It's definitely a period of flux for the UAE's real estate market but the one thing that's definite is the sector has proven itself to be a game-changer for the country's economy. Dubai has always prioritised being on the global map with its developments and the results are clear. Dubai has become one of the most looked-out for cities when it comes to innovative mega-projects.
In terms of luxury realty, it's hard for other cities to compete. In fact, now, the city's ambitious World Islands project may be offering interested investors an opportunity to buy their own private island. Dutch Docklands is working closely with Oqyana Real Estate to help design private islands, housing luxury villas with a private beach.
The UAE's innovative projects have also made it on the list of 2015's most exciting buildings to look out for, compiled by CNN.com. The Louvre Abu Dhabi and Marina 101 in Dubai have been listed among the 13 buildings worldwide with Al Noor Tower in Casablanca, developed by Dubai-based Middle East Development, also finding place in the list.
While keeping its focus on being globally recognised, the emirate's real estate market has shifted its attention to focus on the demands of end-users in the country, prioritising affordable housing projects. According to the Dubai Municipality, a proposal is currently under review to ensure affordable living options. The proposal, if put into action, will help reduce traffic jams and contribute to economic stability.
It's definitely a period of flux for the UAE's real estate market but the one thing that's definite is the sector has proven itself to be a game-changer for the country's economy, attracting international investment. Most experts also agree that the market is entering a period of sustainability after a period of rapid price growth. Masood Al Awar, CEO of Tasweek Real Estate Development and Marketing said in an interview with Arabian Business, ‘We know that every eight or seven years there are some disturbances in the market and nothing can climb so rapidly. I think 2015 will be the peak but if we sustain it, [growth] can be prolonged to avoid the downturn… avoid the pitfalls [of 2008].’