Dubai 2040 Urban Master Plan
Dubai 2040 Urban Master Plan: Impact on Real Estate Investment
On March 13th, 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Dubai 2040 Urban Master Plan, a comprehensive roadmap for sustainable urban development in the city. The main objectives are to the enhance quality of life, improve wellbeing and “make Dubai the world’s best place to live in” for the 5.8 million residents expected by 2040. Dubai is already staking its claim as one of the most influential cities attracting a growing number of international investors and we believe the master plan will strengthen its position further, creating a positive impact for the real estate industry.
Key pillars and benefits
The area of land utilized for hotels and tourist activities will increase by 134 percent, along with the increase of 168 square kilometers of land area utilized for commercial activities. While Dubai is already one of the leading business hubs for innovative start-ups, international corporations, and strategic investments, the opportunities will grow in line with recent reforms to boost investor confidence and attract global talent. What’s more, a 25 percent increase in the land area allocated to education and healthcare facilities will see Dubai rank even higher as a desirable location for investing, working, and living.
Green space and nature
One of the central aims of the master plan is to increase the length of public beaches by 400 percent, and a great deal of effort is being extended towards expanding the emirate’s conservation and recreational areas, which will double in size. Nature reserves and rural natural areas will constitute 60 percent of the emirate’s total area. Needless to say, this will greatly enhance Dubai’s landscape. Proximity to green space and coastline access has always been vital when it comes to driving the value of residential property worldwide, and we certainly see that reflected here in Dubai.
Accessibility and transport
Several green corridors will be established to link the service areas, residential areas, and workplaces across the city, with more cycling lanes opening to encourage healthier living and reduce pollution. Plus, 55 per cent of the population will live within 800 metres of a main public transport station.
There has been a decline in property value since the 2014 peak, largely due to oversupply, but demand is now soaring and the master plan will act as a driving force in creating a stable, more mature real estate market in the near future. Against this backdrop, clients are looking for authentic communication, accurate intelligence, and in-depth expertise from their investment advisors to maximise the returns available.