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Investment guide: Dubai, United Arab Emirates |
Dubai is the most exciting location in which Universal Property Agents (UPA) operates, this
city-state has seen phenomenal growth in recent years and continues to excite and impress
with state of the art engineering projects on a scale never before seen.
With what will be the world’s tallest building, the Burj Dubai, large-scale man-made Island
complexes such as The World and the Palm Islands to the largest, biggest, and the best
entertainment cities and business complexes, Dubai developments set the standard by which
others are judged. In fact Dubai has the fastest growing population in the world, in excess of
24% per year. This is coupled with the success of the economy with GDP growth of 6.7% in
2005 to $74.67 billion. |
UPA believes that with the intelligent planning and
billions of dollars of investment pouring into Dubai
within a short time Dubai will be vying with the likes of
Singapore, New York, Hong Kong and London as being
one of the leading locations for worldwide business.
The government has now decided on a drive to move
the employment market away from overseas workers
on short-term contracts, making a marked effort to
retain workers and build up a permanent working
culture. In 2002, the rulers decreed that foreigners
would be legally entitled to own freehold property,
rather than the standard 99-year lease on property,
with a free resident’s visa for any property purchaser
as an extra incentive.
Dubai already has a significant international corporate
presence with major long term commitments from
global corporations such as Microsoft, Reuters, Ciba-
Geigy and HSBC to name but a few. Enticing
businesses to move to a spectacular setting with state
of the art communications and facilities has not proved
difficult.
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Dubai provides the prestigious, successful,
dynamic environment that goes hand in hand with
companies’ corporate images, whilst providing a
comprehensive business infrastructure and a wonderful
environment for staff to enjoy.
Despite the huge volume of skyscrapers, residential
and commercial developments, the resale and off-plan
markets have not been dampened. It is highly unlikely
that the market will become saturated, and leave
investors with properties that cannot be filled or sold.
This is due to intelligent planning to ensure that there
is sufficient demand for properties before permission
to build is granted. |
The demand for quality rental accommodation
currently far outstrips supply, with apartments
being often snapped up the day they are released
onto the rental market.
With the projected increases in tourism (from 5
million to 15 million visitors by 2010) business
relocation and permanent population (up from 1
million to 3 million in the next 3 years) demand is
set to continue at a frenetic pace for years to
come. |
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