Transition from Traditional to Contemporary Commercial Structures
Published Date: 04 Jun, 2024
The influx of foreign populations, particularly Americans, British, and South Asians, sped up the shift from traditional to modern commercial structures in the United Arab Emirates. The UAE saw a change in architecture and culture as a result of this migration. Modern buildings in the Western style have supplanted or abandoned many pre-oil structures. Today, high-rise structures dominate the UAE's skyline and are a distinguishing characteristic of the nation's commercial real estate market, and this entices investors to buy commercial properties in Dubai.
Technology's Place in Architectural Design
The UAE's business environment has changed significantly as a result of the introduction of cutting-edge technology including drones, 3D printing, artificial intelligence (AI), virtual and augmented reality, Building Information Modeling (BIM), and the Internet of Things (IoT). Builders are now able to create stronger and safer structures because of these technologies, which have improved efficiency and precision.
Environmental sustainability's effects on construction and design
The building industry has been the target of initiatives to promote and adopt sustainable practices. Advocating for sustainable construction standards, programs like the Estidama initiative in Abu Dhabi and the Emirates Green Building Council have been started. Nonetheless, disparate attempts and a lack of a common definition have resulted from the lack of a consensus on what sustainable construction contains.
Notwithstanding these obstacles, several tactics have been used in the UAE to promote sustainable building, such as the use of robotics and automation, the adoption of sustainable construction execution systems, and the launch of green building systems.
In commercial property projects, implementing sustainable construction principles can yield environmental advantages like waste reduction, biodiversity preservation, and resource efficiency. Sustainable building also has social and economic benefits, such as lower long-term costs, higher market value for sustainable structures, and improved life cycle performance.
The Commercial Real Estate Boom in Dubai
In comparison to the comparable period in 2022, there were 35% more property transactions in Dubai's commercial property market during the 2nd quarter of 2023, indicating a notable rise. With a 54% rise over the 2nd quarter of 2022, the overall sales value for this period exceeded AED 91 billion. Government initiatives, global occurrences, and the expansion of office and retail space were some of the causes driving this boom.
The Impact of World Events on Demand Explosion
The rising demand for commercial property for sale in Dubai has been significantly influenced by world events. Due to the geopolitical unrest between Russia and Ukraine, Russian investors looking for a haven for their money and family moved to Dubai.
Due to the massive influx, real estate currently accounts for almost 10% of Dubai's GDP, indicating the city-state's tremendous economic growth. Moreover, the 2020 Dubai Expo greatly increased tourism in 2021, which increased the need for commercial property even more.
Date: 04 Jun, 2024