By Adrian Bishop
Why Dubai is one of the world’s top cities
Dubai is one of the best cities in the world, thanks to its unique architecture, multicultural environment, strong property demand and top tourist attractions.
In 45 years, Dubai has transformed itself from a local trading community into one of the most inspirational, exciting and successful cities in the world, says Gulf Sotheby’s International Realty.
“In the 1980s and early 1990s Dubai took a strategic decision to become a leading international tourism destination and it has quickly become a city that is recognised all over the world, with the world’s tallest building, the world’s richest horse race, the world’s tallest choreographed fountains, the world’s largest man-made island, the world’s most luxurious seven-star hotel and the world’s most visited mall in the world to start with.
“With extensive investment in advanced infrastructure and completion of incredible projects with unmatched speed and scale, Dubai has become one of the most futuristic cities in the world.”
Dubai is a home to architectural wonders, such as the Burj Al Arab and Burj Khalifa and major tourist and leisure attractions with more to come by 2020.
Some of the incredible projects that are expected to be completed in the next three years include: the Dubai Water Canal Project, the Museum of the Future, the Jewel of the Creek, the Al Habtoor City, the Deira Islands, the MBR City – District One, the Aladdin City, the Dubai Frame, the Al Mamzar Beachfront, the Bluewaters Island with the Dubai Eye and the Dubai Creek Harbour. The Dubai Creek Tower will be taller than Burj Khalifa.
A thriving expat community
Thanks to its tolerance and openness towards different nationalities, cultures and religions, the expat community in Dubai makes 80% of the total population and includes over 200 nationalities. With 44% of younger, millennial expats keen to purchase a home in the UAE within the next three years, demand is set to continue to be strong, says Gulf Sotheby’s International Realty.
A popular destination for tourists
Dubai is a booming tourist destination, within an eight-hour flight of two thirds of the world’s population, with a vision to attract 20 million visitors every year by the year 2020 - double its 2012 figure. According to Gulf Bureau of Statistics, Dubai is set to lead in the world in tourism and commerce by 2023.
UAE’s real Gross Domestic Product (GDP) is expected to grow 1.3% this year and 3.4% next, the International Monetary Fund (IMF) predicts.
Burgeoning business opportunities
A safe, viable and profitable business environment is vital to attract international investors. Dubai is politically stable, with a strong, stable economy and positive outlook, which makes it an obvious choice for anyone looking to invest in real estate.
Dubai rental yields range from 8%-10% a year, says property website Bayut.com, and is attracting increasing numbers of India and China investors.