Real estate segment is one of the most UAE recognized segments. It entails several sub segments such as retail, housing, hospitality, commercial and several others. The growth of such segment is well complemented by the growth in the corporate environment and the requirement for office space as well as urban and semi-urban accommodations.
UAE’s
real estate market is presently in its mature stage. The period throughout
2013-2016 was marked by a steady stream of supply, due to the growing GDP and
augmented requirement in the market. Heightened rents led to a decrease in
requirement owing to absent affordability of the citizens and expatriates
throughout 2014-2015. After the 2014 oil shock, the government has been
aggressively attracting Foreign Direct Investment and expatriates to the UAE in
order to expand its economy away from oil generated revenues. The UAE
Government launched the “Vision 2021” plan, for the economic and social
development of the country. From 2017 and onwards, total number of the
international players in each respective submarket augmented. Newer segments
such as townhouses, and co-working spaces, smart and green buildings obtained
traction in the market.
In
addition, backed by a high number of expatriate populations and a robust
consumer base, the retail industry observed strong growth in the land of
Emirates. Store-based retailing will endure to dominate around the UAE.
Augmented consumerism has provided rise to augmented faith of individuals in
buying products and services thereby growing contribution to the retail
segment. Dubai has the greatest share of super-regional malls as the retail
sector is trying to employ the shoppers by proposing them more than just a
shopping destination. All of such factors have augmented the requirement for
retail space around the UAE.
EMAAR
Properties, DAMAC Properties, Nakheel Properties, Meraas, Aldar Properties,
Manazel Real Estate, Aziz Developments are the real estate developers which
recently operating in the UAE Real Estate Market more
actively for leading the highest market growth, ruling around the region,
registering the great value of market share, generating the high percentage of
revenue, keep maintaining the governing position, and obtaining the competitive
edge by increasing the benefits and applications of such, establishing the
several research and development programs, improving the qualitative and
quantitative measures of such, analysing the strategies and policies of
government as well as similar entities, implementing the policies of
enlargement and profit making, delivering the better consumer satisfaction,
decreasing the linked prices and spreading the awareness connected to the
benefits and applications of such.
Furthermore,
the UAE has long been standard as a premier tourism and leisure destination.
Over the years, the tourism sector has witnessed sustained growth, becoming a
foremost component of the UAE’s economy. Dubai Tourism Strategy 2020 was
launched during the year 2013 and is a strategic road map with the foremost
objective of fascinating 20 million visitors per year by the year ending 2020.
It comprises broadening Dubai proposing in terms of events, magnetisms,
infrastructure, services and packages and making it appealing to a broader
audience. An augment in the number of tourist attractions has been enriching
the requirement for hotel units and hotel space within UAE.
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Around
7 million people are estimated to be functioning in co-working spaces (For
instance, Regus and We Work and Others) within UAE during 2019. Based on the
global growth that took place in co-working spaces, it is projected that UAE
will practice steady growth in the co-working space in the forthcoming years.
Approximately, half of the blue-chip entities will have some sort of shared
office space by end of 2020. The majority of co-working space providers propose
to either enter into a partnership or have a lease agreement with landlords.
UAE real estate market during the review future will be propelled by the implementation
of PropTech, assisting government initiatives along with the increasing tourism
segment during the country.
For More Information, refer to below link:-
UAE Real Estate Market Research Report
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Ankur Gupta, Head
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+91-9015378249
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