Real Estate Development of Dubai and its Implications and Impacts
The decision of diversification by the government of Dubai can be considered a great decision since the rapid growth of real estate projects of Dubai has become the threshold of the popularity of Dubai as a place for tourism and sightseeing as well it has helped Dubai in earning various titles regarding the construction of buildings and structures.
The decision of government of Dubai to promote economy and tourism instead of just placing reliance on the economy due to oil has given a boost to real state, tourism, hotel businesses and other industries. The wide scale construction due to the decision of this diversification has made Dubai the fastest growing city of the world. The business relating to properties in Dubai has become one of the major businesses not only in Dubai but worldwide. Due to this boost, Dubai has attracted the attention of multinational potential investors. Those investments have resulted in constructions which have helped Dubai in setting various construction and property related records such as world’s tallest tower, largest mall, largest fountain and tallest hotel.
The constructions are now moving towards a new trend focusing on other aspects such as construction of Dubai’s ecologic friendly projects also known as green community Dubai and various marina properties which are being built on Dubai marina, the largest man made marina in the world. The financial crisis of 2007 led to the stoppage of construction of many projects. Those projects were then either abandoned or postponed. The crisis also led to the fall in prices of properties in Dubai thus badly affecting the real estate market. Various projects have been undergoing redevelopment once Dubai has pulled itself out of the crisis. These projects include Port Rashid, a man made commercial port in Dubai and Dubai World Trade Centre, a business complex comprising eight exhibition halls, Dubai International Convention Centre and residential units.
A lot of projects have been completed after the crisis. The most notable among them are Burj Khalifa, Mall of the Emirates, Dubai Internet City, Dubai Media City, Dubai Studio City and Dubai Mall. Burj Khalifa is a skyscraper in the area of downtown in Dubai. This skyscraper holds the title of the world tallest building. Mall of the Emirates, the largest mall in Middle East, the mall features a movie theatre, gaming arena, variety of shops and stores and the first indoor ski slope of Middle East called Ski Dubai. Dubai Internet City, being an information technology park, provides so much freedom to the companies that most of the international as well as regional companies have moved their headquarters to this place. Being a tax free zone, Dubai Media City was constructed to give a boost to the media of UAE.
Dubai Studio City, being a part of Dubai Media City, has the same role or purpose of construction as that of Dubai Media City. Various movie studios are being planned to be built in this area. Dubai Mall is a huge mall featuring world’s largest gold souk, one of the largest aquariums of the world, Olympic sized ice skating rink, waterfront atrium and the fashion island.
Dubai Marina is a district in the core of the new Dubai which features many marina properties being rapidly constructed in the area. Its construction is still in progress and only a single phase of construction has yet been completed. The marina is completely man made and claims to be the largest man made marina in the whole world. The title will pass to Dubai Marina once it has been completely constructed.
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ABOUT THE AUTHOR
Daniel McCain is an expert real estate consultant associated with Halcon Real Estate, a Dubai-based international real estate firm that specializes in all types of property either residential or commercial. He is currently dealing in green community Dubai and Dubai Marina properties.