Dubai government is working hard to support Dubai Residential Real Estate Market

17 Nov 2023

In most of the markets, especially developed ones, you see negative or even hostile attitude toward real estate market and developers. These governments start from the view that this is a place for rich people who make money from the poor, and the goal of the government is to protect the poor. As a result, quality of real estate and open spaces is declining, supply is limited, and prices are growing despite the decreasing quality of life. Once leading cities like San Francisco and New York are in decline with statistics showing residents leaving them for better life.

When you come to Dubai, you are impressed by how much the government is doing to support the Real Estate market and its customers. So it's not a surprises that Dubai is now considered to be on the best places to live despite the heavy climate and Real Estate is of the top segments in Dubai’s economy.

The Dubai government has implemented various initiatives to support the residential real estate market, fostering a vibrant and attractive investment environment. These initiatives are designed to enhance market transparency, stimulate demand, and promote sustainable development within the sector. Here are some of the recent government initiatives:

Dubai Property Week: Launched in 2023, Dubai Property Week is an annual event that brings together key players from the real estate industry to showcase investment opportunities, discuss market trends, and promote Dubai as a global real estate hub.

Dubai Land Department's Virtual Reality (VR) Platform: The Dubai Land Department (DLD) has introduced a VR platform that allows potential buyers to virtually explore properties, enhancing their understanding of the layout, amenities, and surroundings.

Enhanced Transparency and Regulatory Measures: The DLD has implemented stricter regulations and transparency measures to protect the rights of investors and buyers. This includes measures such as the mandatory registration of real estate agents, the establishment of a Real Estate Regulatory Authority, and the introduction of a new property transaction system.

Tax Incentives and Visa Reforms: The Dubai government has introduced various tax incentives and visa reforms to attract foreign investors. These include exemptions from corporate income tax, the introduction of long-term visas for investors and skilled professionals, and the 100% foreign ownership of businesses in certain sectors.

Promoting Sustainable Development: The government is actively promoting sustainable practices within the real estate sector, encouraging the development of energy-efficient buildings and the adoption of green building standards.

Infrastructure Development: The government is continuously investing in infrastructure development, including the expansion of public transportation networks, the construction of new roads and bridges, and the development of new communities.

Investing in Smart City Initiatives: Dubai is committed to becoming a global leader in smart city development, with initiatives that aim to enhance the quality of life for residents and improve the efficiency of urban services. This includes projects such as the Dubai Smart City initiative and the development of smart homes and smart buildings.

Promoting Dubai as a Global Business Hub: The government is actively promoting Dubai as a global business hub, attracting multinational companies and entrepreneurs. This is expected to boost the demand for residential properties, as more people relocate to the emirate for work or business opportunities.

These initiatives demonstrate the Dubai government's strong commitment to supporting the residential real estate market and fostering a sustainable and vibrant investment environment. By creating a favorable regulatory framework, promoting transparency, and investing in infrastructure, Dubai is positioning itself as a leading destination for real estate investment in the region and globally.

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