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Boom in Dubai property investment
Posted by Mary Bush on December 27, 2008
Until a few years back, buying freehold property in Dubai was not possible for foreign nationals. Property boom in Dubai only ensued after some considerable changes were made to the emiratea’s property laws. Currently, Dubai real estate sector is witnessing a rapid upward trend thata’s expected to go even higher with the passage of time. Population of Dubai has grown manifold over the past few years given a sharp and growing increase in the number of expatriates. Both veteran and would-be investors across the globe are eying Dubai as the property investment paradise for a long time to come. Property for sale in Dubai has already succeeded in drawing the attention of foreign investors.
Investment in Dubai property, whether ita’s buying property in Dubai for permanent relocation or business, or you simply want to cash in on the most popular investment trend in Dubai property i.e. buy-to-let, is very lucrative. The immense development Dubai continues to undergo with massive infrastructure projects reflects the exploding need for space for the countrya’s multiplying populace. Given these circumstances, the boom in Dubai property market doesna’t seem to slow down at any point in the foreseeable future. These upward trends of Dubai real estate make investment in Dubai property extremely risk-free for foreign nationals and they can choose to invest in Dubai even with their eyes closed.
Nearly all of the buyers of International property find property resale and buy-to-let trend as the most attractive features of property ownership in Dubai. Some recent announcements point towards Dubaia’s becoming a tourist hotspot in the near future with more recreation than ever before. Newer entertainment and recreation projects are underway which have already drawn a great deal of international attention. The emirate, which is already termed as a playground in the desert, is soon to have more to offer to the worlda’s recreation seekers. This much international focus means an even stronger property market potential with returns that continue to shoot up.
To the benefit of investors, though not a positive sign for the buyers with no commercial intent, the demand for Dubai property, Dubai apartment, Dubai villas or any other type of property in Dubai by far outstrips the supply. This demand/supply disparity makes Dubai property investment an extremely attractive prospect for the foreign investors. As the experts of Dubai property forecast, the market is lucrative for the investors who already bought property in Dubai. But the market is not so friendly for those seeking rental property right now. If youa’re one of those lucky enough people who have already secured property in Dubai, youa’re likely to be reaping profits. But if youa’re on the lookout for a decent rental accommodation in Dubai, you might have a hard time ahead as the prices are very high and are set to rise higher.
Experts speculate that the population of Dubai will be doubled in 2010. This will turn Dubai into one of the worlda’ss hottest destinations for expatriates and holidaymakers alike and this just bodes so exceptionally well for property investors.
interesting read! I was also following this other news also on Ras Al Khaimah, which expects a growth of 10% in their market. I really love holidaying in the middle east but I still can’t get around why the previsions for us up here in the north as so gloomy compared to theirs. There must be an easy explanation but I just can’t see it! Why can’t we have such news back home? Mystery…..
It is much too early to make any definitive judgment about the impact of the legalization of freehold property ownership for foreigners in Dubai last month. But buyers and sellers have remarked upon a sudden pick up in activity from nowhere, and an almost daily upward movement in prices.
This is what agents such as Asteco had been forecasting, namely that a number of cautious buyers were hovering on the brink of commitment but waiting until the new law was finally passed. The question is whether this phenomenon will prove transitory or a more permanent feature of the marketplace.
Regards,
Michael McLaughlin, Cary real estate
dubai is fantastic place for investment. i agree with your blog.
I read somewhere that Dubai, was having a real-estate bust like us and that construction has slowed to almost a halt. Correct me if I’m wrong.
I was under the assumption that the real estate market in Dubai was also experiencing rough times; I’m glad to hear that I was wrong. It seems like a smart move for them to open up the market for foreigners.
Dubai has been going and growing strong for a few years. The city is beautiful and amazing! I’ve not been but there are investors that I work with that have gone and have come back salivating! Great post.
Interestingly enough, they manage to keep much of their cultural differences intact in Dubai, despite being so commercialized.
The boom is over. =(
Like everything else things change, i have a friend out in Dubai at the moment, who went out to cash in on the boom. She tells me that things have stalled quite badly, so whilst i dont want to be a doom merchant, just do your research well.
Dubai would be an excellent place to try to find some investment property; though I do wonder how they are fairing with the economic slump here and if it has impacted their prices as well.
is it possible for poor to buy a piece of land in Dubai as the Dubai is rich country and only a man with rich family background can live as a king over there. i think it is good to invest buying land in other countries rather than in Dubai.
only a rich and royal background man can effort to buy property in Dubai and live happily. it is not possible for all to invest money in Dubai.
Oh yeah, Dubai was transformed in a construction area. You look around and just see mega projects, tractors, trucks, etc.
In today market, duabai and abhu dhab has been one of the hottes market, as the petrol price hit high. Most of the oil producing countries became rich . dubai has become on of the hottest tourist destination.
Boom in Dubai really exist, true.
I’m surprised its still popular, i heard the downturn was affecting Dubai too… but maybe not so dramatically.
Ummm… I would not invest in Dubai… there is one very impressive little section, which is what we all see in photos, but if you zoom out from that, the area seems like a dump. Not to mention all the recent articles about how unhappy people are there. It seems like a fad city to me. If it holds up for 10 years, I’ll accept it like I do Las Vagas, but right now it’s very fishy.
Dubai has enjoyed a truly epec rise to fame, funded through the booming property market. Will the current economic climate effect Dubai as much as the rest of the world?
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