Buying Property in Dubai

To give an overview of the property market in Dubai, the region offers bright commercial and tourism prospects and also some outstanding and extraordinary property developments, such as the high-rise residential towers in Dubai Marina. These buildings are truly unprecedented, primarily in terms of the heights that they actually stand at, but also in their design, their characteristics, and the luxuriousness of the amenities that they provide. Property prices in Dubai are also much cheaper than in the UK and Western Europe, speaking relatively and generally. In the past, there have been certain restrictions to overseas visitors buying property in the region although these have now been relaxed. There is a high cost of living in Dubai and rental prices are high, conversely, income tax is virtually zero, and crime rates are extremely low. It is also very important to mention that the climate in Dubai is very hot, and with the sun beaming down literally all year round there is essentially a 12-month tourist season.

Property investors have been drawn to the area in ever-increasing numbers during the last few years, and although Dubai has been the main property hotspot of the UAE, the surrounding emirates such as Abu Dhabi, Ras Al-Khaimah and Ajman are now highly popular too and offer some hugely appealing properties. With the fewer restrictions on foreign ownership of land and property in neighbouring countries such as Kuwait, Oman and Qatar, and also the encouragement of property development and the promotion of tourism that have taken place in these areas, they are of increasing interest to investors there, and so putting Dubai even more in the limelight. Rental yields in Dubai are high with the increasing demand of new properties and the shortage of their supply, thus making the area even more of a hotspot for investors.

Dubai is so characteristically modern, unique and dynamic, really nowhere else in the world maintains these traits to such an extent. Architects and construction companies have been given a lot of freedom creatively in designing and building their property developments, and this has played such a big role in the attraction of overseas investors. Many property buyers are looking for new or off-plan properties in Dubai and other parts of the Middle East, but also now with so many projects having been completed, there are more and more modern resale properties on the market.

Furthermore, Dubai delivers such an abundance of property types and styles that whatever the reason for investing in a property here, whether that property be a holiday home or a pure investment opportunity, any and every requirement is fulfilled. Aside from the famous first-rate buildings springing up around the region, there is such a good variety of property types available, from small apartments to luxury penthouses or spacious villas. There are beachfront properties, properties along the Marina waterfronts, those with views over lush green golf-courses (mainly world-class 18-hole championship courses and some designed by the world’s top players, the ‘Montgomerie’ for instance), and those with bird’s eye views over the seas or over the city. The selection of styles available is dazzling too, from traditional Arabic architecture properties or Mediterranean villas, to cutting-edge skyscrapers, and everything in between. This choice and variety plays another important role in Dubai’s success as a property investment hotspot.

Lastly, trends in the property market in the region have shown it to have recovered considerably from the harsh effects of the global economic situation. Banks too have relaxed their lending restrictions for mortgages and the area as a whole is looking forward to a cautious but steady climb back to the top of the hill of stability in the property market. Recent increases in levels of transactions taking place, such as sales and mortgage lendings in Dubai, show that this climb is now well underway.