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Recent changes in property law in the UAE mean that foreign investors can now buy freehold property in Dubai. With property prices remaining comparatively low this presents ideal conditions to buying property in Dubai and the UAE.Each year for the past three or four years this column on AME Info has posed the same question about prices in September. There is always a fear that after the summer break this might be the year house prices falter. But then again a trend is usually your friend until it is not, indeed this year there is every reason to expect house prices to fire up stronger than ever for the autumn season.
Emaar shares have suffered some of their biggest drops in year on the Dubai Financial Market, as investor confidence has retreated following shortfall across industry sectors. But as the markets begin their recovery, aided in part by the attraction of the excellent prices on offer, what is Emaar's future outlook?
Homeowners in Dubai have seen service charges for communal areas almost double in 2008. Developers have blamed this on the inflationary pressures being felt in the markets as the cost of raw materials and necessary utilities increase.
A report by investment bank Morgan Stanley has warned that Dubai house prices are likely to see a fall of around 10% of their value by 2010. This is when the bank's analysts predict that supply in the emirate's property market will begin to outstrip demand as new developments come online.
Despite recent reports that the Dubai rental market is reaching a plateau, prices are continuing to rise across the board as demand in the city far outstrips supply. The continuing influx of new arrivals, estimated at 400,000 per year, combined with delays in project handovers, means that landlords and developers can still make very healthy returns.
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Property Dubai - UAE - Emerging Investment Market
Dubai and the United Arab Emirates (UAE) have thriving economies and a booming tourist and real estate industry attracting interest from property investors from around the world.
A Thriving Economy & Booming Tourist Industry
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Situated on the Persian Gulf between Saudi Arabia and Oman, The United Arab Emirates (UAE) has a thriving economy and a booming tourist industry attracting interest and investment from around the world.
The Tourist Market
The importance of tourism has grown rapidly in Dubai, with luxury facilities, unrivalled weather, and easy access attracting visitors from around the world, and accounting for 0.5% of total tourist demand worldwide.
The UAE tourist industry is forecast to generate $33,920 million in 2007, growing to $53,330.6 million by 2017, with total demand expected to grow by 9.5% in 2007 and 4.9% per year until 2017.
According to the Dubai Development and Investment Authority, tourism is the fastest growing sector of Dubai's economy, with 11.6% of its GDP invested into the sector, representing no less than $1.9 billion of economic activity.
The Government's vision is to increase the number of visitors to Dubai from 2.8 million in 2000, to 10 million by 2010, and they are well on target for this figure.
Growth in Tourism & Commerce
Growth of both the UAE's tourism and commerce sectors has been staggering, with impressive skyscrapers shooting up across all major cities. The UAE government is planning to spend over US$ 30 billion during the next five years towards the construction of new infrastructure projects, and government, commercial, and residential property (Source: Government of Dubai Department of Tourism & Commerce Marketing).
Investment in Dubai Real Estate
Investment into Dubai's real estate sector has increased substantially from £1.6 billion (Dhl1 billion) in 2000, to £23.7 billion (Dhl65 billion), and is forecast to rise to £26.4 billion (Dhl84 billion) by 2010. This will mean Dubai's real estate investment will contribute 35% per year to the Emirate's GDP over the next 5 years, according to the Department of Tourism and Commerce Marketing, Government of Dubai..
Buying Property in Dubai
Recent changes in property law mean that foreign investors can now buy freehold property in parts of Dubai – yet the property sector remains attractively priced presenting ideal conditions for overseas investors. In the words of Dubai's ruler, Shaikh Mohammad, "all in all, the future for Dubai looks very promising."
A highly favourable tax regime has seen Dubai rise to prominence as a financial centre of excellence, while the government has further enhanced the economy through the creation of nineteen free trade zones, including Dubai Internet City, Dubai Media City, Dubai International Financial Centre, and the Airport Free Zone.
As the real estate market struggles to keep pace with the city's growth, no less than 215 sky scrapers are currently under construction in Dubai, with over 200 more due to be started in the next two years, including the 188 storey Burj Tower. It has also been reported that during the next 10 years, three quarters of Dubai's $310,000 million income is expected to be tied in the property market, with residential projects predicted to exceed the $230,000 million originally forecast.
Expat Demand for Property
Ex-pat demand for property in Dubai is also creating a strong market in off plan apartments, with around 300,000 apartments planned for the next few years alone. Overseas investors are showing strong interest in the Dubai Marina alongside Media City, home to Microsoft, Cisco, Reuters, and CNN.
Dubai a "Buy to Let" Market
With the growing tourism industry in Dubai and low costs direct flights from the UK and other European countries, Dubai provides interesting buy to let investment opportunities.
Investment Property Dubai
Dubai has all the ingredients for very promising property investment; a booming tourist industry backed by massive government investment, a thriving economy backed by very favourable tax conditions, and a growing workforce of highly paid, tax-free expatriate workers who need accommodation.
Whether you are looking for capital growth or rental yield, Dubai and the UAE has excellent prospects for overseas property investors
Fair Deal Investment Property Dubai
Fair Deal Investment Property Dubai provides a culmination of real estate services in the UAE with a special focus on Dubay to international property investors and holiday home buyers.
Global Property Investment Network
Our Global Property Investment Network is highly regarded for sourcing carefully selected Dubai property investments. In addition, our clients have access to advice and research on investment properties in Dubai from our product experts.
Our mission is to identify the most lucrative opportunities currently available in Dubai and tailor them to your property investment requirements. Our investment property researchers are constantly monitoring the investment property market in Dubai and are in regular contact with developers and promoters not only in Dubai but across the world.
Property Dubai: Due Diligence
All off plan property in Dubai, be it for investment purposes or as a second / holiday home that we recommend have passed strict due diligence procedures. Our country and investment reports is packed with properly researched, up-to-the-minute professional advice on the very latest Dubai property investment options available.
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