Dubai consistently appears at the top of global high quality rankings for cities… happiest population, best quality of life, fastest growing… the list is seemingly endless, with each month revealing another high score on some international index or another.
Last week Dubai was ranked ‘3rd Most Dynamic City’ in the world in the City Momentum Index (CMI). CMI measures cities on the basis of their GDP growth, speed of adaptation, speed of innovation, creation of new businesses, rates of construction, real estate price movement and attraction for cross-border capital. The study reflects how well a city meets its socio-economic goals and its commercial real estate momentum, also assessing how capable it is of sustaining such momentum over the longer term. Dubai topped the CMI poll because of its ability to bring about quick-silver changes in socio-economic and commercial real estate momentum.
But does Dubai really deserve it?
Yes it does. It is truly capable of achieving all of the above.
In December 2013, Dubai Land Department (DLD) announced that the total amount of real estate transactions recorded in the emirate for the year exceeded AED 236 billion. The total number of transactions jumped 53% from 2012 figures to reach a total of 63,652, with a further expected 40% increase in 2014. The organisation reported that foreign nationals from 162 countries conducted property transactions in Dubai throughout the year.
Investors are flocking from all over the world to Dubai. They all believe in this great city and in particular, the way it recovered after the crash of 2008. The real estate market is the main indicator of Dubai’s current boom, the figures for 2013 revealing a high level of optimism prevailing in the market.
Optimism about Dubai comes from trust in its government, its regulations and its procedures. Talking the talk is not enough. Seeing is the main proof and in that respect, Dubai is walking the walk. You don’t just hear the talk, you see the action.
Dubai is now not only the focus of attention for international property investors, but also for regular homemakers who simply want to work, to raise their children and to generally enjoy a good life. Dubai is about more than just investment, it is about the quality of life and the security it provides. Living in a super dynamic city, where you feel safe, rewarded and relaxed… what more do you need?
Greater numbers of people are coming to Dubai to live, with the Expo 2020 win a great incentive. For some, the new outlook represents a frightening situation, with an increase in real estate prices and a new property bubble at the top of their concerns. But with faith and confidence in the Dubai government, one can be assured that such a situation will not reoccur. Things are different this time. Thanks to the Dubai government, they are more organised, better controlled and better planned.