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Real Estate in Dubai refers to the market for property development and investment in the emirate of Dubai, United Arab Emirates. Real estate is a significant contributor to Dubai's economy, accounting for a substantial portion of the city's GDP. [1] Dubai's real estate market has experienced growth and transformation, driven by the city's rapid ...
List of bridges and tunnels in Dubai; List of buildings in Dubai. List of tallest buildings in Dubai; List of tallest residential buildings in Dubai; List of communities in Dubai; List of development projects in Dubai; List of free-trade zones in Dubai; List of hospitals in Dubai; List of hotels in Dubai; List of Industrial areas in Dubai; List ...
Wasl is a semi-government entity established on May 25, 2008, by the Dubai Real Estate Corporation (DREC) to oversee the development and management of its assets. [4] It was created following the merger of two public sector organisations: Dubai Development Board and Real Estate Department.
Dubai's real estate market had become oversupplied, with a large number of new properties being built to meet the increasing demand. However, during the 2007–2008 financial crisis, demand for property in Dubai decreased, leading to an oversupply of properties that were difficult to sell.
The EU Tax Observatory and Norway's Centre for Tax Research evaluated that in 2022, foreign ownership in Dubai's real estate market was worth approximately $160 billion. Until 2022, there was no obligation for real estate agents, brokers, and lawyers in Dubai to report large cash or cryptocurrency transactions to authorities. [192]
The emergence of Dubai's lively real estate market was briefly checked by the global financial crisis of 2007–8, when Dubai was bailed out by Abu Dhabi. [31] The recovery from the overheated market led to tighter regulation and oversight and a more realistic market for real estate throughout the UAE with many 'on hold' projects restarting.
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The first net zero energy city in Dubai [17] 11 Dubai Investment Park: Incomplete: 2,300 hectares [18] Includes the Lagoons, under development by Schön Properties since 2005; Schön's assets were seized by the Dubai Real Estate Regulatory Agency in August 2018 over the company's failure to complete the development. [19]