The Impact Of The Real Estate Market In The Urban Development Of Cities And Driving Economic Growth In Dubai / Cairo

Abstract

It is generally acknowledged that Dubai is a rapidly developing urban area growing to support a large human population within a hyper-arid environment (Alawadi, 2017). This significant economic growth was driven by the development of non-oil sectors and industries such as commerce, logistics, tourism, finance, real estate, and construction, as well as the implementation of economic initiatives and projects that stimulated the economy and encouraged foreign direct investment (FDI) (Alawadi et al., 2018). The global financial crisis of 2007 significantly harmed Dubai's fast economic expansion and real estate market and raised numerous doubts about the sustainability of the Dubai model of real estate development.

Egypt's real estate market is not far from the same urban development progress. For the past 20 years, the Egyptian real estate market has expanded dramatically (Shafik, 2018), creating its own logic of development and expansion, which led to a state of real estate bubble (Sims, 2010).

The purpose of this study is to examine the effects of real estate market factors on urban development and driving economic growth in cities that is under-researched by academics and show that the two cities have experienced unprecedented urban transformation, with high urbanisation and population growth, but with differences in the patterns of development. Keywords: Real Estate Development, Urban Development, FDI in Real Estate, Sustainable Development.