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September 4, 2024
From Sandcastles To Skyscrapers: The Evolution Of The UAE’s Real Estate Landscape
The Evolution of Real Estate in UAE started around 2000 with the support of the local government to attract foreign investments. The government through this led to high economic growth and there was a high demand for commercial buildings. The formation of free zones and liberal laws particularly in Dubai paved the way to recognised structures such as Burj Khalifa and the Dubai Marina.
Not only these projects modified the landscape of the UAE but they also paved the way for the UAE as the international gateway for commercial real estate.
Role of UAE in the transformation of its commercial facet:
The Real Estate Industry of the UAE experienced a key change with the intro of freehold ownership that made it possible for foreigners to own property. This action helped to attract investors from other parts of the world adding pressure on the real estate market. The architecture of buildings in the UAE, especially in Dubai transformed from conventional buildings to modern standard tall buildings owing to different groups of people and their need for modern-day structures.
This revision was made possible by Gj Properties in providing superb and creative development solutions that were in line with what the UAE wanted for its new era of the housing sector.
Use of Technology and Sustainable Environment:
Impacts from technology, and more so sustainability have over the years equally impacted the Evolution of Real Estate in the UAE. It has already been established that Building Information Modeling (BIM), Virtual Reality (VR), and Artificial Intelligence (AI) technologies are greatly transforming building design and construction into effective and sustainable buildings.
The governmental efforts from the UAE such as the Emirates Green Building Council have also expanded the sustainable construction requirements. Gj Properties has been one of the pioneers of implementing these technologies and sustainable touch points into their projects that have otherwise enabled UAE to emerge as one of the premier real estate destinations.
Understanding of the Impact of Expo 2020 on Real Estate Industry:
It is important to assess Expo 2020’s aspects of the Evolution of Real Estate in UAE, as it puts the focus on Dubai, furthering its growth with the development of infrastructure. The occurrence made way for more construction of both residential and commercial real estate properties to support the flow of tourists and businessmen. This trend was exploited by Gj Properties by entering the market with new projects that were in line with the new demand and ensured the expansion of the real estate firm in the new market type.
Commercial Real Estate Boom and The Emergence of Dubai:
According to the research Dubai commercial property has recorded a steep incline in 2023. Q2 of 2023 recorded 30800 property transactions. This wave marks a significant development in the Evolution of Real Estate in the UAE through government interventions, global factors, and growing demands for retail and office space. This growth has also been boosted by the increased flow of international tourists especially in real estate tourism.
Gj Properties has then helped fulfill the need required in getting commercial property spaces particularly good quality ones which has continued to boost the flow of Dubai’s real estate business.
Market Future Prospects of the Commercial Property Sector in UAE:
The Evolution of Real Estate in UAE has been subject to lots of development and it is hoped that it will keep progressing in the future. The market is expected to grow to $280 in terms of its value.
The components that will fuel this trend are the emergence of other flexible office spaces, technology implementation, and the country’s location at the crossroads of global entrepôt.
Read More: The Rise Of Co-living Spaces In The UAE
Conclusion:
Real Estate evolution in UAE can be described as a unique, challenging, and progressive journey that is Growing at the Speed of the Light with a shining focus on sustainability.
Even in its infancy, as well as at the present status of the UAE as one of the most significant players in the global real estate market, the industry has been invariably establishing new records.
Today, marking the changes in markets, Gj Properties is one of the active participants in the changes, as it is in line with the vision of the UAE for innovation and leadership. The future of Real Estate in the UAE is bright indeed as the Evolution of Real Estate in UAE is as evolutionary that ensures that innovation and sustainability will always rank higher.
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