If you have only seen photos of Dubai, you can tell that it looks like a futuristic city from a different world. Anyone who has been there can confirm this to you. The city’s quick journey from a fishermen’s village to a multicultural city with a booming economy is fantastic and inspiring, to say the least. Here is how Dubai became today’s global real estate hub with the biggest appeal for investors everywhere:
“The sky’s the limit”
This ambitious mindset seems to be at the origin of present-day Dubai, which was just a modest village less than half a century ago. The local authorities and businessmen invested a lot of effort, money, and determination to build what is today the most expensive city in the Middle East.
Oil trade and gold trade built the city up with a remarkable speed. As the business centers developed there was a significant request for a workforce and the expansion of infrastructure and new office buildings. With more and more foreign investors coming to Dubai, the city needed new residential areas, and this is where the real estate market started an incredible ascension.
The irresistible appeal of Dubai real estate
Until recent years, foreigners could not hold or buy a property in Dubai. However, seeing the profitable opportunities that would suit both parts, the authorities passed more generous laws. Nowadays, investors that do not have UAE citizenship can purchase or own land in specific areas in Dubai.
One of these neighborhoods is Port de la Mer by Meraas, which is a gorgeous location for anyone who likes to live in an opulent style. This area includes 408 lavish apartments that offer exquisite amenities and deluxe facilities.
Luxurious real estate opportunities
With more flexible laws coming into effect, the Dubai real estate agencies jumped at the opportunity to attract as many foreign investors as they could. In collaboration with reliable contractors, they convinced businessmen from abroad to invest in off plan projects in Dubai for a considerable return on investment.
What does the future hold for Dubai’s real estate market?
The future looks bright for Dubai’s real estate industry. The city is expanding quickly and attracting significant resources from foreign investors. The local companies that include Dubai real estate agencies and contractors with solid credentials like Madinat Jumeirah Living Dubai Holding have the opportunity to improve their business and also expand on an international level.