Unlike many who think otherwise, Dubai really does not have a lot of natural oil reserves to keep its economy afloat for decades on end. This has been the reason why the authorities in Dubai have been busy taking up measures to diversify its sources of income and make the economy diverse enough to withstand global economic shocks.

In the past two decades, Dubai has continuously invested heavily in its real estate , tourism, hospitality and construction sectors that have turned the city into a modern day wonder.

But the emirate’s true charge towards economic diversity has been spearheaded by none other than its real estate sector. Dubai has set itself on a path of development that has given the world unprecedented structures like the Burj Khalifa, The Palm and The World Islands. World-class accommodation facilities, luxury beachfront residences and imposing retail behemoths have helped Dubai carve out a niche appeal for its lifestyle and standard of living, and the city is now among the top destinations for tourists, holiday – and second home-seekers as well as realty investors.

The importance of real estate sector for Dubai is recognized by all and sundry and UAE’s Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, even believes that the sector would lead Dubai’s other sectors to economic prosperity and has time and again reiterated the government’s commitment to offering all out administrative support to realty projects in the emirate.

Keeping the count

The real estate sector of Dubai has continued to receive year-round foreign investments despite detractors saying otherwise. Over the course of the first nine months of the ongoing year, Dubairegistered 33,907 real estate transactions worth AED 186.34 billion, according to Dubai Land Department.

A major portion of the international investment came from Indians, who poured in AED 13 billion in the said period.

The Cityscape Dubai, held in September, also saw a number of developers launching mega projects that are set to change Dubai’s skyline for the better.

The massive amount that goes into the real estate sector of Dubai acts as an able agent of positive change for the economy. Mammoth realty projects, like mega malls, hotels and numerous theme parks not only help uplift the areas around the same, they also create thousands of employment opportunities that attract the best business and professional brains from around the world.

As developers compete in building world-class hotels and providing luxury facilities, robust construction activity opens up thousands of employment opportunities in both the development and services sectors.

Dubai is thus never short on demand for skilled labor, strategists and professionals such as marketers, engineers, contractors, interior designers and architects.

Dubai has also become the business start-up capital in the region, and the influx of entrepreneurs has ensured a steady demand for commercial and office spaces across Dubai. So the apparent chaotic project launches are not so badly thought out as they deem.

Rising work opportunities are making the emirate expect its population increasing by over four million in the next few years. That creates a lot of potential demand for housing and accommodation, something the developers in Dubai have a keen eye on.

Getting going

With Dubai’s residential sector offering some of the best rental returns in the world, it’s no surprise investors are lining up to grab an apartment, villa or a retail outlet to lease out. The immense potential Dubai’s tourism industry boasts is further fuelling investment and leading to a number of hotels and recreational spots being planned in the next few years. The Expo 2020, slated to the biggest ever and expected to host over 25 million visitors, gives further impetus to local and international investors to look for avenues of investment in the city’s thriving real estate sector and be ready to profit once millions of visitors descend on Dubai for the exhibition.

Dubai has rapidly turned itself into much more than a sleepy fishing town it once was and successfully marketed itself as a regional economic powerhouse. The sparkle the city emits attracts millions each year, and the source of that sparkle remains the emirate’s vibrant real estate industry, be it in the guise of Burj Khalifa, Burj Dubai, The Atlantis or Downtown Dubai. The city’s real estate industry and its exceptional returns continue to attract thousands of investors from around the world each year, making it a vital artery for the emirate’s economy and taking it closer each day to becoming a truly global super city.