Real estate liberalization as catalyst of urban transformation in the Persian Gulf

Wiedmann, Florian (2016) Real estate liberalization as catalyst of urban transformation in the Persian Gulf. In: Gateways to the World. C Hurst & Co Publishers Ltd, London, pp. 157-182. ISBN 978-1849045636

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Abstract

Recent globalization dynamics have led to increased competition between emerging cities in the Global South to successfully enter consolidated networks of capital flows. Local decision-makers thus initiate new development visions and plans in order to position cities as main hubs for global services. In this regard, as well as public investment in infrastructure to increase the connectivity of cities, the other key strategy commonly implemented is the liberalization of local markets, which is inevitably needed in order to attract more involvement of the private sector. One key market, which usually undergoes rapid growth during the first years of liberalization, is real estate. The subsequent construction boom is in itself the major driver of economic growth in most emerging cities due to extensive employment within construction related sectors. The resulting immigration of the workforce has in turn led to an increasing demand on goods and services. Thus, the newly emerging marketplace is usually dependent on the continuous growth of the real estate sector.