Twenty years ago, United Arab Emirates, specifically Dubai, does not have much high-rise buildings,
freeways, and real estate properties built on their deserted lands. But after a
few years, Dubai is now one of the most developed areas in UAE and the real
estate market in the emirate is one of the most fast rising industries in Dubai.
Many foreign investors, locals as well as expatriates have seen Dubai as an
excellent place to build their residential, luxury, commercial and premium real
estate property investments. The reason for the rapid growth of the industry
includes the rising tourism, free-trade zones, and an amazing gross domestic
product that increases at almost eight percent every year.
But why all of a sudden, Dubaiís real estate business became so popular? There are a lot of reasons why investors and entrepreneurs nowadays consider this emirate as a place to put a solid investment. Aside from the reasons mentioned before, Dubai suddenly emerged as an excellent investment destination because of the so-called freehold property scheme that was released by the government of Dubai in 2003. In this real estate law, foreign investors are now allowed to buy, own, rent, sell, or lease their Dubai properties at their own discretion. Moreover, the rapid increase in Dubaiís population and the flourishing tourism industry are also few factors that influenced the extraordinary booming real estate industry in Dubai. Other financial institutions and banks also became very supportive of the people who wanted to buy real estate properties in Dubai. They offer mortgage facilities that can be easily acquired provided that they have all the necessary documents along with them.
Currently, because of all these factors affecting the Dubai real estate industry, the emirate now has projects worth over thirty billion dollars that are still under development. Some of the projects that are included in the figure are few of the most awe-inspiring and most spectacular architectural wonders in the face of the Earth. Projects such as the biggest theme park in Dubai, biggest mall, tallest building, ski resorts and offshore islands are included in the on-going list of projects in the emirate of Dubai.
The government of Dubai have been updating the world with all the popular properties and real estate projects that they have been developing for the past years. This includes the so-called The Walk, TheVilla, the Jumeirah Beach Residence, the Bay Avenue, the Business Bay, the Vision Tower and the upcoming Executive Towers. Usually, these real estate projects were made in order to bring the western type of luxurious living in Dubai. These are inspired by different factors such as condominium styles in Beverly Hills, and alike. With these, more tourists are drawn not only to visit Dubai for a few days but to purchase their own property or even stay at this emirate for good.
With all these real estate projects in Dubai, the government is aiming that the emirate must be developed into something that can be the perfect epitome of the word globalization. And although many have said that the countries in the Middle East, including Dubai, lacks the conventions, formality, and real estate flavor, Dubai has proven that it can definitely reinvent itself into a place that could meet the demands of the different conventions and culture. Dubai is now one of the commercial centers in the world that would cater investments, properties, and of course, real estate all over the world. It is expected that the property purchasing industry in Dubai will increase by ten percent by the time the emirate hits the first quarter of the year 2010.