Dubai's real estate sector is expected to continue the resurgent levels of growth and stability it has been exhibiting throughout this year and post yet another strong performance towards the end of 2015 and beyond, said an expert.
The real estate sector in Dubai is likely to continue its strong pace of growth and stability all through the year, followed by another strong performance by the end of 2015, an expert said.
Dubai’s status as a top commercial and tourism hub, a constantly growing local population, strong international investor appeal, and considerable government funding for major infrastructure projects, are the main attributes for the buoyant outlook of the Dubai property market, said Salem Almoosa, the Chairman and General Manager of Falconcity of Wonders.
Spanning more than 41million sq. ft., the Falconcity of Wonders, a sprawling residential, tourist, entertainment and recreational complex, is a mega-development which embraces the cultures of the world, with its unique and contemporary structures.
Shaped in the form of a Falcon, the development boasts of projects inspired by the Wonders of the World, including the Eiffel Tower, the Leaning Tower of Pisa, the Pyramids of Giza and Hanging Gardens of Babylon.
The villas draw inspiration from the international architectural themes, which form part of the projects spanning more than 5500 residential apartments, designed in various locations and sizes. The master-plan also includes commercial centres, family centers, a signature ‘fun city’, sport facilities, and schools.
According to Almoosa, the real estate transactions worth more than Dh.64bn have been recorded during the first quarter alone, with significant contribution from foreign investors. The removal of rental ceiling and limited supply across prime locations, have been driving growth in residential demand.
Almoosa further said that there is scope for more investments in leisure, tourism and hospitality segments, a statement, which is further supported by the recent ranking of Dubai as top most market for the MENA hotel sector in a global construction pipeline report.
Many such factors and other catalysts, will continue to sustain the top position of Dubai in the real estate landscape of Middle East, and these will be further boosted by Dubai Expo 2020, which offers global spotlight on the emirate as unparalleled lifestyle, leisure, and business haven.
Dubai real estate performance has been further affirmed by the industry figures and current market movements, which has far surpassed earlier expectations, and it is on-track to enjoy the extended period of profitability and stability.
Dubai continues to remain as one of the best places for developers, investors, buyers and those handling the business now, and in the long term.