Friday, 22 February 2008

Dubai Real Estate Market

The Dubai Property Market has never been stronger than it is at this moment and foreign investors are flocking to the shores of the emirate to take advantage of the real estate boom. Rapid development has characterized the cities and sandy beaches or desserts have been forced to give way to skyscrapers, artificial lakes and massive retail spaces. What’s more, the local government encourages this growth by maintaining a no personal, sales or corporate taxes policy. Such steps have had a tremendous impact on foreign investment and have allowed for a number of mega-projects to be staged in this glorious city. What’s more, Dubai’s rapid development has not resulted in city slums, poor building and a strained infrastructure. The economy has benefited in ways never before imagined from such mass investing and the standards of living here are higher than in most other parts of the world. It is facts like these - combined with the striking beauty of the ever-expanding facade of the city - that has earned the city the nickname Pearl of the Gulf.
In a geographical region with a reputation for political instability, Dubai has separated itself from issues that affect surrounding emirates and has instead established itself as a holiday home haven, a regional hub for finance and trade, a notable tourism destination and even a center for technology. All these factors continue to influence the ever-growing property market and as a result, the market is set to continue to blossom for at least the next decade. What’s more, the government has recognized the positive impact of foreign investment on the local market and is taking steps to abolish protective property laws so that this investment can continue to take place with less hassle. While certain aspects of property ownership and residency rights for foreign investors still need to be firmly established, the liberal attitude towards property laws in Dubai not only encourage investment but, in some cases, serve to be most profitable for the investors.
The immense growth and rate of investment can perhaps be best seen in several of the mega-projects, which have put Dubai on the architectural map. These include The World Dubai, the Palm Jumeirah, the Dubai Marina and a number of Arabian Ranches. The World is an impressive cluster of some 300 private, man-made islands. The islands are shaped into the various continents of the world and are surrounded by a breakwater. The total collection of islands covers an area of roughly 9 kilometers in length and 6 kilometers in width. Reachable only by marine or air transport, the World offers an opportunity for investors to own their own little island picturesque and private. Investors are already clamoring to gain their hands on one of these islands even though the project is not yet complete.
The Palm Jumeirah is similar in that it is an artificial landmass that stretches out into the sea. It is shaped like a palm tree and is one of a set of three mega-projects, which line the coast of the city. Unlike The World, the Palm Jumeirah serves as an island resort – not a residential area. The other two islands are under construction and will be completed soon. The Dubai Marina is also entirely man-made and is set to become the largest man-made marina in the world. The Marina has been created as a sort of city in a city where people can all the exclusive comforts of living in a world-class city. Upon completion it will have more than 200 high-rise buildings and cover an area of 50 million square feet. If the idea of living on the shores of this mega city does not appeal to you, then you may wish to turn your attention inland. The Arabian Ranches are set in the midst of a fast-changing dessert, just a few minutes outside of Dubai. A great place to relax and get away from the pace of the city, the Arabian Ranches feature an impressive golf club, an equestrian center, a polo club, a village center and an English-speaking school – to mention just a few.
As foreign and local investors continue to empower developers in this fast-changing country, Dubai continues to maintain its place as a property haven. Desserts are being converted to oases and sandy dunes to mega resort complexes or sparkling marinas. Dubai is truly a testament to the ingenuity of man and the desire to see ourselves living in a picture-perfect world. Get your little piece of paradise now by investing in the Dubai property market.