Investment Property in Dubai
In this article we look at the emerging Property Investment Market in Dubai and discuss the investment opportunities available to the property investor looking to buying a property in Dubai. Don't be surprised if your sharing your neighbourhood with a top Hollywood or sporting celebrity!
A few years back, many investors would have thought that an orthodox country such as the UAE could be a lucrative real estate investment destination. But with a little foresight and intelligent alliances, the rulers of the UAE have transformed the oil-dependent Middle East country into a major tourist hub with huge investment opportunities being thrown open to the global real estate investors looking to buy property in Dubai.
Dubai is a dream destination as far as temporary or permanent visitors in the country are concerned. The Europeans just love the modern amenities readily available for cheaper prices than their home countries. The guarantee of quality life at highly affordable cost of living makes Dubai a real hot potato for the British real estate investors.
Property Market in UAE - Dubai
Dubai is on the move and some serious developmental projects are under way on a large scale to transform the fortunes of the country. Almost everyday, reputed international companies are exploring the means of setting up their shop in Dubai. This is attributed to some aggressive promotional and developmental strategies adopted by the government.
The Burj Tower, with 188 storeys, is set to be the highest building of the world housing the 7-star Al-Burj Hotel. The Burj Tower is the jewel in the crown as far as high-rise and skyscrapers are concerned. Dubai is planning to host more than 200 buildings to increase its population from present 1.3 million to 4 million by 2015.
The country as a whole has some enchanting sites to visit. From the sand dunes of great deserts to pristine beaches to rugged mountains to lush-green well-maintained parks to ancient villages to places of worship to swanky shopping malls, you name it and you have it in and around Dubai.
The country offers an open port with low import duties. That's why duty-free shopping in Dubai is on a high-priority list for the locals as well as visitors in the country. It is impossible to find a woman who has not heard about the annual Dubai Jewellery Shopping Festival.
Many European families prefer Dubai as a second-home destination because they can easily find maids and helpers at a fraction of what it costs in Europe and America. Such facilities are common in Dubai due to a large migrant population from Asian countries, like India, Pakistan, and Bangladesh, who are looking for menial jobs with decent pay.
Even though the UAE is a Muslim country, Dubai is an epitome of multi-culturalism in the Sheikhdom. For long, it was dependent on the Petrodollars for perking up its economy. However, the recent interest in developing tourism and tourist-related activities in and around Dubai means the investors are flocking in their droves.
International Golf and Tennis tournaments have lifted the global profile of Dubai and it's been increasingly seen as a hub of international activities, particularly in the Middle East. You can also indulge in plenty of aquatic adventures, such as scuba diving and snorkelling, on a vast Mediterranean coastline. And while, in Dubai, don't miss out on exploring the Manhattan of the Middle East, the Abu Dhabi City!
Dubai Calling !
Seeing the growth potential of Dubai, the government has emersed itself in overdrive in attempt to attract high-end as well as low-end global real estate investors. For the high-end investors, there is Palm Island property which currently attracts international celebrities, like David Beckham, don't be surprised if your sharing your neighbourhood with a top Hollywood or sporting celebrity!
Even if you are planning to buy property for rental purposes, there's no place better than Dubai. The city is fast turning into a services hub, which generates immense demand for Studio Apartments as well as separate dwelling units for small and medium families.
Some of the other attractive features that'll surely lure you to invest in Dubai property include -
No Capital Gains Tax
Immense capital appreciation (15% - 25% annually)
Simplified buying process
Freehold for foreign investors
World class entertainment and other facilities
The price of Studio Apartments in Lakeside Development - IMPZ start from £49K, and other properties starting from as low as £23,000. Cheap apartments in Dubai are fast becoming a favourite of the astute property investor.
The Disneyland attraction in Dubai also contributes to a huge demand for Dubai property from just about every kind of investor.
The best part of investing in Dubai as an overseas investor is your status as a property owner. You will be a freehold owner of the Dubai property you purchase. To meaningfully make investment attractive in Dubai, the government has also relaxed several formalities and done away with rigorous procedures. It's now much easier to invest in a high-end Dubai property with minimum help from a legally qualified professional. However, the language issue may compel you to hire a professional who can guide you accurately in realizing your Dubai real estate dreams.
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ABOUT THE AUTHOR
Property Abroad's directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas property investment and investment property in Dubai. With over 400 company websites selling and renting property in almost every country around the world Les is well placed too ffer advice on existing and emerging property locations. Visit their flagship site for more details on property for sale in Dubai.