For those who don’t know, Dubai was actually transformed due to its real estate sector, which turned into one of its principal economic arteries. From being a desert country, the transformation of the UAE and Dubai came with all the development brought by the always growing real estate market.
Actually, some of Dubai’s top real estate agencies or companies are pillars and boosters to Dubai’s economy. Studies reveal that the real estate sector is vital to the city’s economy.
So you have to be aware that when you’re looking for, renting or buying apartments for sale in Dubai Marina, off plan projects in Dubai or villas in Downtown Dubai, you’re not only helping yourself and making investments in your future, but you’re also helping the city’s economy and Dubai’s property market, all at once. Just unbelievable, right?
But what makes this happen? And how does it happen? Here are some few reasons why and how the real estate market contributes to Dubai’s economy.
1. FREE ZONES
Dubai has many tax free zones like Jebel Ali free zone, Dubai Maritime City, Dubai Internet City, and Dubai Media City. The main goal of all of these tax-free zones is making the city an amazing place for foreign investment.
The city also hosts unique building structures such as Burj Khalifa and Burj-al-Arab hotel.
2. FORGETTING ABOUT OIL
UAE’s rulers have always been concerned about the country’s economy and how it may be affected when the oil runs out, so each emirate started working on mitigation measures, looking to diversify the economy.
Nowadays, Dubai has a fluent and vast diversified economy which incorporates sectors, such as trade, manufacturing, transportation, construction and real estate as the basic main contributors of the emirate’s powerful and growing economy.
By 2010, the economy was distributed this way: property and construction sectors contributed 22.6 percent of the emirate’s economy; trade made 16 percent; shipping, warehousing, and logistics contributed with 15 percent; tourism contributed with 11.6 percent; financial services made 11 percent and oil and natural gas used to account 6 percent.
3. DUBAI’S REAL ESTATE MARKET IS CONTINUOUSLY GROWING
Ever since the property market was opened to foreigners in 2002, the property sector has experienced continuous growth and expansion. The establishment of top real estate companies and developers such as Emaar Properties, Al-Nakheel, Al-Ittihad, Meraas and much more has contributed enormously to the growth of both the business market and the emirate’s economy. Bluewaters Residences Dubai, Port de La Mer apartments, or Emaar beachfront apartments are few to mention.