The growth of Dubai and Dubai’s real estate has been exponential in recent times. Dubai is characterized by Burj Khalifa, the tallest building in the world, and Palm Jumeirah, a state-of-the-art man-made island.

Real estate transactions in Dubai in 2022 were worth AED 528 billion. At present, Dubai is considered the top market in the world for real estate investment. This brings further growth to Dubai.

Dubai’s early history

Dubai’s rich history goes right back to the early 19th century, a time when Dubai used to be a small village wherein the key activities were pearling and fishing. Then, when the mid-20th century approached, oil was discovered. Emirates, instantly, became a major player in the world economy.

By the late 20th century, Dubai was one of the top tourism hubs in the world. So, in a matter of just a few decades, Dubai had transformed from being a fishing village to a high-end city, abundant with skyscrapers and the top lifestyle amenities from all across the world.

As of current, the real estate sector is one of the key contributors to Dubai’s economy. It accounts for over 20% of the city’s GDP and also employs over 200,000 people.

Transformation of Dubai’s Infrastructure and Economy

When we consider the transformation of Dubai, we see that it has been a story of relentless ambition and visionary leadership. The government has put in ongoing efforts towards diversifying the economy from oil. The development of real estate was a part of the plan and so was the promotion of tourism.

Across the contemporary years, Dubai has also become a hub for adventure tourism and sports. They are investing heavily in above-par hosting and facilities. Sports and adventure tourism has now become a contributor to Dubai’s economy.

The real estate market in Dubai is thriving and abuzz and a lot of new projects underway are just one of the factors that bring success to Dubai’s real estate sector. This further boosts the hospitality and tourism sector and in 2022, Dubai welcomed over 15 million visitors.

The real estate and construction market of Dubai is among the world’s most advanced. In 2022, it was valued at AED 184 billion. The growth trajectory is expected to continue in the years to come because the demand from international and local investors increases all the time.

Residential real estate is growing significantly in Dubai across the past few years wherein the prices of residential units have skyrocketed. The facilities are characterized by high capital appreciation, high rental yield, contemporary architecture, and world-class amenities, inviting investors from the world over. Contact Mr. Rohit Pal today for genuine advice on luxury real estate investments in prime areas such as Downtown Dubai, Palm Jumeirah, Dubai Marina, Jumeirah BeachResidence (JBR), Emirates Hills, Business Bay, Maritime City, Jumeirah Lake Towers (JLT), Dubai Island, Palm Jebel Ali, etc.