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DUBAI FOREIGN OWNERSHIP
May 2002 will go down in the history of Dubai real estate as the month that the great freehold property revolution began. Before that month only UAE nationals could own property, and even then often on the restricted gifted-land tenure.
Dubai is undoubtedly the world's newest hottest city to invest in property and is catching the attention of global investors.
Whether your objective is to earn a high ROI by flipping, or buying a second home in this tax-free city, or buying a property to rent, or buying a property to resell, the key is to take quick decisions, as prices are climbing, and to avail of the good property investment opportunities, you have to act fast.
Dubai is one of seven emirates that make up the federation of the United Arab Emirates, and is known around the world as a destination that features world-class hospitality, landmarks of design and luxury, and a business infrastructure that attracts major global organisations.
Dubai is the ideal place to call home. Whether it's families looking for a feeling of warmth and community, urbanites seeking a cosmopolitan, thriving city or those who desire the very best in waterfront property surrounded by golf courses, unique activities and an unparalleled lifestyle, Dubai is home to uncompromised modern living and exceptional investment opportunity.
Since 2002 Dubai permitted expatriates from all over the world to purchase freehold property in Dubai in select community development projects. Since then, the freehold property market in Dubai has exploded as investors from all over the world see the fantastic opportunity to purchase properties at low prices, and resell as the prices appreciate rapidly.
Dubai is regarded as one of the fastest developing infrastructures in the world, and some of the projects are visionary and breath-taking. Dubai is being recognised as the city of the future, and investors are rushing to grab a piece of the action. Currently demand exceeds supply, thereby pushing up prices and speculators and short-term wholesale investors earn handsome returns (25% - 100%) within a few months.
All developers of projects in Dubai have to pay a large bank guarantee to the master community developer, and this is only returned to the developer on successful completion of the project. Therefore, investors do not have to worry about the project not being completed.
Factors which contribute to the increased demand and prices of Dubai property are as follows:
• More and more investors are investing in this lucrative market.
• Increasing costs and shortage of construction material, so invariably newer projects are priced higher.
• Due to large demand, contracting companies are increasing their prices.
• Dubai is a tax free city, with zero income tax and capital gains tax, so many HNW individuals and organisations are channelling their funds to invest in freehold property in Dubai.
• Dubai is strategically located close to populated countries - India, Pakistan, Iran, Iraq, CIS, and the African continent. Many individuals from these countries have started purchasing freehold property in Dubai, as they will be eligible for UAE residence visas on possession of the property. This number is likely to go up in the future.
• Dubai is an extremely safe place to live. This is one of the few cities where you can walk alone at night without fear of being attacked.
• Mortgages are available on only a few development projects. It is anticipated that mortgage companies will open up in the near future, and will provide mortgage to a lot more projects. When this happens UAE expatriate residents would start purchasing as the housing rents are skyrocketing (increasing 15% + every year).
• The population of Dubai is expected to increase from 1.2 million to 2 million by 2010 and up to 4 million by 2017.
• Companies are setting up offices in Dubai, or expanding their current offices as this forms the hub for the Middle East, Africa, and Indian subcontinent, that addresses an economy of over USD 3 trillion.
• Dubai is one of the fastest growing tourism destinations in the world and the number of annual tourists is expected to reach 15 million by 2010.
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