Dubai has been an amalgam of rich historic past and a burgeoning future with many firsts accredited to the city. Real Estate has been a key player in shaping up not only the topography of Dubai but also its economy. It is only on the foundation of world class real estate developments (which includes but is not limited to The Palm, Dubai Canal, The World Islands, MOF, Burj Al Arab & Burj Khalifa) that Dubai’s tourism took an upswing and now makes it the 2nd most visited city across the world.
The change in Dubai started with the discovery of oil in the early 60s. In no time, it became a popular destination for visitors from around the world. The aura of Dubai was such that those who visited fell in an almost instant love with the environs and many made Dubai their second home.
Thus grew the interest of expats in the real estate of Dubai. And the property transactions in Dubai have catapulted since then and have transformed the face of the city. Real estate is now considered as one of the most important sectors that contributes to the development, growth, and modernization of not just Dubai but the whole UAE, which includes Abu Dhabi, Ras-Al-Khaimah, Umm-Al-Quwain and Ajman. Many real estate corporates are engaged in building, marketing and selling properties across UAE.
This major shift of investment, which was witnessed by Dubai, has made it one of the most transacted Real Estate cities in the world with over 200+ nationalities owning a property.
A Brief History of Real Estate In Dubai
The first dwellings in Dubai were largely made with a mix of mud, turf ash, and clay. These houses were built with very little stone mix. The houses built were in shallow layers and given enough time to dry between each layer. Thus, the walls were cool during the summers, and kept warm in the winters.
The historic homes in Dubai are well known for their traditional Arabic art, architecture and design.
Contemporary or modern housing in Dubai started in early 2000’s and kept evolving over time. The earliest examples of these buildings are in the Al Fahidi Historical Neighbourhood known also as Al Bastakiya, which was the heart of Dubai city in the 18th century. These mud-brick dwellings generally consisted of a single room on either side of an open courtyard, with an external kitchen, an internal bathroom and a roof thatched with dried palm fronds or reed mats.
As buildings became taller and more complex, so did their designs. By the 1970s, it became popular to take advantage of Dubai’s plentiful supply of sand while constructing new buildings—a change that allowed for deeper foundations than could be achieved with mud and ashes.
As supply increased, so did the number of expats from other countries moving into Dubai. Today expats form 85% of the population of Dubai and are fuelling the real estate demand in the city.
Real Estate Transactions In Dubai
Real estate transactions in Dubai can be categorized into two large categories, Vertical Housing & Horizontal Housing. In case you have already visited Dubai or are planning to soon, you’ll witness the stated and get enamoured either ways. Designer High Rises and Breathtaking Villas!
First to the eye are the Luxury apartments for sale across the skyline of Dubai and next are the Villas. Villas are part of large self-sufficient communities which primarily started developing 2010 onwards. Most of the vertical development is along the popular Sheikh Zayed Road and the Villas are either on the shoreline near Marina, Palm Jumeriah or the Dubai Land which is towards the central-south of Dubai.
Needless to say, Dubai real estate has seen multiple changes in the realms of residential real estate over the last two decades i.e. 2004 onwards. RERA act came up and was fully implemented in 2007. This event singularly has been the key driver of real estate regulation, development and investor confidence in Dubai.
To sum it up, Dubai is an Ultra- Modern city with an exciting past that stretches back hundreds of years and now it is poised to become the most Futuristic City across the world. One might even add that, Dubai is a living testimony that history and modernity can work together to create a Real Estate Marvel.
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Author,
Yatin Sharma
