THE REAL ESTATE KING: DUBAI The infamous city of Dubai is an independent city of United Arab Emirates (UAE), located in the Middle East. In addition to being a global megacity, Dubai is also recognized as the most expensive city to visit. Dubai is one of the fastest growing economies of the world with a growth rate of 6.1% and GDP of around 107 US billion dollars. Dubai’s economy was largely built on oil trade but with the passage of time other industries too have come up. Gold, diamond, and construction industry have taken over the economy of Dubai.
Real Estate and Construction Since 2004 the government of Dubai has given more attention to the development of real estate. For this foreign investment was welcomed, and Iranian citizens invested around 200billions in this industry. The construction business took Dubai to the fastest growing cities of the world. Dubai is home to some of the finest architectural marvels ever made. It includes large scale constructions like the Palm Islands, Dubai Mall, Dubai Marina, Burj Khalifa, and Jumeirah Village. The Burj Khalifa is the highlight for the city, owing to the fact that it is the tallest structure of the world with a height of 828m. Along with that the most ambitious project is the Dubai waterfront, which will be a cluster of islands spreading across the area of 800kms. It will include many residential areas and malls. Business Bay and Dubai Science park are being developed as business centers of the city.
The construction in Dubai was on an ever high peak during 2008 and then saw a tremendous decrease during the recession. Many projects were left abandoned and struggled to see the light of day. The industry resurfaced with a sudden inflow of investment and cash in the year 2012 and is still going steady. Growth prospects: Dubai’s municipality has been focused on developing the residential area since the early 2000s. Acquiring property was considered difficult until a new law was made allowing the non-UAE residents to buy property and even 99-year lease. Dubai has been significantly focused on the development of the business sector and for that many free zones are being constructed, giving a further boost to the construction industry. Dubai Internet City and Dubai Media city are prominent examples of such business zones. They have attracted a plethora of IT firms like Microsoft, Oracle Corporation, IBM, and Sage Software. Currently, all the construction work is done for the Expo 2020 in mind. The expo is expected to witness a crowd of 25 million visitors, and 70% of them are going to outsiders. All the property related projects initiated in the last 7 years have been for the expo, primarily for the actual site of the expo. In addition to that, the government is planning on building a new district in South Dubai, which will contain residential and business area. Having said all that, it is crystal clear that the construction industry in Dubai has been on the rise ever since and is close the time of maturity, with many people reaping the benefits of it. Make the most of this opportunity and book your business travel now with a b2b travel agent in India like RoomsXpert.com for best prices and great options. Roomsxpert.com is a
corporate travel management company that offers corporate rates on hotel rooms and flights. Source: http://www.article.org.in/article.php?id=113098