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. More info