dubai Chamber of Commerce. The UAE included $1.3 billion on healthcare and community protection in the federal budget for 2023. According to Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park, “the country is currently a regional leader in attracting FDI in the biotechnology sector.”

“With strategic clients like Pfizer, Insulet, and Bayer, our community supports Dubai as an international hub for medical tourism, healthcare excellence, and innovation,” continues Janahi. The neighborhood has purpose-built centers for R&D by himalaya wellness ,Firmenich.

AstraZeneca has revealed intentions to construct headquarters at Dubai Science Park, joining a neighborhood of business titans that already includes GE Healthcare, Sobi, and Bio-Rad. There is also an innovation hub for Zimmer Biomet Holdings. The rise in chronic diseases, in the opinion of experts, is one of the major factors influencing investment in biotechnology in the region.

According to Shahin, the MENA region’s chronic illnesses and pressing demand for better healthcare have produced a large opportunity for biotechnology investment.

Due to a number of causes, such as an aging population, urbanization, and shifts in lifestyle and food, the prevalence of chronic diseases has been continuously rising, placing a considerable load on healthcare systems.

A study found that although the amount spent on healthcare in the area has been expanding quickly, the standard of care has not improved due to poor access to basic services and a lack of qualified healthcare workers. According to Shahin, this has increased demand for fresh and cutting-edge medical treatments, including biotechnology.

Several nations in the region have started population health programs to better healthcare outcomes and lessen the burden of chronic diseases in response to this demand.

The King Abdullah International Medical Research Center, which carries out cutting-edge research in genetics, immunology, and cancer, is located in Saudi Arabia, which is also investing heavily in biotech infrastructure, R&D, and talent acquisition.

In Dubai, 2022 turned out to be a prosperous year for real estate. Investors bought homes on very benevolent terms, and they have already begun to see a return on their investment. If you’ve been looking for property in Downtown to buy since it’s one of the most promising areas in 2023, you’d better act quickly because there will be a few new projects going up there.

Property in Dubai

More than 70,000 properties are expected to enter the market in Dubai between 2022 and 2025, a record number since 120,000 houses entered the market in 2009, according to predictions from Knight Frank.

It should be noted, meanwhile, that 30–40% of the commissioning scheduled for 2022 will actually happen in 2023 due to building delays.

Villas will only make up 15% of the new supply, which will maintain a stronger demand for them than for apartments.

The average price of residential property in Dubai is still 26.6% below the most recent market high. At the same time, the market’s enthusiasm may wane in the mass segment in 2023. Due to weaker demand, prices are probably going to start to stagnate, but they probably won’t go down. In contrast, price increases in the elite market will only pick up steam in 2023 due to a supply crunch.

Thus, only 2,700 units, or 3.6% of the entire anticipated supply, will reach the elite market this year.
City center

Dubai’s downtown is the most opulent and affluent part of the city. Both business and tourism are thriving there. Downtown was built by Emaar, the leading development business in the United Arab Emirates. There are currently over 30,000 homes available for purchase, ranging from tiny pleasant apartments in complexes with low-rise structures to luxurious apartments with panoramic windows and views of the Burj Khalifa.

Dubai’s downtown is situated in the city’s middle. The Burj Khalifa tower, the main draw of the UAE, is situated here. The renowned dancing fountain and Dubai Mall are also at its base.

In 1998, work on the area started. Along with hospitals, schools, and kindergartens, the area has seen the growth of residential and office towers. There are now hotels, amusement parks, banks, shops, and restaurants. Even now, the city’s Downtown is still evolving. Foreign investors are drawn to the region since it is a freehold area where it is legal for non-residents to buy property. Downtown’s popularity as a tourist destination ensures strong short-term rental income.
Dubai Downtown’s benefits
Location is convenient.
13 kilometers away and 20 minutes by car from Dubai Airport.
constructed infrastructure.
subway system.
A steady stream of tourists.
a short distance from famous sites.

Downtown real estate for sale

Emaar Properties, a state-owned business, is the primary developer of Downtown. Act One towers and Act Two are recent constructions. In the vicinity of the Dubai Opera is the complex. The structures house luxurious flats with 1-3 bedrooms. Apartments start at $442,000, which is reasonable given the neighborhood.

The St. Regis Residences is a different undertaking. These two beautiful Art Deco structures are 262 and 171 meters tall. 83 units are available at the start of April. Costing $584,000, apartments starting at 791 square meters are available.

