28/07/2022
What is the Dubai 2040 Urban Master Plan?
What does this mean for Dubai’s real estate market?
The plan aims to bolster Dubai’s competitiveness as a global destination. This is done by offering a diverse range of lifestyle and investment opportunities to citizens, residents, and visitors. It aims to provide the highest standards of urban infrastructure and facilities in order to realize His Highness’s vision of making Dubai the city with the best quality of life in the world.
The Expo 2020 Dubai site will be one of two new residential and business zones established as part of Dubai’s Vision 2040 to define future investment. Furthermore, according to the proposals, Dubai Silicon Oasis would be upgraded and transformed into a research and technology centre. Deira and Bur Dubai will maintain their legacy and culture. Meanwhile Downtown Dubai and Business Bay will serve as the emirate’s financial center. The Dubai 2040 Urban Master Plan envisions Dubai Marina and JBR as tourism and entertainment hubs.
For the real estate market, this suggests an upward trajectory in pricing. The predicted influx of foreign nationals and investors will address the surplus of homes. The “people-centric” plan includes a 400% increase in land dedicated to public beaches. Furthermore, it includes a 134% increase in space for hospitality and tourism. Nature reserves will cover 60% of the emirate’s land area.
It is planned that through expanding bus, metro, and tram services, 55% of the city’s population would be able to live within 800 meters of public transportation. All to house the emirate’s estimated population of 5.8 million by 2040.
All in all, the 2040 Urban Master Plan aims to create a better future for the city, boosting its economy, and increasing the happiness of its citizens. Through legislation and infrastructural changes, Dubai will cement itself as one of the best cities in the world.
