Dubai, rightly termed as the City of Future, always stays ahead of other cities because of its futuristic developments and planning. The emirate has had as many as seven developments since 1960. The latest of them all is the Dubai 2040 Urban Master Plan.

Let’s find out more about this plan and how it impacts the Dubai property market:

Dubai 2040 Urban Master Plan

It is basically a comprehensive blueprint for the long-term urban development of Dubai spanning over the period of the next 18 years. Through this master plan, the government aims to improve the quality of life along with residents’ happiness. At the same time, the government plans to reinforce the emirate’s position as a leading global destination for tourists, job-seekers, entrepreneurs, and those looking for a home away from home.

As per this plan, the government will use the space available within the boundaries of the city. Furthermore, development projects will be carried out within the urban areas. Ultimately, it will align Dubai 2040 urban master plan with the future needs and strategic economic priorities of the emirate.  

The Impact of Dubai 2040 Urban Master Plan on the Property Market

Like many other sectors, the urban master plan will have a significant impact on the property market as well as it intends to offer a vast range of investment and lifestyle opportunities. These opportunities will not only be limited to residents, but foreigners can also capitalize on them. This way, the foreign investment, the real estate sector, and the economy, on the whole, will be boosted.

In addition, the emirate aims to provide its residents with the highest standards of infrastructure and facilities. This is in line with the vision of His Highness, which is to make Dubai a city that offers the best quality of life.

Initiatives as per Dubai 2040 Urban Master Plan

Some of the major initiatives that the emirate intends to take as per Dubai 2040 Urban Master Plan are:

  • The transition of Expo 2020’s site into District 2020, a mixed-use integrated and sustainable community, is also part of the urban master plan. It is expected to become one of the best places to buy property in Dubai in near future.
  • Another initiative that will be taken as per this plan is the up-gradation and transformation of Dubai Silicon Oasis into a research and technology centre.
  • Bur Dubai and Deira will continue to maintain their culture and legacy.
  • Business Bay and Downtown Dubai will maintain the position of serving Dubai’s financial centres.
  • Jumeirah Beach Residence and Dubai Marina will serve as entertainment and tourism hubs in Dubai.

Expected Increase in Property Prices

As this plan is implemented, a rise in the property price is expected. An upward trajectory in this regard is already visible as the year 2022 has started on a very strong note. Not only in Dubai, but the prices of properties in Abu Dhabi are also on the rise. It is expected to end on an even higher note, despite the inflation issue faced by many countries currently.

Although the emirate was dealing with an issue of oversupply, it will be taken care of due to the influx of expatriates and foreign investors.

Boost in Tourism and Hospitality

The Dubai 2040 Urban Master Plan intends to boost the tourism and hospitality sector as it aims to make a significant 400 per cent increase in land, which is dedicated to public beaches. Similarly, there will be a 134 per cent increase in space allotted for tourism and hospitality. Another notable initiative is that 60 per cent of Dubai’s land area will be covered by nature reserves.

Transport System Enhancement

The urban master plan also intends to expand the public transport system, including metro, bus, and tram services. This elaborative plan envisions that 55 per cent of the total population will reside within 800 metres of different modes of public transportation. This action plan is in line with the emirate’s vision of housing the 5.8 million residents (estimated population in Dubai) by 2040.

Wrapping Up

In a nutshell, the Dubai 2040 Urban Master Plan envisions creating a better and brighter future for the emirate. Its main goal is to boost the emirate’s economy, improve the lifestyle of residents, and make Dubai a happy place to live. This plan entails several infrastructural and legislative reforms that will cement Dubai’s position as one of the most advanced cities globally.

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