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.
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UAE Real Estate Market Research Report
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