Population and housing market ( case study of dubai )

Research

Population and Housing Market in Dubai

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Table of contents

Title Page Number

Abstract 3

Problem Statement . 6

Literature review . 7

Real GDP Graph 9

GDP of Dubai 10

Table 1 11

Table 2 13

Table 3 16

Real Estate Market and Managers 18

Conclusion . 23

Bibliography . 25

Abstract

When the Federation of UAE was formed in 1971 , Dubai had a population of nearly 180 ,000 and over

three decades it has grown to almost 2 .5 million (King 2008 : 64 -65 . With the right utilization of natural resources Dubai has gone through astonishing growth levels especially which could be observed in their service sector

Over the decades , Dubai has become the hub of employment seekers and those visiting it just for the sake of entertainment . Currently , it has one of the most expensive housing markets in the world however , due to the fear of the asset bubble bursting up , a slight decline in prices has been witnessed

Dubai 's trading history dates back to 1894 , when Sheikh Maktoum bin Hasher al-Makhtoum offered traders a tax free port to carry out their trading activities through (Dunston Carter 2004 : 5 . To add to the charm of the city , the same strategy has been carried on by Maktoum 's descendants . This has not only made trading easier but has paved way for an enormous service sector in the form of hotels that attract both tourists and business professionals . Dubai gets to attract over five million travelers on an annual basis , thanks to its beautiful beaches hotels , shopping arenas and sport events

In the 19th century , the emirate was involved in fishing , pearling and agriculture to some extent . Moreover , piracy became a widespread income source for it 's coastal tribes (Eur 2003 : 1166 . 1958 marked the year when oil reserves were discovered and major oil exports started taking place in 1962 . This was a massive breakthrough for the start of prosperity of the Emirates . The Federation of the United arab Emirates was then created in 1971 . Furthermore , by 1998 , UAE 's Gross National Product measured at 48 ,673 million and in the last decade of the 20th century , World Bank estimated that UAE 's GNP had been increasing at the rate of 2 .9 (Eur 2003 : 1166

It is known that Dubai and Abu Dhabi are the main states of UAE that dominate it 's economy and play a vital role in oil production . However a sharp fall in oil prices in 1998 slowed the economy down to some extent and GDP declined by 5 .8 , later after international petroleum price increase in September 1999 , the slightly slowing economy recovered again

After , Abu Dhabi , Dubai ranks to be the second richest place in the entire Middle East . Development has been well planned in accordance with domestic depleting oil reserves and hence , their service sector has been made lucrative enough to support the economy as 90 of Dubai 's GDP is derived through non-oil based resources . Secondly , according to...