Dubai: The New Real Estate Capital of the World
With globalization Dubai has truly become an international city. Walking on the streets of Dubai is just like walking down 5th Avenue in New York or Knightsbridge in London. Dubai is a mix of people from all different communities and this is what makes it one of the most vibrant cities in the globalised world. Dubai is a mix of people and cultures from all corners of the globe and that is what truly defines the residential parts of the place.
In this economic downturn, something which has been able to maintain its stability is the real estate of the Middle East and, more precisely, Dubai. The property development sector did suffer for a while when the economy bottomed out, however the strength of real estate in Dubai is going to stay this time. Over time Dubai has become the epicenter for real estate.
Until recent years there were restrictions on the sale of Dubai properties to foreigners. However, with the lifting of this restriction a few years ago, the Dubai property market has been extremely dynamic. There has been a lot of buying and selling of houses for sale in Dubai and growth had been exceptional in the years immediately following the lifting of the restriction. The Dubai government is actively driving diversification of its core industries and shifting its economic base to these fields such as finance, commerce and tourism.
There has been lots of speculation about property prices in Dubai, however major economic indicators have suggested that the growth rate of property should maintain steady growth. Another benefit from buying property in Dubai is 100% freehold ownership. Rental yields from Dubai residential property is presently between 8 and 10%, better than many developed cities around the world.
Dubai remains a strong real estate market. There is something to choose from for every investor, whether as a owner-occupier or owner-investor. Types of properties available range from residential apartments and signature villas, to office and commercial space, and it is a major attractor for international investors. Dubai real estate boasts amazing projects such as The Palm and The World – the world’s largest artificial island clusters, developed with villas, apartment towers and holiday resorts.