Investing in Dubai
Towering Marketplace
One of the world’s "happening" places for property investment, Dubai boasts spectacular architecture, ultramodern infrastructure, a booming construction sector - and a flourishing, or rather, exploding real estate market whose expansion is unmatched anywhere else in the world except in some parts of China.
But, when it comes to wealth, architecture and sheer unadulterated glamour, Dubai has the edge. For centuries its prime location as an international trading hub linking east and west, has given Dubai a melting pot of cultures, with a diverse and wealthy economy.
In recent years, as oil reserves are depleting, Dubai's ruling families have diversified into tourism, property and banking, turning their tiny emirate into the most progressive state in the Middle East.
A relaxed social environment, openness to international investment, and beneficial tax structure has proved a magnet for western companies, many making the city home to their Middle East operations.
For foreign investors, Dubai's real estate market is still very young. Only since June 2002 have they been permitted to buy property in specially designated areas. This was previously the exclusive privilege of UAE nationals.
Although numerous properties still exist only on the drawing board, their purchase and sale is a thriving business. Many have in fact already changed owners before they have been built.