How Real Estate Developed In Dubai?
Dubai the hub of business around the world is one of the seven Emirates of United Arab Emirates. It is located on the Southern Persian Gulf. It is named the pearl of Persian Gulf. Dubai known for its natural beauty is surrounded by desert and sea. The art and culture thrives here Also the modern construction techniques and business opportunities has turned Dubai into major metropolis. All this attracts people around the world to live here.
Earlier Dubai had oil trade based economy which was later changed as the government diverted to economy that depended on tourism and service sector. This ultimately lead to the development of real estate sector. This boom in real estate sector saw the progress of Dubai. Dubai has transformed into the top cities of the world.
The construction on large scale has taken place in Dubai. There is a huge number of projects which are to be constructed in future. After real estate boom in 2004-2006, there was a remarkable progress in the sector and there were difficult times as well as there was slum in the sector. However, it recovered and in 2012 good days were back in the real estate market. In the present day scenario the real estate market is in a good position.
Today the real estate market in Dubai has reached a milestone that none other has achieved. They have constructed the tallest tower in the world by the name Burj khalifa, Dubai mall the largest shopping mall in the world, Dubai fountain the largest fountain in the world and tallest hotel in the world (JW Marriott Marquis Hotel Dubai). This is not the end as many huge projects are under construction.
Real estate development in Dubai has not being an easy one. From oil-based economy to the open for world economy it has been a struggle. But now the things are right for Dubai. Nowadays a large number of projects are underway for which a large no of manual labor is in demand. Apart from this construction equipment like cranes are in huge demand as around 30,000 cranes are operating in Dubai.
So as it started with a few high rise buildings in Dubai about 20 years back to thousands of skyscrapers today. All kind of real estate business now flourishes in Dubai. Dubai is now the top cities of the world as far as the real estate development is concerned.