Dubai
WHY BUY PROPERTY IN DUBAI
- 365 days sunshine a year
- World class sporting events
- Worlds only 7* Hotel (Burj Al Arab)
- Dubailand theme park
- Residence visas often available with Dubai property purchases
- DIFC financial hub
- No capital gains tax on Dubai property
- No rental income tax on Dubai property
- Dubai property rental yields are amongst the highest in the world
- Regional base for multinational companies
- More than US$50 Billion to be invested by 2010
- World's safest city
- Dubai property is expected to achieve excellent capital appreciation
- Tax-free lifestyle
- Dubai property is easy to sell
These are just a few reasons why Dubai property is so popular. If you happen to be fortunate enough to visit one of the many five star hotels in Dubai you will soon see that the hotel reception areas are a favourite meeting point for the many overseas investors who are there to buy Dubai property. The developer or an agent will usually send a driver to collect them. He will walk in, meet his guests, and as he does every day, he will take them out to view the best selection of Dubai property available.
The Dubai property market is rapidly maturing. Prices have been rising constantly and a re-sale market has been born. Dubai property is now, more than ever, a fantastic investment option.
Dubai wants you! Dubai is in the process of creating an international property market from scratch. As a result investors are being attracted into the Dubai property scene quicker than anytime before. Buyers are being given an exceptionally good deal. Where else does this opportunity present itself on such a grand scale? Dubai property is hotter than ever. Dubai has a habit of frustrating those who wait for bargains. If it is Dubai property you are after, there is no better time than now to go for it.
Since the formation of the United Arab Emirates in 1971, Dubai has developed rapidly from an oil and gas based state to a broadly based market economy. A 30-year development plan provided for substantial investment in property, education and infrastructure (transport and telecommunications) and has led to rapid growth in trade and inward investment.
Dubai offers a world-class airline (Emirates Airlines), world-class tourism (over 30 five-star hotels and the world's first seven-star hotel, Burj Al Arab) and world-class sporting events: The Dubai World Cup (the world's richest horse race), the Dubai Desert Classic (golf) and the Dubai Rugby Sevens. Dubai also has one of the best selections of property available for investors.
THE DUBAI PROPERTY MARKET AND ECONOMY
The Dubai International Financial District (DIFC) is a specially created financial hub for the whole of the Middle East. It has been set up to accelerate the repatriation of $1 trillion, which is currently invested and managed outside the region. Located between the London and Hong Kong stock exchanges it is a unique free zone with its own laws.
In recent years, Dubai has established Dubai Internet City and Dubai Media City, providing the regional hubs for IT (notably Microsoft and HP) and media businesses (Reuters and CNN). In September 2003, Dubai hosted the 2003 Annual Meetings of the Board of Governors of the World Bank Group and the International Monetary Fund.
The success of the Dubai economy is the result of dynamic and visionary leadership, an ultra-modern and efficient infrastructure, the absence of government bureaucracy, and a diversely skilled, well educated, multi-cultural and multi-lingual workforce. It has a top quality selection of property for housing the growing numbers of expatriate professionals, and excellent schools and centres of further education. Dubai also has numerous bars, restaurants and shopping centres (including the world's largest mall).
Voted the safest city in the world for four consecutive years by a study compiled by Interpol, crime in Dubai is virtually non-existent.
Property in prime locations of Dubai will always be in demand and are likely to provide excellent investment opportunities in the long term. It is unlikely that these locations will see an oversupply when only so much can be developed in one area. Don't be thinking that the whole of Dubai is up for offer. The truth is, it is not! There are 15 Free Zones where developers can build freehold property available for purchase by non-nationals. In fact, within the next 5 years there is an estimated 40,000 unit shortfall, leaving an estimated figure of 150,000 new residents without the possibility of buying their own property*. In addition, a buyer has the option to sell their property during their payment terms at low fees.
*Sher Consulting report, Gulf News June 17, 2004
With any property investment there are always questions. The Dubai property market creates many. We have tried to answer some questions relating to buying Dubai property which you can find in our FAQ section. If you have any questions about the Dubai property market which are not shown, feel free to contact us and we will gladly answer your queries.
The Dubai property market has recently received a major boost. Finally after years of waiting, Dubai property ownership is being written into law, meaning that the owner will be able to register the title deeds in his or her name. Dubai property is now a real winner, set to attract a new wave of interest and investment. The Dubai property investment market just got hotter!
The revolutionary law paves way for non-UAE nationals to own properties in designated areas of Dubai Emirate and register their ownership with the Dubai Lands and Properties Department. The new Dubai law announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, re-confirms the visionary approach of Dubai government.
The law is of substantial nature and said to be followed by a number of new procedural bylaws that will identify the freehold areas the non-nationals could own, determine the registration fees and related procedures. The law has appointed Dubai Lands and Properties Department as a regulatory authority for all properties in the Emirate.
Once the procedurals are set in place, the law will bring the needed stability to real estate industry and help in its organized growth. The legalization of the private property ownership rights will be an enormous boost to trust and credibility of Dubai as an investment destination.
The new property law is a welcome delight and marks the dawn of a new era to the thriving Dubai property Market. It is a boon to international buyers considering property purchases in Dubai as a safe and viable investment.
All this has made Dubai one of the fastest growing cities in the world. One only has to look at the massive increase in tourist numbers and the phenomenal population growth being experienced. Dubai is not only a property hotspot but is now one of the world's most prominent centres for business and leisure. Expatriates can enjoy a quality lifestyle in a city that meets all their expectations. Dubai: A positive and liberal atmosphere, bursting with multi-cultural life, cutting edge recreational facilities and excellent business and property investment opportunities. Dubai is a tax-free haven under the year-round sun.
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