Dubai property market

In the pursuit of excellence, the Government of Dubai has always looked upon the private sector as full partners. With no personal corporate or sales taxes, foreign direct investment has expanded strongly and mega projects have become synonymous with Dubai's development.

The thriving economy of Dubai, the state-of-the-art infrastructure and standards of living that are unsurpassed almost anywhere else in the world, have earned Dubai the name "Pearl of the Gulf".

Although certain regions in the Middle East can be notoriously unstable, Dubai has been a prosperous and well-respected tourist location for decades. The Emirate seeks to reposition itself as a regional hub for finance, tourism and technology by widening its present focus on trade and re-export activity.

The Dubai property market is booming and is set to continue to do so over the next decade. Dubai has taken steps to scrap its protective property laws and is positioning itself as a holiday home destination, which also offers plenty of property investment opportunities.

Reflections can be seen through recently built or proposed massive projects such as Dubai Marina, Emirates Hills, Palm Islands and many more.

Developers are busy reclaiming vast swaths of desert to build leisure and residential property havens. British expatriates, Saudi Arabians, Iranians and Indians have already been rapidly purchasing properties in these new areas.

The city is undergoing constant transformation as the new developments dotting the skyline testify. In particular, the Dubai Marina on the Arabian Gulf is testament to the changing face of the city. Three years ago it was sand but today over a hundred tower blocks huddle around the vast artificial lake and retail spaces.

While the property laws are opening up, certain aspects of ownership and residency rights for foreigners still need to be set in stone. The liberalisation of Dubai's property laws is such that in some cases foreigners can benefit from a 10-year resident visa if they purchase properties in Dubai. Mortgage financing is also becoming more readily available on a 10 to 15-year basis and as interest rates are linked to those in the US they are currently low.

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