The housing market is dominated by two major cities in the UAE, Dubai and Abu Dhabi. In Dubai, 69 % of foreigners working in Dubai do not have university degrees and are likely to have low-paying jobs, which causes more than 33 % of them to rent in cheaper emirates and travel to Dubai. Meanwhile, the average and higher level of the housing market in Dubai has a surplus, reaching 43,000 residential units with 1336 projects in Dubai, 85-99% completed and is expected to be completed by the end of 2019, according to new Property Finder data. Abu Dhabi is expected to ship more than 11,000 units during 2019. The real estate market in Abu Dhabi is encouraging because of the government package of incentive measures in the amount of 13.6 billion dollars, and the introduction of new visa regulations to encourage ex-pats to stay longer in the UAE.
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The total office space in Dubai is currently 8.56 million m², and in Abu Dhabi, 3.7 million m². About 500,000 m² will be added in Dubai in 2019, and another 300,000 m² in Abu Dhabi. Avg vacancy rates in the Central Business District (CBD) increased to 12 per cent. The average rental price decreased by almost nine per cent to $ 420 per square meter. With sufficient choice for tenants, landlords continue to offer attractive conditions, and it is expected that the market will lean towards tenants over the next 12 months.
The UAE ranks fifth in the top ten largest retail destinations in the world, and the country has seen an increase in the total annual growth (CAGR) of the retail market from 3.8% to $ 73 billion from 2012 to 2016. The highest in the world, with loss of visitors overnight, reaching $ 29.7 billion in 2017 alone. In 2018, new retail space is expected to increase by 717,000 m2 in Dubai and 467,000 m2 in Abu Dhabi. Major future projects include the Mall of UAQ in Umm Al Quwain, a shopping Centre in Sharjah and the Silicon Oasis, Deira Mall and Al Haile Avenue.
Dubai continues to expand its hotel rooms ahead of Expo 2020. By the end of 2019, there were a total of 132,000 rooms in Dubai, and there would be around 164,000 rooms by the opening of Expo 2020. By 2020, about 2,000 additional numbers are expected by Abu Dhabi. The hotel business in Abu Dhabi has also grown significantly. From January to December 2018, more than 307 million tourists, including more than 140,000 Americans, stayed in Abu Dhabi.
UAE continues to deploy large-scale health projects; However, the government is careful that hospitals and medical facilities are integrated with geographic areas to prevent their underuse and overuse. Only in Dubai, there are 32,013 objects, of which about 4000 are accredited internationally. In 2019, (9 new hospitals are planned in Dubai). A new Al-Ain hospital with 719 beds is currently under construction in Abu Dhabi, and the medical city of Sheikh Shah but with 739 beds has already been completed. In accordance with the Dubai Health Strategy 2013–2025, Dubai plans to build 3 major hospitals: 1. Mohammed bin Rashid Hospital, located on Sheikh Mohammed bin Zayed Road, 2. Al Maktoum Hospital in the Al Maktoum Airport at Jebel Ali, and 3. Al Havanidzh Hospital.
UAE is turning into a major recreation Centre. Nearly 20 theme parks are already open or under development. One of the largest such parks is the Dream Works zone, which opened in 2016. Dubai parks and resorts opened in 2017. Additional announced projects, such as the expansion of Motion gate and Bollywood and Six Flags parks, are scheduled to open in 2019. The Muhammad bin Rashid Library and the 40 Million Square Feet Complex, known as the Meydan One, is also planning the world’s longest indoor ski slope. Yass Water world has been working in Abu Dhabi for over two years, while the Warner Bros. theme park worth $ 1 billion. Opened in July 2018. In addition to the opening of another park called Sea World, Abu Dhabi, the next generation marine life theme park with research, a rescue, rehabilitation and liberation Centre that is due to open its doors in 2022.
Today, the UAE infrastructure already boasts an impressive international rating: first in the world by road, then by port and third by the airport. In recent years, a large number of infrastructure work has begun in the UAE. Work continues on the modernization of major roads, airports and ports (modernization) in preparation for the expected influx of people and the upcoming Expo 2020 in Dubai. Dubai Al-Maktoum International Airport was opened for cargo operations in 2010 and opened its doors to passengers in 2013. Upon completion of the extension with a cost of 36 billion dollars, the airport will become the largest in the world, able to receive more than 160 million passengers and 12 million tons of cargo per year.
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