Dubai’s housing market reached its peak performance in 2013 when it was announced the Emirate would host the Expo 2020, fuelling speculation on its impact on job growth and the evolution of tourism, a report said.

Following the outbreak of the Arab Spring in early 2011, traditionally popular tourist destinations in the Middle East like Cairo lost their appeal amid heightened security concerns, addedthe new release titled “Bouncing Back On Reinvention” by global property consultant Knight Frank.

Dubai’s safe haven status and world-class hospitality and retail offerings, meant it was well placed to benefit, the report explained.

High profile announcements of new schemes such as the Mohammed Bin Rashid City (a multi-billion dollar mixed-use development) fuelled further confidence in the recovery.

To avoid a market oversupply, new laws introduced by the Real Estate Regulatory Agency controlled the off-plan sales market and construction volumes. Coupled with higher transfer fees and revisions to the mortgage law, this helped to deflate a potential real estate bubble.

With this emerged a new branding strategy to shake off Dubai’s negative image following the downturn. Known for being the leading financial hub in the Mena region, Dubai positioned itself as the frontrunner of creativity and innovation in the region. Government support in the form of funding resulted in a favourable environment for artists and entrepreneurs.

Art & tech hubs

Specifically designed art hubs and fashion venues like the Al Serkal Avenue and the Dubai Design District offer dedicated exhibition spaces and learning opportunities (e.g. Short Course programmes from the University of Arts London) aimed at strengthening the cities millennial appeal and attracting a young and creative generation.

In early 2016, the Dubai Chamber of Commerce and Industry together with IBM launched the ‘Dubai Digital Entrepreneurship Hub’, to support technology start-ups in the emirate. Similar efforts include AstroLabs Dubai, the only Google tech hub in Mena.

Shaping the future of real estate

The industries driving the modern global cities and urban economies are people-centric. With this in mind, corporate agendas are expanding to find an appropriate balance between financial well-being and human well-being.

The role commercial real estate plays in facilitating this is becoming increasingly important, as millennials are attracted to creative work spaces rather than the traditional vertically structured glass and steal towers with cubicles.

To accommodate this developers are rethinking their real estate, the report said, adding that unconventional office styles and open floor layouts with amenities such as coffee bars and outdoor terraces are becoming increasingly popular.

Layering other uses into the urban mix (e.g. fitness amenities) is also becoming a focus for developers in their bid to maximise the attractiveness of their development to both current and future commercial occupiers, according to the report. – TradeArabia News Service