Until recently, it was impossible for foreign
nationals to buy properties in Dubai.
The real estate boom started in Dubai
when changes were brought about in property laws. Dubai’s property market is booming and is
looking only one way - and that is up. Unprecedented growth in the economy has
led to a sharp growth in the number of expatriates. This increase in the number
of expatriates has led to Dubai’s
population growing manifold. This increase in population growth, coupled with
growth in the economy, has led to an increase in property prices. Overseas investors
no longer want to be passive spectators to this unprecedented rise in property
prices.
Foreign nationals are buying properties in Dubai either for their
own use or for investment purposes or to let out the property. Buying property
for the purpose of letting it is one of the most popular reasons why people
invest in Dubai’s
property market. Looking at the returns that people get by letting out
properties is a clear indicator that there is not going to be any letup in
demand for real estate in Dubai.
Despite the credit crunch, foreign nationals are lured into investing in Dubai’s property market
because of the high returns that they get on property that is let out. Since
the returns are high, overseas investments are easy to come by.
People who sell properties in Dubai know the high return
buyers get on letting out properties. This is one of the main reasons why
properties on sale in Dubai
are defying the credit crunch in the market. The economy and the infrastructure
in Dubai are
developing at a rapid pace. One indication of this rapid development in Dubai is the announcement
by the government to open more tourist hot spots. Many recreation projects have
either been completed or are on the verge of being completed. Dubai Sports
City is a fine example of
the efforts taken by the government to develop facilities for recreation
seekers. Dubai Sports City
provides state of the art facilities that will be enjoyed by sports enthusiasts
the world over. All these efforts are aimed at projecting Dubai to be one of the hottest property markets
in the world.
Commercial property investment is not the
only area of investment in Dubai’s
real estate market. Today, demand for residential properties like villas and
apartments is far outstripping supply. This difference in demand and supply is
making it an attractive investment option for foreign nationals to invest in.
All this indicates the market is profitable for people who hold properties in Dubai.
If you are one of those who have invested in Dubai’s real estate market before the boom
began, then you know that you are sitting on a gold mine. The property market
in Dubai is so
strong that you remain unaffected by the severe credit crunch that is crippling
property markets worldwide.
Experts estimate that by 2010, the population of
Dubai will
double from its present levels. So if you are looking to buy properties in Dubai
at throw away prices I suggest you look at other property markets.
