Here Are The Reasons Why
Dubai has remained one of the most interesting and active markets for construction and property development in North Africa and the Middle East regions. It has managed to retain this status thanks to its robust economy, increasing interest from investors, as well as a strong tourism.
There are several events that are expected to even cement Dubai’s standing in the field of property development. For instance, there is the Expo 2020 that is taking place in the city. There is also the stabilisation of the prices of oil as well as the drive among member countries in the GCC that is aimed towards achieving diversification in the economy, along with improving the living standards in the area. All these are things that are expected to play a crucial role in the awarding of contracts in the construction industry.
Economic growth is also expected to even be better this year. This means that there is going to be an increased activity in the construction field across the board. The project announcements which developers have initiated from the previous years and are still going on until now are expected to trigger a considerable increase in construction activities.
Data from BNC Network reveals that a total of 801 construction and development projects are presently in tendering state. Overall, they are going to have a total worth of Dh117.44 billion. This is expected to serve as a really robust pipeline of the awarding of projects in the future.
Many experts have attributed the impressive performance of the property sector in Dubai to the economy’s positive growth. This involves many of its core sectors which include hospitality, retail, finance, logistics, and aviation.
It is a global hub not just for tourism but for business too. It attracts not just professionals but investors as well. These are people that hail from all over the world. The need of these people to have residences that are nothing short of world-class has helped drive the demand in the Dubai property sector.
High return on investment is also another reason why the real estate market in the city is flourishing. The sector is maturing as the population in the country constantly increase each year. Investors are closely watching this development in the demographic growth and are taking the necessary steps to ensure that they are purchasing property as early as now so as to supply the increase the boost in the demand for rent.
It is also notable how there is low crime rate in Dubai. Investors will appreciate the sense of safety that investing in the city brings. With minor crimes being unlikely, investors are even more encouraged to come and put their money down since they know that the place does not only offer a good ROI, but an overall feeling of safety as well.
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