‘New World of Cities: Global City Index' report by JLL is of special interest between major global investors in commercial real estate. Today the level of the city’s globalization is the benchmark defining its future development. And for Dubai this benchmark is set up really high.
The JLL report said that Dubai has occupied such a unique niche in the global real estate investment market that it managed to combine both features of the established and developing urban formation. Investments in the city infrastructure, according to JLL, should be not less than 4-6% of the city’s GDP, and the UAE government is currently investing about USD 60 billion only in the construction of roads and bridges, including both existing and planned projects, and most of them are carried out in Dubai, such as the ambitious Dubai Channel project. At least USD 8 billion are about to be attracted and spend for Expo 2020 infrastructure development in Dubai, including 15 kilometers of light railways and the modernization of the road network.
According to experts, in the near future Dubai will be able to successfully compete with the so-called "super-cities of the big six" in the amount of annual investments in real estate and business. Now these six cities include London, New York, Paris, Tokyo and others, collectively attracting 22% of the overall global real estate investment flow.
Foreign investors have already started paying special attention to Dubai’s property market. A new India’s developer Gemini Property Developers came to Dubai real estate market last week, having chosen Dubai’s mega-development MBR City for its new 134 luxury units project.
Another Dubai’s mega-development, Dubai World Trade Centre, was also given a new impetus last week: 84 million square meters of commercial property for lease and 6,400 square meters of retail property will be constructed here during the project’s second phase.
These mega developments, along with Dubai South, will provide the city a special status that is so attractive to international investors, tourists and property buyers.