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Buying Property in Dubai: a Beginners Guide
Stretching along the shores of the Arabian Gulf, Dubai is the second largest of the Seven Emirates, and roughly has an area of 3900 square kilometres.
Today, Dubai is perhaps the most sought out and lucrative destination for investment in real estate. Its world class infrastructure and safe living, backed by its well facilitated business environment, makes it an ideal place to live and work. Real estate in Dubai has witnessed a dynamic change in the last decade or so, and as Dubai's population is expected to double in the next decade, property investment in Dubai has a very lucrative future.
Invest in property in Dubai if you are looking for high capital gains. An ambitious use of land for urban development in the form of luxury residences, hotels, offices, shopping malls and entertainment complexes has rapidly changed the face of Dubai, making real estate here of excellent value. The catalyst for much of this expansion was the Emirate's decision to allow non – nationals to purchase freehold property.
The demand for property in Dubai will continue to outstrip supply for the next decade or so, because of the population rise in the city. With an estimated population of about 2 million which is expected to grow to about 4 million by 2010, the growth in real estate is expected to continue with the demand, thus keeping pace with the supply. Experts forecast a10% annual return on property for next 5 years, apart from rental income, making Dubai perhaps the most fruitful investment destination in the world.
Properties in Dubai can be bought in either of two stages, namely an off plan/during construction and a resale of completed ones. The process differs in each case and it is advised that buyers analyse both before making a decision.
The Dubai Strategic Plan for 2015 provides the Policy-level Guidelines under which among other Sectors, the 'Real Estate Sector' is also covered. Planning for optimization of land-use and distribution, ensuring adequate supply of housing to low and medium income groups, meeting with the energy requirements of the population and so on are aimed at orderly development of this sector and preventing a haphazard growth which is the bane of many metropolises. This focussed planning and organisation of real estate in Dubai will ensure that property values in the region are conditioned for success.
The major benefit of buying property in Dubai is that it bestows the buyer with the rights of residency and applies to both modes of buying. With the legal framework properly set, buying property in Dubai is fairly an automated process subject to your having the requisite resources. Due diligence is an integral part of any decision and this applies to making property investments in Dubai as well.
Today, Dubai is perhaps the most sought out and lucrative destination for investment in real estate. Its world class infrastructure and safe living, backed by its well facilitated business environment, makes it an ideal place to live and work. Real estate in Dubai has witnessed a dynamic change in the last decade or so, and as Dubai's population is expected to double in the next decade, property investment in Dubai has a very lucrative future.
Invest in property in Dubai if you are looking for high capital gains. An ambitious use of land for urban development in the form of luxury residences, hotels, offices, shopping malls and entertainment complexes has rapidly changed the face of Dubai, making real estate here of excellent value. The catalyst for much of this expansion was the Emirate's decision to allow non – nationals to purchase freehold property.
The demand for property in Dubai will continue to outstrip supply for the next decade or so, because of the population rise in the city. With an estimated population of about 2 million which is expected to grow to about 4 million by 2010, the growth in real estate is expected to continue with the demand, thus keeping pace with the supply. Experts forecast a10% annual return on property for next 5 years, apart from rental income, making Dubai perhaps the most fruitful investment destination in the world.
Properties in Dubai can be bought in either of two stages, namely an off plan/during construction and a resale of completed ones. The process differs in each case and it is advised that buyers analyse both before making a decision.
The Dubai Strategic Plan for 2015 provides the Policy-level Guidelines under which among other Sectors, the 'Real Estate Sector' is also covered. Planning for optimization of land-use and distribution, ensuring adequate supply of housing to low and medium income groups, meeting with the energy requirements of the population and so on are aimed at orderly development of this sector and preventing a haphazard growth which is the bane of many metropolises. This focussed planning and organisation of real estate in Dubai will ensure that property values in the region are conditioned for success.
The major benefit of buying property in Dubai is that it bestows the buyer with the rights of residency and applies to both modes of buying. With the legal framework properly set, buying property in Dubai is fairly an automated process subject to your having the requisite resources. Due diligence is an integral part of any decision and this applies to making property investments in Dubai as well.
About the Author
Orson Johnson writes for Holiday Velvet, a website providing Paris accommodation, France and Venice accommodation Rentals.
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