Imbalance due to Dubai Population Growth.
There has been a lot of talk around the office this week about new off-plan launches and dubai population growth. We have seen the launch of not just a new off-plan project in Dubai but also an entirely new location – Dubai Harbour. The island which is to be developed by Meraas in conjunction with Emaar is located on King Salman bin Abdulaziz Al Saud Street and in the area between Jumeirah Beach Residence and the Palm Jumeirah.
The master plan of this city is truly staggering. The ability to create a new island like Dubai Harbour from the sea is nothing short of incredible. Of course, the Palm Jumeirah is already a masterpiece of engineering.
The ability to deliver large-scale infrastructure projects of this nature is one of the things I respect about Dubai. This delivery is symbolic of the ethos of Dubai – dream big, plan well and ultimately deliver.
Yet, despite the city’s obvious abilities to deliver, I find when dealing with our private clients that questions remain about off-plan investment in Dubai. Will Dubai deliver? Who is going to live in them?
Will Dubai deliver?
In general, I have no issue with delivery of projects in Dubai. In the past, the city has had issues with developers failing to fulfill their contractual obligations in terms of delivery, but those days are well behind us. Good governance by the Real Estate Regulatory Agency and the Dubai Land Department has resulted in projects being delivered on a just-in-time basis.
Will these new buildings get finished?
Yes, of course, they will. Dubai Hills Estate appears to literally grow an apartment building every day. District One is now a vibrant community with phase 2 well on the way to delivery and progress at Jumeirah Bay Island with the new Bulgari Resort & Residences is very impressive and off-plan investment in Dubai is a very good option.
Who will live in these buildings?
A question I often ask myself. The population of Dubai is expanding and the city is now home to many, and not just a destination – a place where people bring up their children, a safe haven with world-class healthcare and education. The population clock is ticking with 2,988,712 people in Dubai as of January 2018 and the growth predictions show the population touching over 5 million by 2027. The city constantly evolves but does not lose sense of its identity. Therefore, safety and security are so good that we never give either issue a second thought.
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