It is essentially a thorough plan for Dubai’s long-term urban growth over the course of the following 18 years. The government hopes to raise citizens’ happiness and quality of life with this master plan. The government also has ambitions to strengthen the emirate’s status as a top travel employment destination for travellers, businesspeople, and people searching for a second home.
The government will utilise the space within the city limits in accordance with this plan. Furthermore, urban regions will have development projects carried out. In the end, it will harmonise the ‘Dubai 2040 urban master plan’ with both the emirate’s long-term requirements and strategic economic priorities.
‘Dubai 2040 Urban Master Plan’s’ Effect on the Real Estate Market
The urban master plan, which aims to provide a wide range of investment as well as lifestyle options, will have a substantial impact on the housing market, along with many other sectors. These chances won’t just be available to locals; visitors can also take use of them. In this way, the economy as a whole, the real estate market, and foreign investment will all benefit.
The emirate also strives to offer its citizens the best facilities and infrastructure possible. This is consistent with His Highness’s goal of making Dubai a city with the highest quality of life.
Projects in line with the ‘Dubai 2040 Urban Master Plan’
According to the’ Dubai 2040 Urban Master Plan’, the emirate plans to undertake a number of significant initiatives, including:
Expected Rise in Real Estate Prices
An increase in property value is anticipated as this strategy is put into action. As 2022 has gotten off to a very solid start, an upward trend in this aspect is already apparent. Property costs are rising not just in Dubai but also in Abu Dhabi. Despite the current inflation problem that many countries are experiencing, it is anticipated to finish even more strongly.
Despite the oversupply problem the emirate was facing, it will be resolved as a result of the surge of immigrants and foreign investment.