Essay: Real Estate Expansion in Dubai
Migration has been very important for Dubai in this regard. The local population of the emirate is said to account for less than ten percent of the population with the rest being made up of Asian and Western immigrants who flock toDubaifor jobs and its grandeur. However, these migration flows result in a certain volatility which is a risk for demand in the real estate sector (Pandit).
The success story of Dubai in the property sector can be said to hinge a lot on borrowed labor and capital as well as speculative betting on Real Estate. These include mega projects such as The World, an artificial archipelago of nearly three hundred islands that are protected by a man made breakwater and an artificial reef. There is also the palm islands, an area shaped in the water like palm tree where the likes of David Beckham have been known to have purchased property (Dubai A new world.).