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How Dubai’s 2040 plan will change the real estate investment landscape

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From expanding tourism to ensuring that 60% of Dubai comprises nature reserves, the emirate has unveiled its blueprint for how it will build the best city in the world over the next two decades

In a bid to boost development, tourism, and investment, Dubai has unveiled its blueprint for its ambitious 2040 Urban Master Plan.

The plan aimed at increasing green spaces, providing better housing opportunities, stimulating investment and entrepreneurship, and expanding its sustainable transport solutions was announced by HRH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The Urban Master Plan is expected to drive new residents into the emirate with Dubai predicting that over the next two decades the population will swell from 3.3 million to 5.8 million, a 76% increase.

SO, WHAT DOES THE PLAN PROPOSE?

  • Five main urban areas will be created to support economic sectors
  • Green and recreational spaces and areas dedicated to public parks will double in size
  •  Nature reserves and rural natural areas will constitute 60% of the emirate’s total area. Green corridors will be established to link the service areas, residential areas and workplaces, facilitate the movement of pedestrians, bicycles, and sustainable mobility means across the city, in coordination with developers and government departments.
  • The land area used for hotels and tourist activities will increase by 134%, while that used for commercial activities will increase to 168 square kilometres.
  • Land area allocated to education and health facilities to increase by 25%
  • The length of public beaches will increase by as much as 400% in 2040 to increase the quality of life for resident
  • 55% of the population will live within 800 metres of a main public transport station

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REAL ESTATE INVESTMENT

Speaking to Cityscape Intelligence, Nick Maclean, Managing Director at CBRE Middle East said that the objective to grow the resident population; the integration and complementarity of land and the built environment; the recognition of the importance of future investment; and the acknowledgment that to remain the regional business hub the Emirate has to appeal to employers and employees as a place that they want to spend their lives.

“Similar considerations are critical to all national and city urban plans. Historically, Dubai has created an extraordinary commercial and tourism hub and that achievement has been as a result of the government’s willingness to be reactive to change and proactive in its support of innovation. This plan is a public statement of these intentions,” said Maclean.

BALANCING REAL ESTATE DEMAND AND SUPPLY

Dr. Chris Payne, Chief Economist at Peninsula Real Estate agrees: “Providing the world with a vision is what Dubai does so well.

“After all, growing the population by around two-thirds in the next 20 years is actually a lower annual rate than seen in the last 20 years. The challenge will be balancing demand and supply for real estate as the city grows. Jobs and growth attract the population, not solely real estate capacity. Get it right, and Dubai will continue to attract the best talent from the region and vital foreign investment.”

 

Photo Credit: Dubai Media Office

 

DRIVERS OF CHANGE: Top 20 most Influential Sustainable MENA Real Estate Professionals. You can nominate a peer, colleague, line report, or a key figure in real estate who is making a significant strides towards the MENA region’s green transition here.

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