Dubai is a dream city where investors earn good profits on their investors. The potential of dubai market is massive so as the buying power of the people who live here. Real estate Dubai is the most profitable sector which is adding good income in the economy so for so long. Nowadays, it is facing a little downtime because of reasons like slow market around the world, the strength of the dollar, increasing price of oil and ever-changing politics in the middle east. That is why the tourism industry is very important to keep the pace up of the real estate dubai market.
Why Tourism Is Important?
It is important because dubai can’t survive on Oil and Gas so it is very vital to move away from the dependency of these industries. This is not only because the reserve of oil and gas are shrinking but also the markets are slowing down globally. So a very good initiative taken by the government to focus their energies on uplift the tourism industry. As you know, tourism is a billion-dollar industry and in dubai case it has proven its worth by making it a dream tourist destination in the world. According to property management companies in dubai, As the more tourists are visiting the city, we are receiving more inquiries related to long term and short term rentals. Tourists who visit the city, they need a place to live and where short term rentals became their primary source of accommodation.
You will be astonished If you take a look at the positive numbers that tourism brings to Dubai. Some areas in the city are giving 10% rental yields and others are also showing a great trend. As investors are making good money on rentals, they are investing more in the real estate industry. This is a good sign for dubai economy as investors are showing great trust.
According to aviation authority, dubai airport receives around eighth million visitors and the number will climb as the expo 2020 approaches. According to an estimate, the government is planning to attract 20 million visitors in 2020 and this will be the big game-changer for dubai real estate market.
New Real Estate Projects
To accommodate the tourists real estate developers are coming up with new projects. It is very vital for dubai economy that visitors will get the best properties to live at nominal rates. This will encourage tourists to spend more money on dubai holiday homes. Acording to new reports, dubai is one of the cheapest metropolis in the world and it is not less than the leading tourist cities like paris, new york, istanbul and singapore.
The population of dubai is increasing and to accommodate all these people, the Government needs to build new housing societies that are not expensive, A society like mina rashid emaar is pretty good for the middle class.
Government is trying their best to provide state of the art facilities to tourists and residents. Well connected transportation system, flexible employmnet laws, easy to to do business polices and awarding nationalities are some of the great initiatives that governmnet has taken in the last few years.
A well organazied tourist industry is a game changer for this country’s economic growth. More tourists and investors are the real bread and butter of dubai real estate sector. They contribute a lot through buying, renting or selling the properties. Real estate companies in dubai are very optimistic for the future of the real estate market and they think after expo 2020 things will become better than ever.