The real estate market of UAE is currently enjoying an unprecedented and tremendous boom and has been rated as one of the most active real estate markets in the Gulf Cooperation Council (GCC) region for its great investor opportunities. In the Global Competitive Report 2004-05 issue too, UAE has been rated as among the most competitive countries in the world, being a heaven for economy and business.
Amongst all the 7 states of United Arab Emirates, Dubai is the one that has gained most fame and popularity being the hub of all activities, inviting millions of people to come here every year for business and leisure. According to experts, people can expect more than 30% return on their property investments here.
Also, the changes in ownership laws regarding foreign ownership of real estates in emirates like Abu Dhabi, Sharjah, Ras Al-Khaimah, and Dubai proved to be the signal that made Dubai a part of global village and drew investors from all over the world to come and invest in the real estate market.
Dubai is now the fastest growing city in the world where one third of all the world’s cranes are busy in building the most luxurious and lavish buildings. Dubai has been declared as one of the safest places to live by the Interpol as contrary to the belief that Middle East is the hub of tourism. The prime location of Dubai, being located at the crossroads of Europe, Asia, Africa and Middle East, also makes it one of the hottest vacation and tourism destinations in the region.
One of the main reasons Dubai is gaining popularity and attracting investors and visitors is the attractions it has to offer. Dubai can be truly called a place where East meets West. Here the sun shines all around the year and the city offers a taste of exotic and exiting pleasures to all its visitors, irrespective of their age. All the modern facilities and infrastructure of the west combined with eastern hospitality and local customs make one feel like home in Dubai. This has led to many people migrating here for work and living in the mild weathered heaven. This increased the demand for real estate and property and renowned developers and builders stepped in to adorn Dubai with the world’s most exciting towers, shopping plazas, residential duplexes and business complexes.
In the last 10 years only, the number of visits to Dubai rose from 1.08 million to 5.4 million, demonstrating a growth rate of 16% per year. This rate is almost 3 times more than the growth rate for the rest of the world. To add to it is the 54% growth in the past 5 years that is expected to reach 6.0 million by 2010, forecasting 200,000 visitors a day. Experts say that it will take almost 6 to 10 years to for the required number of hotels to catch on with the speedy growth of visitors. Thus to meet this demand, there is currently an estimated $80 billion invested in real estates project that are underway. Dubai real estate market is moving at a fast pace among all the UAE states and is expected to go even higher with all the eminent and beatifying projects going on that are inviting people from all over the world to come and invest here.
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