The luxurious Opera Grand has 70 floors. The project consists of hotel rooms, flats with one to five bedrooms, and townhouses with five bedrooms. Their price is more than $1.3 million. Added iconic property in Downtown Dubai is Burj Crown.

It is located on Sheikh Mohammed bin Rashid Boulevard, a fashionable street. The building’s apartments range in size from 1-3 bedrooms and cost $670,000.

Dubai property for sale

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The UAE’s skyline is continually changing as new cities, structures, and even islands are created.

The UAE is now among the most advanced and sophisticated nations in the world thanks to the enormous development it has undergone in the previous ten years.

The same number of projects are expected to be completed in 2023 as were last year.

For information on the upcoming megaprojects in Dubai, Abu Dhabi, and other locations, see the slideshow above and the list below.

The dates of completion could change.

Dubai’s Burj Binghatti
Since Burj Khalifa won the title of “world’s tallest tower” back in 2010, there have been a few contenders, and this one is vying for the slightly different title of “world’s tallest residential tower.”

According to developer Binghatti, Burj Binghatti will feature “more than 112 storeys” and give residents the opportunity to “live amidst the clouds.”

It is being developed in Business Bay in collaboration with the New York-based watch and jewelry company Jacob & Co.

Burj Binghatti needs to rise higher than the existing record-holder, New York’s Central Park Tower, which stands at 472-meters, in order to claim the title of highest residential tower in the world.

Jebel Ali Palm
It doesn’t get a lot bigger than this in terms of size.

Off the coast of Dubai, the man-made island known as Palm Jebel Ali has been inert for some time but could soon start to bloom.

Late last year, the island’s developer Nakheel announced that it is reviewing its plans. Observe this space.

URB’s Agri Hub

Although there are many different sizes and shapes of tourist attractions in Dubai, this one is a little different.

The creator of Agri Hub, URB, claims that it will expand to be the biggest of its kind in the world and produce 10,000 employment.

It will provide enjoyment, excitement, and food security. Although the exact location has not yet been chosen, a few potential sites are being examined for their suitability.

Urban Tech District of Dubai
This urban technology zone, another from the same developer, URB, will be situated on the Creekside of the Al Jaddaf neighborhood in Dubai.

According to URB CEO Baharash Bagherian, “The Urban Tech District will be an innovative global tech hub for urban innovation.” With a total built-up area of 140,000 square meters, it will be the largest urban tech zone in the world, making Dubai the hub for urban innovation.

The region is expected to generate 4,000 jobs and be able to conduct conferences, seminars, company incubation programs, training, and research sessions.

Ethnic Rail
The train project, a recurring entry on this list, has advanced significantly during the past 12 months as construction has accelerated.

The UAE will be connected to the rest of the Gulf after the rail network is finished. The project’s first stage is in use and is utilized to move supplies and materials throughout the Emirates.

The project was 70% finished as of December, with the railway line between Abu Dhabi and Dubai being joined in March and Ras Al Khaimah and Sharjah being connected in October.

Although the exact route and start date for the UAE passenger line have not yet been revealed, construction plans for the first passenger stop in Fujairah have been made public.

The Anantara World Islands

Dubai Resort was the first hotel to open there in November as the World Islands Activity on the massive project off the coast of Dubai has been picking up.

The Heart of Europe project by Kleindienst Group is also almost complete, and the Oman island will be developed by Dubai-based builder and contractor Inspire Home Contracting.

The Heart of Europe, a six-island group in the midst of Dubai’s The World islands, will contain 4,000 apartments once all of its phases are finished.

Solar Park for Mohammed bin Rashid
In an effort to minimize its dependency on natural gas and diversify its energy sources, the Dubai Electricity and Water Authority (Dewa) is constructing the Mohammed bin Rashid Al Maktoum Solar Park, the largest solar energy park in the world.

The fourth phase will reduce carbon emissions by 1.6 million tonnes annually and supply sustainable energy for around 320,000 homes.

The park’s sixth phase will start to become accessible beginning in Q3 2025.

On Saadiyat Island, work on the Natural History Museum is ongoing and 25% of it was finished in October.

The 35,000 square meter project will take guests on a 14 billion year trip across time and space, from the beginning of the universe to the future of the Earth.

The museum is scheduled to be finished by the end of 2025, according to tourism officials.
National Museum of Zayed
From a distance, one can see the Saadiyat Island construction site’s rising cluster of skyscrapers, which resemble falcon’s wings.

The museum, which was created by renowned British architects Foster + Partners, will tell the tale of the late Sheikh Zayed bin Sultan Al Nahyan, the founding father of the UAE, and emphasize the history of the country.