Dubai was the first emirate of the United Arab Emirates (UAE) to get involved in freehold real estate, at a time when UAE and GCC nationals were only permitted to own property in the United Arab Emirates. Buying real estate in the Emirates is slowly changing and becoming more available to experts.
The purchase of property on freehold basis means that the property is put in the owner's name for life, and the owner has the right to sell, lease or rent his/her property at their own discretion.
Dubai's population explosion has resulted in large numbers of investors from the world over buying/selling/investing residential/commercial property in the Dubai, UAE. With huge numbers of businesses registering in Dubai and its freezones everyday, the need for residential, commercial space has become great. Whether it is house, offices, restaurant, showrooms, warehouses or any type of property it rarely stays on the market for any great length of time.
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Whether you are looking to buy/sell/rent your residential/commercial property in Dubai, UAE, We maintains a database of properties available. Our professional staff have access to up-to-the-minute information on available Dubai properties, and excellent local knowledge of the Dubai property market. This makes us ideally placed to help your search whether this is for your own business use or investment properties.
Our website provides you with access to extensive lists of Dubai properties for sale on the secondary market and property available to rent. In addition you can browse through details on some of the more recent developments, where opportunities may still be available to purchase a property off-plan
Global commonalities: It is often said that buying a home is often the biggest financial decision in a person's life; and the experience can also rank very high on the emotional scale! Whether you are buying for the first time, trading up or seeking a second home, it is still likely to be a very significant decision. However, most of the key factors influencing your decision will be similar, wherever in the world you decide to buy: location, build quality, local services and amenities, security and investment potential.
Dubai residents: Many people choose to buy in Dubai because they already live here and wish to move on from rental accommodation. If you are one of these people, you will be well aware of the attractions of switching from rental accommodation to investing in your own home. Thousands of families and individuals have been delighted by the opportunity to escape the previous necessity to rent and to see their hard-earned cash contribute towards their future prosperity.
Foreign visitors: If you live overseas, a business trip or a relaxing holiday (or perhaps an energetic holiday!) in Dubai may have stimulated your interest in this Emirate. You might have friends or relatives, who already live here and have shared their experiences with you. Alternatively, you may have seen Dubai featured on TV travel shows or read about the destination in lifestyle magazines.
The Dubai difference: By many means, overseas visitors are discovering the quality of life available in Dubai. Some might be seeking a comfortable and convenient base for family holidays. Others recognize the benefits of owning a home here as a potential retirement retreat. Also, many business people have identified the pure investment potential of owning property in Dubai in order to earn a favourable rental income.
A world of choice: Whether you are looking for a holiday or retirement home, or purely interested in an overseas re-rental investment, there are obviously many alternative locations to consider around the world, so what makes Dubai different and special?
TOP TEN REASON WHY BUY/ SELL/LET/ INVEST IN DUBAI?
- Rates are very high:
Ask anyone how much their rent has gone up in 2005; 10% and you are lucky, 50-65% if you are not. Against a background of stable to moderately rising house prices in 2005 rental yields have therefore taken a sharp upward movement.
This attracts investors into property, while pushing those renting into buying in order to avoid future rent rises - and who says Dubai is not growing fast enough to push rents higher again in 2006?
- Prices are low:
Compare Dubai to a prosperous UK city and you will find that house prices are around one-third per square metre; tax-free incomes in Dubai compare more than favorably with UK post-tax income levels, and borrowing costs are similar; this huge price differential clearly marks a market opportunity, not as big as it was three years' ago, but still big enough.
- Mortgage costs are falling:
Local and international banks and financial institutions in the UAE are producing more mortgage options by the day, and the net effect is to lower the cost of borrowing. If it costs less to own a home in Dubai then this has to be good for prices.
- New Federal area:
A new federal property law is expected this autumn; this would remove a major area of uncertainty for investors and increase the pool of investors who would consider Dubai a possible investment option. More investors will be good for prices.
- Supply short in key areas:
The inventory available from Dubai estate agents is relatively small compared to the massive influx of new residents expected and still arriving (There were 250,000 in 2004). Try to find a one-bedroom flat, it is tough even now; imagine how it will be this autumn.
- Demand in high areas:
The rapid expansion of Dubai as a business and trading hub for the Middle East is bringing in more and more expatriates. There is huge pressure on the existing housing stock; hence the massive rental increases this year.
- New supply is delayed:
For all the talk of over-supply the reality on the ground is a serious shortage of accommodation. This is compounded by delays of a year or more on many high profile construction projects.
It is a moot point as to what the impact of this supply will be eventually, but at the moment its absence is the more significant factor in the market place. Besides, what is being built? Is this where the most demand lies? If not, then shrewd investors can still invest wisely in the alternatives.
- UAE economy continues boom :
Oil revenues are sky-high, economic reform is happening fast, and Abu Dhabi will be next to invest hugely in its domestic infrastructure; Dubai will be happy to supply and contract to meet this ambition next door.
- Dubai is becoming famous:
No city in the world is presently more successful at marketing itself than Dubai. Foreign investors are already active buyers of local property and may buy more. Dubai has advantages as a tax heaven. These are only just being recognized.
- There are still too many skeptics:
Consider this view of market psychology; in any investment market the top can only be truly called when almost all the participants are convinced that they can not loose. This is not yet true of Dubai property.
There are many skeptics; otherwise this article would simply be stating the obvious. Indeed, a few skeptics have cashed out this summer; perhaps when they are buying back into the market in a year or two's time that is the moment to be really nervous!
To give an example, last August in the UK almost everyone was confident about property, and prices have been falling since then - Dubai property just has not reached this critical inflection point. The cycle is not at the top.
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