JUSTIN WILSHOW: “MODERN HIGH-QUALITY BUILDING PROJECTS AND WORLD CLASS INFRASTRUCTURE – KEY FEATURES OF THE DUBAI REAL ESTATE MARKET”
Justin Wilshaw, Senior Vice President, Commercial Affairs, Dubai South, on the prospects and benefits of investors in Dubai, the development of the luxury housing market and the Dubai South project. – Justin, please tell us more about the Dubai South project. What is he like? – Dubai South (before rebranding known as Dubai World Central) – a new city under construction with an area of 145 square meters. km in the emirate of Dubai. It is estimated that its population will be one million people. This is a government project launched in 2006 and designed to embody the idea of His Highness Sheikh Mohammed bin Rashid Al Maktoum: “We are not building the world’s largest airport, we are building the world’s aviation capital.” Thus, the project is a reflection of the social and urban themes outlined in the Dubai 2021 strategy. This concept is closely related to the idea of turning an aerotropolis into a place of residence for happy, creative and self-confident people, forming an inclusive and cohesive society, creating an ideal place to live, work and invest, building a technologically and environmentally sustainable city, a leading hub of the global economy. – Why did you choose this location for the construction of such a large-scale and complex project? “No doubt, Dubai South is strategically important.” The concept is based on the desire to achieve competent communication from the sea, land and air. 10 km from Dubai South is the port of Jabel Ali, the largest maritime terminal in the Middle East, where we have built a separate customs logistics corridor that enables the movement of goods in less than 4 hours and their delivery from Al Maktoum International Airport to the world as soon as possible . Efficiency, speed and competent communication are extremely in demand by the largest transport operator, which is why more than half of the largest international companies from the Fortune 500 list already work here. It is important to note that 3 main Emirate highways, a metro line pass through Dubai South, and the Etihad railway will also pass Railway – all this allows you to easily and quickly get to any part of the city. – With the development of Dubai South, do you foresee the relocation of a large number of people from the city center here? What will serve as an impetus for residents to move? – The key factor is the creation of new jobs. Ultimately, more than 450,000 will be created in Dubai South. Every day, 35,000 residents from the central part of the city, as well as the northern and southern emirates, go here to work. In addition, Dubai South is working on a full-fledged offer of residential real estate projects for families and individuals, including 1,500 townhouses and 2,000 apartments to be completed this year, along with public parks and retail outlets. Prices for townhouses start at $ 300,000. USA. In addition, we offer golf villas worth about $ 500,000. USA. – Speaking about Dubai South, why should investors from Russia and the CIS countries consider investments in this project? – The reasons are mass. Here jobs will be created, regional offices of the largest Fortune 500 companies will be located. This place is designed to ensure the development of Dubai in the future. Here you can invest in real estate on the basis of full ownership (freehold). A reliable state builder is also important. Finally, the free economic zone offers the possibility of package licensing and obtaining visas subject to the acquisition of any real estate. – With an ambitious project it’s clear, thanks. If in general – what, in your opinion, are the trends typical for the Dubai real estate market? – First of all, a unique value proposition, especially in the elite housing market. According to Knight Frank, Dubai is one of the best destinations in the world for the acquisition of luxury housing at an affordable price. Compared to Monaco, at the same price in Dubai you get 9 times more. Secondly, Dubai relies on an upscale infrastructure for real estate projects. Thirdly, it boasts a well-developed regulatory framework and diverse population, with a great demand for rental real estate. Finally, Dubai offers some of the highest rental incomes compared to other sought after destinations such as London or New York. And he occupies a leading market position in the field of regional trade, tourism and real estate in the regions of India, Africa and the Middle East. – What type of real estate is most popular with investors in Dubai and why? What profit can they expect from an investment? – Real estate on the basis of full ownership worth up to 1.5 million dirhams of the United Arab Emirates (350,000 US dollars), bringing a net income of 6-7%. Modern high-quality development projects and world-class infrastructure are the key features of the Dubai real estate market that distinguish it from established European markets.