The real estate market in Dubai remains more in demand than ever

The real estate market in Dubai remains more in demand than ever

For many, Dubai is one thing above all: luxury, as far as the eye can see. Where today you can see an impressive skyline, the tallest skyscrapers in the world and other superlative construction projects, until the 1960s there was mostly just sand and desert. With Great Britain's withdrawal from the Gulf region and the simultaneous strengthening of the oil boom in the late 1960s and early 1970s, the first phase of intensive urban planning began and laid the foundation for further development. Today, the real estate market in Dubai is one of the most sought-after in the world and is still experiencing a real boom.

A dime a dozen: superlative real estate projects

The first construction boom in Dubai began around the 2000s and brought gigantic construction projects to light. The Burj Al Arab was completed in 1999, followed 11 years later by the Burj Khalifa - to this day the tallest building in the world. At the same time, the emirate on the Persian Gulf opened up to tourism, which led to further large real estate projects. Sheikh Mohammed bin Rashid Al Maktoum, who has ruled since 2006, has played a key role in further development and has made Dubai a real tourist magnet and international hotspot for real estate.

Today, the real estate market in Dubai is characterized by an impressive diversity: from luxurious residential complexes to villas with sea views to exclusive lofts and apartments above the roofs of the city, there is something for every taste. And the demand is great. As an international business hub, the emirate attracts new international investors and residents year after year.

Development of property prices in Dubai

The real estate market in Dubai experienced a brief downturn in 2008 in the wake of the global financial crisis. This briefly led to a sharp fall in real estate prices and numerous construction projects were stopped. However, Dubai recovered relatively quickly from this crisis, and since then property prices have only known one direction: upwards. The most popular residential areas include Palm Jumeirah, Dubai Marina, Creec Harbor and of course Downtown Dubai. But residential areas on the outskirts of the city are also enjoying growing popularity among wealthy customers from all over the world - Germans are also increasingly discovering Dubai for themselves and choosing a main or second home.

However, buying property in Dubai not only requires the appropriate capital, but above all an understanding of the local market conditions. It is therefore advisable to use an experienced broker who is familiar with Dubai and who speaks Arabic, for example the German broker Canaletto Sky Real Estateto contact and seek appropriate advice.

Conclusion

The real estate market in Dubai remains very lucrative for investors and private buyers looking for interesting properties in the Persian Gulf. It can be assumed that real estate prices will continue to rise in the coming years and the emirate will remain a sought-after location for internationally operating companies.