Dubai Launches World’s First Happiness City – Cityscape Global 2016
- September 11, 2016
- Posted by: RKonnect
- Category: Business & Economy, Real Estate
Dubai – In 15th edition of Cityscape Global, Master Developer ‘Dubai South’ launched world’s first ‘Happiness City’ that aims to focus on the well being of its residents. The innovative concept promises to offer parking solutions, ease traffic congestions and promote walkability and sustainability within the community. It can said that investments within the Dubai South could be considered strategic due to its proximity with Al Maktoum International Airport (World’ largest airport) and Dubai EXPO 2020.
Cityscape Global 2016 – Key Highlights
Cityscape Global 2016 saw 272 exhibitors from 30 countries, which included property developers from UAE, Pakistan, Cypress, Azerbaijan and Bahrain actively participated in the exhibition to showcase their properties, especially to the international investor community and expatriates living in UAE.
New Launches are Back
It appears that underlying fundamentals are buoyant with a slew of big launches announced by major Dubai based developers. Emaar announced 15,000 new homes in Emaar South and its iconic project ‘The Tower’, whereas Nakheel announced Palm 360-Ultra Luxury Penthouses located in Palm Jumeirah. Other developers such as Damac, Deyaar, Al Habtoor, Majid Al Futtaim and Union Properties have also announced major real estate developments.
Amidst softening demand, the new high profile developments promise to bring back the much-needed momentum in the Dubai’s evolving realty landscape. Along with residential projects, developers have also actively announced mega retail and hospitality projects such as Meydan One Mall, that are conjunction with Dubai’s evolution as a global tourist and retail hub as Dubai prepares for the Expo 2020 event.
The latest edition of the Cityscapes has also seen adoption of inventive innovations such as virtual realities and digital walkthroughs that allows visitors to digitally traverse, view and understand an entire real estate project on their computers or mobile phones itself. In the near future, this will be marked with heightened buyer awareness and help bridge the gap between buyers and sellers.
Cityscape has also seen an emphasis on affordable villas, townhouses and apartments aligned with the changing demand dynamics. In the times to come more focus could be seen towards affordable housing projects and various innovative payment plans aimed at mid-income investors and buyers.
Positivity Persists in Dubai’s Real Estate Market
With a range of major launches, Dubai and UAE based construction companies will see plethora of activities in another 5 to 10 years. Amidst shrinking global economies and uncertainties in the financial markets, real estate across the globe is becoming an engine for safe and secured investment amongst regional / international investor community. With better regulations in place, the present day Dubai appears to be well placed to match the rising demand in real estate in years to come.
Impact on Dubai Economy
Economic activity in Dubai is likely to be boosted by the announcement of mega real estate developments in Cityscape 2016. In line with Dubai government initiatives, the mega project will allow Dubai to boost economic growth, and strengthen major sectors such Real Estate, Retail, Tourism & Hospitality. Also, Dubai is all set to become world’s third most popular tourist destination by 2017-18 as it expects to welcome 25 million visitors during Dubai EXPO 2020.
Many mega projects like the Dubai South, Dubai Canal Project, Blue Waters Island, Dubai Theme Park, Dubai Safari Park and Dubai Creek Harbour projects are expected to also complete before the opening of Dubai EXPO 2020 which boost all major sectors of the economy.
Why invest in Dubai?
Dubai’s strategic location connecting east with the west coupled with a strong leadership, innovative and long-term strategy with a positive and diversified economy makes Dubai the ideal place for investment. The rise in Dubai population (2.49 Million in 2016 – expected 3.5 Million by 2020) and growth in tourism (4th popular global tourist destination) has made it all the more obvious for Dubai to take the center stage of foreign investments particularly in the light of real estate, retail and hospitality developments.
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