Property Investment in Dubai

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By: Mark Burns	Email Article
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Dubai is a city that offers the magic of Arabia in a ‘state of the art’ setting. Growing at a fast rate it has become a prime vacation destination for holiday-makers. Positioned between several continents, you can feel the unique blend of cultures and a visit to the city will be a stimulating experience. You will find the city small but regardless this fact; the city will be able to offer the best in hotels, amenities and entertainment facilities. Dubai is well known as a favourite location for business events because of its location and top of the range business facilities. As one of the most sought-after real estate destinations worldwide, investing in property will see a high return.

Some of the main factors to consider if interested in property investment in Dubai are discussed in this article.

Dubai is one of the most modern and progressive Arabian states open to the West. As the fastest growing industry here, tourism levels are high; the variety of activities and shopping attracted more than four million to the city last year. For 2010 the estimated number for foreign visitors is predicted to be over fifteen million and with the majority of hotels of a luxury, high class standard with prices to match and nearly 100% full all year around, there will be a market for alternative accommodation.

Recognized as the main trading centre for the Middle East due to its excellent strategic location, international corporations are opening up their regional offices here. Dubai International Financial Centre, Internet City and Media City are just some of the new developments that provide the most up to date technology for business professionals. Newer developments offer high tech facilities for businesses, such as Dubai International Financial Centre, Media City and Internet City. These areas are all great potential business opportunities as the population and potential market makes up for more than two billion people.

Now that the Dubai government has permitted foreigners to own property, the number of overseas investors has risen greatly. With as much as 40% cheaper to buy a property than to rent, most people should consider a purchase.

With international companies setting up offices here, employment has risen, Dubai now attracts trained professionals and expatriates for better employment prospects, tax free high salaries and a higher standard of living. This has resulted in a long-term need for property.

In a try and supply the populations’ needs, Dubai government has invested $40 billion dollars into the property market. Dubai has already received international attention for its pioneering real estate projects and extensive construction and real estate developments are underway throughout the city. Estimates are that even with the amount of ongoing building work, it will be another five to ten years before the level of supply can be met. Dubai’s population and economy is increasing at an unbelievable pace and has an average 8% growth in annual GDP.