Thinking out of the box
Dubai has come so far in its real estate sector by continuously pushing the borders and it's not about to stop now.
In fact, in this transformative period, the emirate is all set to tackle new projects that are focused on new technology and innovation to bring about another revolutionary change in the market.
One area the market is clearly taking a stand on is sustainability, something that fits into Dubai's Vision for 2030 perfectly. The Dubai Land Department has just recently launched the regional centre for resource efficient and sustainable cities for the Arab region in collaboration with the United Nations Environment Program. Dr Rashid Ahmed bin Fahad, UAE Minister of Environment and Water, said that the establishment of the centre will enhance the leadership role of the UAE in the field of sustainable cities, praising the efforts made by DLD in partnership with UNEP for the establishment of this centre.
“The UAE, which has succeeded in adopting and implementing many options and solutions designed to achieve sustainable development, such as sustainable building standards and sustainable transport, clean energy and promote energy efficiency, started the work for the UAE 2021 vision, to move to the concept of smart cities based on innovation and employing the latest technologies values in resource management, conservation and sustainable production and consumption patterns to maintain our way of life and strength it,” he said.
Besides building some of the world's tallest skyscrapers, Dubai has also been exploring novel projects to add to the emirate's portfolio. One such project has been through a London-based architect firm to build a house that adapts to the seasons. At a cost of AED11 million, David Grunberg and Daniel Woolfson have proposed a concept house that literally unfolds itself like a Rubik's Cube and is adaptable from winter to summer and day to night.
Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. It's clear that whatever steps the emirate is taking towards innovation is working. The Dubai index recovered from their lowest level in three weeks on Thursday, led by major property developers such as Arabtec and Emaar Properties. The only exciting thing left is to see what other out-of-the-box projects the emirate comes up with next.