WHAT'S SO DISTINCTIVE ABOUT DUBAI?

 


JLL consulting put Dubai in the top three most globalised cities in the world last week.

JLL's 'Modern World of Cities: Global City Index' study is of particular interest to large global commercial real estate investors. The degree of globalization of the city today is the benchmark that determines its future growth. And this benchmark is set to be very high for Dubai.

Dubai has occupied such a unique niche in the worldwide Real Estate Companies in Dubai, the JLL report said, that it has managed to combine both characteristics of the existing and evolving urban formation. According to JLL, investments in urban infrastructure should account for no less than 4-6% of the city's GDP, and the UAE government is currently investing approximately USD 60 billion in the construction of roads and bridges alone, including both current and planned projects, most of which are carried out in Dubai, such as the ambitious Dubai Channel. At least USD 8 billion is about to be raised and spent on the construction of infrastructure for Expo 2020 in Dubai, including 15 kilometers of light rail and road network modernization.

In the near future, according to analysts, Dubai will be able to compete effectively with the so-called "super-cities of the big six" in the amount of annual investment in real estate and industry. These six cities now include London, New York, Paris, Tokyo and others, collectively drawing 22% of the total global flow of investment in real estate.

Global investors have already begun to pay special attention to the property market in Dubai. Last week, a new Indian developer, came to the Dubai Investment Real Estate, choosing Dubai's mega-development MBR City for its new 134 luxury unit’s project.

A new impetus was also given last week to another mega-development in Dubai, the Dubai World Trade Centre: 84 million square meters of commercial property for rental and 6,400 square meters of retail property will be built here during the second phase of the project.

Together with Dubai South, these mega projects will have a special status for the city that is so appealing to foreign investors, visitors and property buyers.

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