2023 has seen the real estate market continue to thrive following unstable economic and political times, globally. Dubai specifically is still focused on developing high-rise residential towers and luxury hospitality projects, as it continues to be the number one destination for travel tourism and hospitality in the Middle East.
This positive influx of investment has seen the resurgence of retail tenants and retailers, allowing them to hold more comfortable positions in the Real Estate Market. For the first time in Dubai’s recent history, we have seen retail operators, hoteliers and commercial towers commit to significant refurbishment projects of its older assets and their willingness to invest in long-term agreements with newer, better developed facilities.
This all said, the job market continues to be positive within real estate especially with semi-government master developers continuing their hiring plans to hit deadlines for projects in the pipeline.
From speaking with senior figureheads in the real estate market, there is certainly a more positive outlook on the next few years, 2023 and beyond. I remain optimistic regarding the short, medium and long term and it’s difficult to not see the UAE coming out on top given the continued vision and commitment to growth of the country.