The Real Estate Market in Dubai
Dubai Property - The Real Estate Market in Dubai by Dubai City Guide Summer 2008
An investor’s paradise, Dubai is highly recognised worldwide for its prime property development projects. Dubai’s real estate market is responsible for nearly 8% of the UAE’s annual GDP and is expected to keep increasing in its contribution to the country’s economy. The towering modern skylines created by world-famous architects and quaint dwellings made to Islamic architectural designs provide just a glimpse into Dubai’s true potential as an investment breakthrough in the property sector.
From man-made islands constructed to increase Dubai’s shoreline to luxurious expatriate communities filled with greenery, Dubai is a place for long-term profitable investments, as well as buying residential property. The endless construction all over Dubai is evidence to its growth in astronomical proportions and the real estate demand only keeps rising as more foreign investors and retirees settle down in Dubai as residents. Besides these factors, the increasing employment opportunities also bring in droves of expatriates to Dubai, which in turn increases the demand for property.
Until recent times, real estate ownership in Dubai was limited to UAE nationals and the majority of expatriates rented their apartments, villas and offices. But, since 2001, a decree issued by the government has allowed foreigners to own freehold property in Dubai. This Dubai freehold property concept is the sole reason for such a growth in the real estate sector. Large real estate development projects such as the Palm Islands, The World, International City, Business Bay, Dubai Marina, Dubailand, Jumeirah Village and Jumeirah Lake Towers have the international spotlight on them.
Dubai real estate purchases can be complicated for those who are unfamiliar with the territory and there are many technicalities to be understood. While foreign investors are encouraged to grab a slice of this hot-selling cake, Dubai property sales are best concluded in the presence of a solicitor, who witnesses the deal between developer/agent and buyer.
