At the start of 2021, Sheikh Mohammed bin Rashid unveiled an elaborate blueprint for Dubai’s long-term urban development- the Dubai 2040 Urban Master Plan. Envisioning the next 20 years, the Master Plan lays out a comprehensive path for Dubai to become the world’s most diverse, inclusive and sustainable city. The farsighted plan aims to catalyse new business opportunities and reinforce the city’s status as a hub for global investors.
The plan will undoubtedly augment Dubai’s competitiveness as a global destination by providing culturally diverse lifestyles and a slew of investment opportunities for citizens, residents and visitors. Additionally, the plan will offer the highest possible standards of urban infrastructure and amenities while enhancing the city’s natural and recreational areas.
5 urban centres at the fore
The strategic plan is directed toward redefining five districts within the city and developing them as speciality hubs. As per the plan, Dubai Marina and JBR will be at the forefront of tourism and entertainment. The Business Bay and Downtown will dominate as the city’s financial hub, while Bur Dubai and Deira will highlight the emirate’s tradition and heritage. Two new centres, Expo 2020 Centre- the epicentre of exhibitions, tourism and logistics will feature affordable housing and Dubai Silicon Oasis Centre- a technology and knowledge hub that will spearhead digital economy and innovation.
Open invitation for global residents
The Dubai 2040 plan aims to increase the total resident population by 59% by 2040. To attract more residents to Dubai, scores of sustainable housing complexes will be developed that enhance the quality of life and increase residents’ wellbeing. The plan targets to increase public beaches by 400%, green and recreational space by 105% and dedicated space for education and health by 25%. By 2040, 60% of Dubai will comprise natural reserves.
Bonanza for homeowners & investors
As mentioned earlier, the plan will focus on investments and development in five urban centres such as Downtown and Business Bay, Dubai Marina and JBR and Bur Dubai and Deira. Current as well as potential homeowners in these areas, will witness an uptick in their property values. Consequently, homeowners looking to retire or invest in Dubai are likely to generate high rental yields in the coming years.
A gold mine of opportunities
The pioneering plan will unlock a slew of opportunities for investors, entrepreneurs and talent from all around the world. The balance between preserving existing urban areas and encouraging new sustainable development through infrastructure and new projects will drive Dubai’s real estate market. The recent amendments to golden citizenship, remote working and retirement will also attract more people to the city in pursuit of long-term rental residences, startups and retirement homes.
The Dubai 2040 Urban Master Plan is enticing for foreign real estate investors, entrepreneurs, expats and homebuyers. As the city becomes more and more of a home for everyone, Dubai is reinforcing its status as a global destination for citizens, residents and visitors.
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