The UAE joining BRICS is good news for Dubai’s real estate market

The country’s membership will likely lead to increased property sector investment from BRICS nations and others, say experts.

Big news for the UAE on the international scene – the country is now officially a card-carrying member of the BRICS group after the success of its application by the five founding nations: Brazil, Russia, India, China, and South Africa.

The grand announcement took place at the recent 15th BRICS summit in Johannesburg.

For those not up to speed, BRICS is a term that started as ‘BRIC’ in 2001 (coined by a Goldman Sachs economist) for Brazil, China, India, and Russia. Later in 2010, South Africa was added, and it became BRICS.

Goldman Sachs claimed that the global economy will be dominated by the five BRIC countries by 2050 because they were ranked among the world's fastest growing and emerging market economies.

Now, the UAE’s commitment to international collaboration and supporting peace has paved the way for its membership into BRICS and several sectors are set to reap the benefits – notably real estate.

BRICS membership can attract foreign investors from within the group and from other parts of the world, boosting real estate by providing capital for new construction projects, infrastructure development, and property purchases.

At the same time, BRICS nations often collaborate on infrastructure projects, including transportation, energy, and urban development. Improved infrastructure can enhance the attractiveness of a country's property market, making it more accessible and appealing to both investors and homebuyers.

Plus, BRICS membership can foster trade and business relationships among member countries, leading to the growth of businesses and commercial real estate development, including office space, warehouses, and retail properties.

All good news – especially for the buzzing Dubai off plan property market, as well as for the emirate’s top developers.