Happily ever after in Dubai: Could this dream become a reality any time soon?

Dubai is one of the most desired cities of the world for both Asian and the Europeans. This global city has shaped the standards of a luxurious life and became the business hub of the world. Due to such lucrative business activities on in the emirate, the real estate business was destined to flourish. The marvellous and warm beaches, world class hotels, jaw dropping shopping centres and completely developed infrastructure of the emirate attracts many thousands of visitors each year. For ideal lifestyle accompanied with desert safari and dune surfing, sun bathing, water sports, unforgettable cuisines, stunning skyline and dozens of mesmerising exciting things to do, there is no place better than Dubai. rnThe population of Dubai has increased 3 times in last 15 years and has reached to 2 million. The most shocking fact about Dubai is that only 17% of total population comprise of the locals and the rest of 83% are foreigners. Dubai real estate is been the “Promised Land” for the immigrants, mostly Asians and especially South Asians, who work in hotels, restaurants, construction sites, stores, malls and offices. Almost 50% of these immigrants are Indians who provide cheap labour and diversity in culture. This population influx was witnessed in late 90s when Dubai had realized its tremendous potential to become the economic hub of the region. Till the end of previous century, Dubai’s economic relied primarily on oil and natural gas and today it is less than 6% of the total economy of UAE. rnDubai’s economy boosted in late 90s and that’s because of those mega construction projects which are no less than new wonders of the world. Since oil reserves of UAE are being consumed at a faster rate and are expected to exhaust in next two decades, the emirates needed an alternative industry to match the pace of its growth potential. Dubai Properties and Construction industry hence became the saviours which not only provided jobs to thousands of more Asians but made the entire world focused on the peaking prices of land and buildings which where so committed to get “taller” than the rest. Now we see the entire city transformed, many real estate properties in Dubai are more than 200 meters tall on the average and their design and engineering excellence have stunned many,rnDubai is no longer a small patch of Arab land where oil tries to hide its infertility. Plenty of natural turf, palm trees, exotic flowers, wild shrubs, green houses and the golf courses do not let the locals and visitors get the unnecessary feeling of being in a desert. Each year, the sports world focuses on the desert safari and surfing in the Dubai Desert, the very idea of racing on the golden and constantly shaping and reshaping sand dunes with no strict rules turns on the hardcore race fans. Many international events attract celebrities and tycoons from all around the world. These festivals include Dubai Fashion Week, Dubai Desert Rock Festival and Dubai International Film Festival. rnThe cost of living in Dubai had been very high, especially for the Asians which comprise about 80% of the total population. Global recession also affected emirate to a terrible extent. The constructions companies are now bankrupt, many firms and brands have shifted their office, and Dubai media city and the internet city are no longer buzzing with expanding franchising and growing businesses. Several new construction projects were cancelled and the value of Dubai property reduced. The rents in Dubai and the property prices have gone down to 60%. The city is the same; it has just become more affordable for you. If you wish to buy some land in Dubai real estate, it would be a fine investment and if you ever planned to live “Happily Ever After” in Dubai, this is your time!