According to industry experts, The Dubai 2040 Urban Master Plan will positively affect the real estate prices in the emirates. Oversupply of housing will finally be addressed by the expected influx of foreign nationals and investors caused by the master plan.
HH Sheikh Mohammed bin Rashid Al Maktoum announced the Urban Master Plan last Saturday, March 13. Ultimately, the goal is to make Dubai the best city in the world to live in. In hopes of boosting development, tourism, investment, and the quality of life for the existing residents, the city aims to be the best for living in the world.
In the next 20 years, ambitious changes in the city will be seen in the development of 5 Urban Centers – namely, Deira/Bur Dubai, Downtown/Business Bay, Dubai Marina/JBR, Expo 2020, and Dubai Silicon Oasis. The plan also aims to increase commercial areas by 168%, tourism areas by 134%, land area for health and education facilities by 25%, and a massive 400% increase in public beaches. All this, while setting 60% of the city a nature reserve. A majority of the population (55%) will also be living within 800 meters of their nearest public transport facility. This means no more long trudges going to metro stations!
“The new urban plan aims to design life in Dubai for the next 20 years, provide the best quality of life and pave the way for the next major residential and economic developments in the city.” Reads a tweet from HH Sheikh Mohammed bin Rashid Al Maktoum.
The vision for the industry
Oversupply has been a persistent issue in the property area of the UAE. With the population expected to double by 2040, this issue will no longer face a problem for the real estate industry. According to the Dubai 2040 Urban Master Plan, the population will reach 5.8 million from 3.5 million this year.
Recent reforms in laws regarding company ownership, citizenship, golden, and retirement visas speak to Dubai’s overall direction and long-term investment appeal. More and more people all over the world will want to invest and live in the city which will use up the housing supply.
Chris Hobden, of Chestertons MENA, said, “The balance struck between preserving existing urban areas and supporting new sustainable development through infrastructure and planning reforms will positively affect Dubai’s property market, serving to underpin values and create new project opportunities.” He continued, “The focus on expanding the emirate’s conservation and recreational areas will further enhance Dubai’s cityscape, with proximity to green space a key driver of residential property values.”
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