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Around three years later, a detailed blueprint for the long-term urban development of Dubai was unveiled by His Highness Sheikh Mohammed bin Rashid. This blueprint was named the Dubai 2040 Urban Master Plan. This blueprint contained details about the path Dubai would be following in the next 20 years to emerge as the most diverse, inclusive, and sustainable city in the world. By implementing this plan, the government plans to create fresh business opportunities for individuals and strengthen Dubai’s image as a global investment hub. The Dubai Master Plan 2040 has been designed to have a positive impact on multiple sectors and industries including real estate.
For years, the real estate sector in Dubai has played an integral role in its development and attracting investors from different parts of the world. When somebody visits Dubai for the first time and sees the infrastructure around, they feel very positive about the city.
When you speak to the representatives of a real estate company in Dubai, you will get a very good idea about the role the real estate sector in Dubai will play in executing the Dubai Master Plan 2040. Apart from offering a plethora of investment opportunities to residents, citizens, and visitors, the real estate sector will also work towards developing projects in the city that would contribute to making it more vibrant.
Here is how the Dubai Master Plan 2040 is expected to reshape the future:
Sustainable Development
In today’s times, governments of most countries are talking about the importance of sustainable development. Very few, however, have done something substantial in this area. Sustainable development largely refers to the approach one takes to ensure the present generation’s needs are met without putting future generations at risk of suffering from scarcity.
The Dubai Master Plan 2040 states that the government has plans to get the economy growing at a good pace while ensuring that the environment does not suffer from any kind of danger or threat. Some of the plans the government has in this regard are giving 60% of land area to natural reserves and enhancing air quality.
Urban Development
In different countries across the globe, urban development has coincided with the residents suffering from health issues, getting displaced, and dealing with a variety of other problems. One of the important objectives of Dubai Master Plan 2040 related to urban development is providing housing facilities to people belonging to all income groups.
The government will soon be increasing the threshold for interest-free housing loans. The upper limit will now be AED 1 million for different categories. While undertaking a variety of developmental projects, including off plan properties, across the city, the government will ensure that the bonds between different communities get strengthened and there is an increase in social cohesion.
Economic Competitiveness
In the last few years, the Dubai government has been very active in getting foreign investors on board for different projects. As a part of the Dubai Master Plan 2040, the government will take further steps towards attracting a lot of foreign direct investment more aggressively. By doing this, the government has plans to diversify the economy of Dubai.
Dubai has already become a global hub for several businesses. Through its new initiatives, it plans to attract new-age industries. By simplifying the rules and regulations governing businesses, the government plans to have the best of the entrepreneurial talent from the world operating from Dubai.
Strengthening Infrastructure
The infrastructure of Dubai has always been one of its major highlights. A real estate company in Dubai never experiences a slump in its business. Apart from offering more properties to investors, residents, and visitors to choose from, the government shall also work towards improving public infrastructure.
One of the biggest infrastructure-related plans includes expanding the metro service in Dubai to such an extent that it can cater to 4-6 million people. Once the metro service becomes accessible to a larger number of people, the traffic on the roads will come down significantly. There are also plans to set up integrated mobility hubs in different parts of the city.
Governance Framework
One of the first steps that the government is taking as a part of the Dubai Master Plan 2040 is putting together a well-defined governance framework for most of the projects. While some projects are carried out without government legislation, history has taught us that things work more smoothly when a framework is in place.
Once proper planning legislation is carried out, it will be much easier for all the stakeholders to move forward in a particular direction. The government, while giving adequate freedom to all the stakeholders, plans to exercise quality control exercises to ensure the projects delivered match their expectations.
Hospitality Boom
A large part of the Dubai economy is dependent on the tourists who visit it. Almost every day, people from different parts of the country arrive in Dubai and spend at least a few days in the city. While some people come to Dubai for business purposes, many come with their friends and families to soak in all that the city has to offer.
Under the Dubai Master Plan 2040, the government plans to implement several measures to ensure the tourism and hospitality industry in the city gets a massive boost. Dubai is a city that has been known for offering a sense of luxury to its tourists and visitors. Apart from enhancing its hospitality services further, the government plans to curate a lot of cultural events and entertainment options to attract a higher number of tourists.
Technology Integration
One of the key objectives of Dubai Master Plan 2040 is to convert Dubai into a major smart city. To do that, both government and private agencies will work towards implementing high-end technologies like blockchain, artificial intelligence (AI), and the Internet of Things (IoT) most effectively.
One of the areas in which the aforementioned technologies will be implemented is the real estate sector. When you reach out to a real estate agency in Dubai, you will realize they have already started the process of understanding and implementing these technologies. Along with setting up smart homes and offering off-plan properties at reasonable prices, there will be an effort to introduce more people to advanced security systems.
Company Bio – Falcon Premier Real Estate
When somebody wishes to invest in real estate property in Dubai, the one company they go to for consultation and guidance is Falcon Premier Real Estate. For years, the real estate agency has fulfilled its promise of offering premium quality properties to its clients at the most affordable prices.
