The Dubai Urban Master Plan 2040 is expected to become one of the main driving forces behind Dubai’s residential property market

The UAE property market has witnessed a stable rebound which has been promoted by new government initiatives, with market momentum predicted to sustain over the next 12-18 months. Dubai, in particular, has registered 37,537 sales transactions worth AED 88.1B (USD 23.9B) in the first 8 months of 2021, which is an increase of 22.6% compared to the entire year of 2020, as reported by the listing portal Property Finder. Additionally, residential property in the emirate grew 4.4% on average in the first 8 months of the year, recording the highest annual surge since February 2015, according to CBRE. This is mainly due to Dubai’s effective handling of the pandemic, with many people from the US, India, South Africa and Europe opting to relocate to the city because of this reason.

Furthermore, according to Ian Goldin, Professor of globalization and development at the University of Oxford and a former World Bank Vice President, the UAE housing market will be one of the largest winners in the next 20 years and Dubai is most likely to thrive in a post-pandemic world. The top economist said that The Dubai Urban Master Plan 2040 is expected to have an extremely positive effect on the Dubai housing market. This initiative plans to increase space for public beaches by 400%, while land for hospitality and tourism will grow by 134%. In addition, bus, tram and metro routes will be expanded in order to allow 55% of the emirate’s population to live within 2,624 ft of a public transport stop or station. Under the new master plan, Dubai Silicon Oasis will be transformed into a hub for technology and science. Meanwhile, Downtown Dubai and Business Bay will act together as a thriving financial hub. And of course, JBR and Dubai Marina will be the main centers for entertainment and tourism. The Dubai Urban Master Plan 2040 is a people-centric initiative and is focused on enhancing residents’ quality of life,  and will provide numerous lifestyle options for both residents and visitors. Professor Goldin also added that the master plan has established high standards and shows great potential to make Dubai the best city to reside in.

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