Future City Forecast: Dubai's 5-Year Transformation Explained!

On this week’s episode of Taking Care of Business, COO; Carl Allsopp is in talks with Michael Waters who is the Associate Professor in Real Estate at Heriot-Watt University in Dubai. He has been working in real estate academia for over 20 years and is a member of the Royal Institution of Chartered Surveyors.

He is a prominent expert in real estate in Dubai and makes regular contributions to media publications. This week he launched his first book titled ‘The Essential Guide to the Dubai Real Estate Market’

As interesting as that sounds, Michael also explores the interesting prospects of Dubai’s growth and where the city could be in the next five years.

Progressing as the ‘city of the future’ Michael explains why Dubai has turned into a magnet for real estate investors. He tells us that while Dubai offers tax-free living, properties in Dubai compared to mature markets, are still on the cheaper side. Whether it's an ultra-luxury or off-plan investment, the city is gearing up and this is just the beginning. (sheesh)

Apart from the above, Michael mentions how Dubai also offers foreign investors benefits such as the Golden Visa, a great lifestyle which is highly technology-driven, and a great return on investments.

His book explores further the journey of how you can invest widely in the market and navigate with confidence using the statistics he’s provided. While his statistics are driven by personal opinions and personal market studies, he does share a data-driven aspect throughout the years by using the market's insights.

Carl asks Michael; what does it take to buy a house in Dubai?

Michael shares that while the market is still maturing, It's a planning process. When investing, you have to understand the market before taking a dip and studying which area is performing well, and where can a property’s value increase. If you’re thinking about investing here, the book informs the structure of rental yields, return on investments and more around the city.

How has the market changed in the last fifteen years?

Carl shares that the market has more liquidity as banks are more lenient when it comes to lending. Loans can be taken out with simpler measures and mortgages are often chosen by our audience.

With the strong availability of data, the market has become easier to manoeuvre through as well. As market insights are easily available on hand, families, investors and businesses can move through the cycle by just understanding where to invest their money. And as Dubai is highly technologically advanced, gaining market insights has never been easier for individuals.

Where is the market headed in the next five years?

With sustainable developments on the rise, Dubai is pulling out all the stops by offering residents more greenery, and nature-driven developments. Furthermore, smart cities. Michael dwells into one of the messages in his book about smart cities is institutional capital. He tells us that the sustainable and smart city path is craving way for people, institutions, businesses and pension funds who want to put their money into the Middle East and this is the path for them to do so. He then further mentions that sustainable developments are a repurpose of stock which is an efficient way of re-using resources and the space around the city. Accordion to his personal study, he believes that sustainable developments will open doors to an increased population and that the market under-supply may stay for a while.

Michael is also offering a special discount on his book ‘The Essential Guide to the Dubai Real Estate Market’ - ALLSOPP20 for 20% off. Although, the discount code runs for a limited time from 21st March – 4th April 2023, so make sure you get your hands on it quickly!

The book can be purchased directly from the publisher, Routledge or via Amazon.

Tune in to know more about Michael’s market study and predictions for Dubai’s future.

Catch up on the real estate market on Taking Care of Business, every Friday!