Dubai Marina: Up and Coming in Real Estate?
This post was last updated on August 30th, 2023
Dubai Marina is a little slice of heaven on earth. Begun in 2003, the massive project in Dubai has seen its dip in the real estate industry in recent years despite being built to counter the problem of overcrowding. The decline in real estate sales have development companies and even the government has begun throwing out initiatives in order to increase the number of real estate investors interested in property for sale in Dubai Marina. There are also numerous incentives for international investors to purchase homes all over the city, including freehold properties that foreign investors can put their money in.
Supplying the demand
There was a period of over supply which led to high rise residentials standing empty. There were simply too many homes and too few people purchasing them. This year, thanks to the formation of the real estate committee, the supply has been regulated to meet demands and there has been an increase of renewed interest in the market since it was stabilized.
The assistant director-general of Dubai Land Department, Majida Ali Rashid, was quoted saying, “The real estate transactions grew by 134 per cent in a few days after the announcement compared to the same period before the committee.”
The creme de la creme of Dubai
Dubai Marina is an affluent residential neighborhood which has plenty to offer. From the world’s longest urban zipline to hippie late-night brunch spots combined with bars, it is a heaven for Millennials and those looking for something a little more to offer. They also often hold events such as outdoor viewing experiences along with other forms of entertainment, which makes it an ideal location for those interested in arts and culture.
The latest addition to the skyline is Sparkle Tower – comprising of twin towers housing 373 units of high end apartments, delivering five-star resort-style living to residents. The managing director of Tebya, the construction and development company behind the project, says that they have brought this idea to life due to the “unwavering demand” of both the international and local markets. Adding that, “Sparkle Towers offers an outstanding opportunity to own a luxurious property in one of Dubai’s most sought after locations”.
Recommended: Tips for Real Estate Investments in Dubai
Prime location in the desert
While Dubai is technically a desert, the marina is a man-made oasis that travels down the Persian Gulf shoreline built for a population of 120,000. It is currently vying for the title of the largest man-made marina in the world, aiming to top Marina del Rey in California, United States which holds that title as of 2019.
Being one of the world’s most improved economies, as reported by the Global Real Estate Transparency Index, investing in real estate in the UAE cannot be wrong. Ranking first in the Middle East and 40th globally in 2018, Dubai has jumped 8 places since 2016 – a long way in just two years. As the economy continues to grow, the price of real estate will only continue to soar.
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