Dubai is the hottest career destination for expatriates from around the world. And, is all set to become hotter with increasing career opportunities available in the region. Abu Dhabi and Dubai are all time favorites and are expected to record a significant growth in GDP.
There have been large-scale real estate developments going on in Gulf countries like Dubai, Abu Dhabi, UAE, etc. Though these property developments have been delayed due to the global meltdown, they are coming back on track with the revival of the economy. The construction of more than 10 million sq. ft. of office space is expected to complete by 2011 which would then generate a plethora of employment opportunities in Middle East. According to the study conducted by a property consultant in Middle East, Tasweek Real Estate Marketing & Development, Dubai’s economy must generate over a lakh new office jobs to absorb the supply delivered in 2009. This rate of job creation across different sectors demands an increase in number of professionals and thus, implies a rise in country’s population. Expatriates looking for jobs in Dubai can smile on the great news.
The office-consuming share of total employment and the rate of expatriate economic activity are set to grow manifold. The cross emigration between Gulf cities, especially Dubai and Abu Dhabi is also increasing off late, resulting in a price stabilizing effect in Dubai and reduced rent prices in Abu Dhabi. The improvement in real estate of Dubai post the economic crisis continues particularly in the areas offering easy access to retail, leisure, education and entertainment.
The key drivers for raising housing, commercial and retail prices in future would be location; infrastructure; quality of construction; community facilities and availability of financing solutions. This would also include affordability, return on investment and trust-worthy exchange partners from the other end.
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