Things to Know Before Purchasing Property in Dubai
Dubai has seen tremendous growth in the past decade or two. This is especially true in the case of real estate and since the demand for residences and commercial property has increased, a lot of construction projects can also be seen. Starting from Dubai Marina, which is a city within a city, to other such projects; the government and private sector are working hand in hand to keep a balance between the demand and supply.
It was in 1901 that Sheikh Maktoumi bin Hasher Al Maktoum declared Dubai a free port and brought in the initial investment – something that has gradually paid off. But it was in the 1950s when the real estate market started to grow, and in 1959 the city constructed its airport and first hotel. Today there is a lot of prime real estate in Dubai and it is matched by even more demand.
If you’re interesting in purchasing property in Dubai, there are a few things you need to be aware of.
Instructions
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1
Who Can Buy Property in Dubai?
The Dubai government now allows anybody to buy property in Dubai (previously only the residents of Dubai could do that). This has given a real boost to the real estate market, and now almost 5,000 new families shift to the city every month. You should also read up on Freehold Property in Dubai during your research. -
2
What's the Benefit?
Changes in the government's policy are to diversify the economy from being oil-dependent to a more service oriented one, encouraging trade and tourism.
So on one hand it contributes towards the economy and on other hand you get a great chance for business. -
3
Is it Secure?
It isn’t just private companies that are busy in the construction work and have all the market share of Dubai’s real estate. The Dubai Municipality started numerous construction works in 2000 and the plans for them are so grand that statistics conclude upto 15-25% cranes of the world are busy in Dubai’s construction.
So, it is safe to say that your investment, in both public and private sectors is going to be fairly secure. -
4
Future of the Market
Since there is a demand and supply gap in Dubai’s real estate market, with the demand being more than supply and favorable legislations for foreign property investors expected to be passed; it can be safe to say that the profit on property will remain high for a couple of years.
