January 12, 2023 | Knock Dubai

Dubai’s $8.7 trillion economic plan is a big boost to the real estate market

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The ruler of Dubai tweeted to approve Dubai’s economic agenda D33 which aims to double the size of the economy over the next ten years and bring it among the top 3 Global cities.

Let us help you understand it in detail.

Decoding Dubai economic agenda D33

1. D33 is introduced by the Prime Minister of the UAE and the ruler of Dubai.

2. It is an ambitious project which includes tripling Dubai’s economy over the next ten years.

3. It aims to make Dubai one of the top 3 Global cities.

4. The total goals outlined are expected to total AED 32 trillion by 2033.

Key objectives of the ambitious D33 agenda

1. It focuses on increasing the total value of foreign trade in goods and services from AED 14.2 TN in the past ten years to AED 25.6 TN in the next decade.

2. Increasing private Sector Investment from AED 790 billion in the past to AED 1 trillion by 2033.

3. It plans to generate new economic value from digital transformation

4. It plans to make Dubai a hub for skilled workers and an international hub for global multinational companies

5. It helps to increase government expenditure from AED 512 billion in the past to AED 700 billion in the next decade.

Real estate: A major beneficiary of D33

Check out how the real estate market of Dubai will grow and seek benefits from the D33 agenda.

1. New Foreign Investments

With D33 by Sheikh Mohammed the real estate sector will get a major share of new foreign investment and the sector will continue to show an upward Trend.

2. Key rankings

D33 agenda focuses on making to buy one of the five leading Logistic hubs in the world and one of the top global financial centres which will attract new opportunities here.

3. World-class quality of life

D33 agenda aims to enhance its position as an attractive hub with world-class quality of life and give the highest level of security and safety to its citizens and residents which will increase the price of residential properties here.

4. Recent rankings

Dubai has recently been ranked as one of the world’s top 10 best cities for expats to live and work as per the Expat Essentials index which proves the already established liking of the world to live and invest in Dubai.

5. Boost in Private sector investment

The plan also aims to bring private Sector Investment up from 790 billion Dirhams in the last decade to 1 trillion Dirhams in the next decade which will help Dubai to grow and its real estate market to flourish.

Conclusion

With the promising D33 agenda by the Prime Minister of UAE, Dubai is going to be flooded with new opportunities for development and progress. It is going to see massive foreign investments and with this, the real estate market will see new heights.

The real estate market is expected to rise and the investment here will yield the highest return. Also, with much new private and public investment, the quality of life will rise which will attract more investment in residential properties here.

The Real Estate market of Dubai is to grow by 46% in 2023

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Dubai’s real estate market is all set to break records this year. With a growth of over 20-40 percent in the last 12 months, as per the report from Realiste, this year will follow the same upward trend.

With all geopolitical issues working in favour of Dubai and with the success of the Qatar FIFA World cup 2022, Dubai has got all the attention and has emerged as the favourite destination of investors as well as Households.

Insights into growth

The real estate market of Dubai will be on the rise in the next year and as per Realiste AI predictions, the local prices will increase by 10 to 15% with some specific areas increasing their price by 46%.

As per analytic agency D sight, more than 16 % of Russian companies were relocated to UAE, particularly to Dubai, in the first half of the year, which will positively impact real estate.

As per the report presented by DLD, a growth of 37,726 total unit sales has been reported with the total sales increasing up to 60%.

The factors responsible for the rise in prices

1. Consistent capital growth.

Consistent capital growth and high rental income are the key factors for Dubai to be the epicentre of the real estate market. This real estate market has promised yield and your investment is safe here.

2. Qatar FIFA 2022 World Cup

The local real estate market benefited from the FIFA World Cup and Dubai emerged as a tourist attraction and a Finance hub. With the success of FIFA, Dubai became a major attraction.

3. The vivid properties

Dubai offers a waterfront experience to properties around parks which make it the first choice for multiple people of different choices. From property for everyone, Dubai is the priority for safe investment and quality living.

Areas with maximum growth

As per D sight, in the first part of 2022, premium districts like Palm Jumeriah witnessed the highest demand with its exclusive waterfront experience.

As per Realistic, districts with green areas like Hadeq Sheikh Mohammed bin Rashid part 2 also experienced massive growth.

These areas grew by 53% and approached AED 16,00,000 in average price.

Undervalued sectors that haven’t hit a high price rise will rise rapidly. The Jumeriah village triangle property market increasing in value by 62% in 2022 will also see a price.

Conclusion

Dubai is becoming the first choice of investors due to its Supreme location and world-class amenities. It will remain appealing to foreign investors seeking maximum return on investment or high rental income.

With an increase in price by 46% Dubai‘s property market will rise in the upcoming years and both investors with the motive of high return and households with the motive of safe surrounding and world-class amenities will be involved.