Dubai Real Estate Market: How It Changed Through Years

Although the history of Dubai has its roots long ago with the first mentions of this city dated to the beginning of the XIX century, its real estate market was formed just 60+ years ago. At that time, in the mid-60s, a new oil field was found in the vicinity of the settlement, and the great rise of Dubai began.

Let’s consider how the property market in Dubai emerged, how it impacted the economy of the city, and which milestones were the most significant in these decades.

Considering the Past of the Dubai Real Estate Market

The whole history of Dubai can be divided into three periods.
The pre-oil era ended in the 60s. At that time, the property market in Dubai was in its fetal condition, offering only traditional homes and secondary market units to natives.

The oil era emerged in the '60s, and it featured increasing development of infrastructure, which was crucial for the business development of the area.

The post-oil era is our presence. With the growth of the city, its authorities understood that only the oil industry is not enough for prosperity, and thus, they put great effort into making the city attractive for tourists, other businesses, and especially for offshore investors in the local construction industry. For this, multiple facilitating decisions were made, including acceptance of permits for non-natives to buy property in Dubai and obtain the residence permits. This decision dramatically changed the situation, as even now lots of investors are attracted precisely by this opportunity, and we gladly provide them with it in Berstoun Real Estate.

A Boost of Interest in Dubai Property in 2010-2020

Simultaneously to the facilitating politics of Dubai authorities, the construction market of the city was boosted. Thanks to authorities who engaged world-known advanced architects and designers to reshape the city’s landscape, Dubai obtained such iconic landmarks as Burj Khalifa, Palm Jumeirah, Cayan Tower, and Burj Al Arab.

Moreover, since that time, most developments in Dubai have adhered to innovative and eye-catching architectural trends and traditions, and almost every residential tower is a true masterpiece, and each villa is a gem in the crown of Dubai’s seascape.

These decisions boosted the interest in Dubai real estate market investments, and the advent of the odious COVID-19 pandemic strengthened that interest considerably. When quarantine practices were provided worldwide, most businesses turned to remote operations. That eased the decision to move for numerous people, and lots of them chose Dubai as their new residence place due to the outstanding rapidity of development, numerous top-leveled businesses located there, incredibly high life quality (and healthcare levels, by the way), and affordable conditions for relocation.

Some Forecasts: What Real Estate News of Dubai to Expect

Today, the interest in the property market in Dubai remains stably high. As for the Dubai property market forecasts, they show a constant increase in local real estate due to global political fluctuations, when the Middle East becomes a significant spot on the world’s map.

Multiple new projects, which are now under development in Dubai, also add credits to the market growth. For example, the Creek Tower, new constructions in Dubai South, and Dubai Marina attract buyers due to their hi-tech innovations and advanced infrastructure.

So, the future of the real estate market seems bright and prospective.

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