Business | Property
Dubai poised to reap rewards of shift in world living trends
With 444 cities worldwide experiencing high rates of single-residence households due to the increase in global travel, Dubai looks to be in a prime position to reap the rewards.
- By Suzanne Fenton, Staff Reporter
- Published: 00:17 April 23, 2008
Dubai: With 444 cities worldwide experiencing high rates of single-residence households due to the increase in global travel, Dubai looks to be in a prime position to reap the rewards.
Professor Kjell Nordstrom, associate professor at the Stockholm School of Economics, said the world is seeing a shift in living trends, with 50 per cent of the global population living in cities in 2007. This figure is expected to increase to 70 per cent by 2027, and to 90 per cent by 2040.
Nordstrom said 444 cities around the world, including Kolkata, Chicago, Istanbul and London, are experiencing a 'family meltdown', meaning there are many more people living alone than ever before.
Single households
"As many as 64 per cent of households in Stockholm are single and in some parts this number is 70-88 per cent. In the country as a whole, it is 50 per cent," he said.
"Dubai is a Greek idea with the principle of meritocracy. It has brought together the best people from around the world no matter where they come from."
Dubai has a transient population of predominantly young professionals. With the current popular global mindset of settling in a foreign land, Dubai is the place everyone wants to be.
In a Dubai realty classified advertisement website, 858 one-bedroom apartments are listed for rent, compared to 596 two-bedroom apartments. To buy, there are 707 one-bedroom apartments and 629 two-bedroom apartments.
"London is a country of its own now with every cultural background you can think of, except English, or just a handful. Cities are developing their own personalities because it's all about self-selection," he said.
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