Despite reports to the contrary, Dubai continues to be the focus for many foreign property investors, with a variety of developments offering long-term interest. The emirate’s real estate sector continues to defy global fluctuations, remains resilient, and has attracted over 200 nationalities to invest in property there. With billions of dirhams invested into the industry, Dubai also continually scores highly on charts for the world’s hottest real estate locations. With rental yields often as high as 8%, there are great returns on investment.
4th January 2016 marked the six-year anniversary of the Burj Khalifa – the tallest building in the world at 828 metres. Having unveiled the nameplate for the building on 4th January 2010, Sheikh Mohammed explained: ‘We built the high rise for people with strong will and determination. The highest point in the world should be linked to the big names and I announce today the opening of Burj Khalifa bin Zayed.’ It is not only this iconic building that achieved a world record; for example, the Princess Tower is the tallest residential tower in the world at 414 metres and, standing at 355 metres, the JW Marriott Marquis is the world’s tallest hotel.
Dubai has not held back in its approach to innovation and design for real estate, with Palm Jumeirah created from a man-made archipelago and the Burj Al Arab being the only seven-start hotel in the world. While 2015 was called the ‘Year of Innovation’, yet more design firsts are set for 2016, including a functional 3D printed building. To be assembled in a few weeks’ time, a 20-foot tall 3D machine will print the 2,000-square-foot structure directly onto the ground.
The year will also see development of Dubai’s Museum of the Future. Expected to open in 2017, the museum will offer visitors cutting-edge interactive demonstrations and simulations. Located near the Emirates Towers off Sheikh Zayed Road, the building will offer a place to host scientific conferences and advanced courses in various scientific fields of study. At the launch ceremony in March 2015, Sheikh Mohammed bin Rashid said: ‘His Highness Sheikh Khalifa bin Zayed Al Nahyan, our president, has declared 2015 to be the year of innovation in the UAE. Today we show how serious and committed we are to that mission by turning the UAE into a major international destination for innovators.’
In addition to the major building, attraction and continued real estate developments, Dubai is ensuring its infrastructure can cope with the increasing demand of locals and visitors. As the emirate prepares for Dubai Expo 2020, work will now begin on the Route 2020 Metro line. Having gained approval in October 2015, the route sees four kilometres of underground and 11 kilometres of viaducts link Nakheel Harbour & Tower Metro Station to seven further stations. These will service popular areas including Discovery Gardens, Dubai Investment Park and Jumeirah Golf Estate. A further three stations have been planned to connect Al Maktoum international airport.
With Dubai’s continued effort to remain centre stage, real estate investment opportunities are set to remain attractive. For those wanting long-term opportunities and high rental returns, Dubai is a good prospect.