What makes a place worth living?
According to The Economist’s Global Liveability Index, stability, healthcare, culture and environment, education and infrastructure are vital factors despite stability scores declining globally in 2024.
Vienna has ranked high across all indexes for three consecutive years, exemplifying its livability with abundant green spaces, from the surrounding Vienna Woods to a plethora of green oases dispersed across the city.
Efficient public transport for as little as 1 euro a day, fresh spring water running through its taps and a strategy to lower its climate and carbon emissions continue to strengthen the Austrian capital’s draw as an idyllic place to call home.
This summer, the Dubai government announced visionary urban development initiatives aligning the emirate with these global green havens, focusing on sustainability and quality of life in line with the Dubai 2040 Urban Master Plan.
Adding a green ‘spine’
Constructing Dubai’s longest public beach in Jebel Ali to be a hybrid conservation-recreation destination, transforming the Sheikh Zayed Road into ‘the world’s greenest highway’ as part of the ambitious Dubai Green Spine project and doubling the number of metro stations from 55 to 96 by 2030 and to 40 stations by 2040, will enormously reinforce Dubai’s attractiveness as a place to live, work and visit.
Enhancing Dubai’s livability across several indexes, including infrastructure and environment, will sustain the robust performance witnessed in the emirate’s residential market in recent years and bolster future growth. Retrofitting the city to meet the evolving demands of people and nature will draw considerable investment from individuals seeking a higher quality of life, particularly as the effects of climate change influence global migration and economic trends.
Alongside government-led initiatives, property developers and managers must invest in sustainability and mobility for the well-being of residents and to secure their competitive advantage.
Studies by the US Trust for Public Land, OEDC, and the National Association of Realtors consistently show that properties near well-maintained green spaces have higher value. People are willing to pay more for the proximity to quality parks and landscaped areas, especially if they provide direct use value, such as cycling, picnics, walking and sports.
Studies show that proximity to green spaces improves mental health. A poll commissioned by an England-based landscaping firm confirmed that over three-quarters of respondents believed it would enhance their well-being. Two-thirds said they would consider moving to the suburbs or countryside to be closer to nature.
Greening cities happens over time
The increasingly tangible threats of climate change and a mounting appreciation for nature in a digital-first world are driving similar behaviours in consumers worldwide. It’s no surprise that cities like Vienna and Copenhagen have such high resident satisfaction.
We leveraged these trends to inform strategic investments in uplifting common and green spaces across Dubai Asset Management’s residential leasing communities this past year, which enhanced our community environment and business outcomes.
These spaces have provided a valuable outlet for our residents to connect, entertain and decompress, and our consistently high retention levels nod to customer satisfaction.
Prioritising resident mobility is equally vital to securing your property's value, attractiveness and customer happiness. Every real estate agent will stress location when choosing a property for rent or buying, and mobility can help overcome some of the challenges of properties further away from central retail and commercial districts.
A new ‘heart’ for the city
The influx of foreign investment and the emergence of new residential developments are fuelling rapid urban growth in Dubai. The ‘heart’ of the city will evolve.
Multiple centres may emerge, forming clustered residential, commercial, and retail ecosystems per the 20-minute city vision. Proactively collaborating with the RTA to introduce conveniently located public transport routes, providing community-based carpooling options to key locations, and preparing for Dubai Metro stations will position community managers and developers to navigate urban growth better.
The urban development projects announced this summer are the beginning of Dubai’s physical expansion. Accelerated population growth, anticipated by the Dubai 2040 Urban Master Plan, will hasten demand for quality housing across diverse price points alongside strategically located leisure, retail and business hubs.
We are collectively responsible for prioritising sustainable, inclusive urban development. By borrowing from Dubai’s ambitious plans and case studies like Vienna and Copenhagen, we can shape the emirate’s advancement while ensuring our communities adapt to the times.
