Dubai Property Market
Has there been a decrease this year in foreign investors buying either commercial or residential property?
Even in a downturn the Dubai property market still provides opportunities. Property investments in Dubai will continue to provide an excellent rental return and government initiates are supporting stability. New off plan projects are entering the market with great payment plans and Dubai is still is a popular vacation home destination. Whereas the commercial sector seems to have had little disturbance and is instead continuing to grow as Dubai remains a popular business hub. Companies with a demand for a work force in this region see Dubai as a cheaper and better option to Europe, Asia and the Americans. The service industries continue to expand with retail, education, labor accommodation and warehouse locations always in demand.
What makes Dubai's property market different to others within the UAE?
Apart from the obvious supply and demand ratio, Dubai has the tourism infrastructure here to support an expat style of living for residents. Dubai closely followed by Abu Dhabi would be the preferred emirate to choose when making a property purchase not only because of the choice available but also the infrastructure here to support property ownership and provide homeowner security. Dubai is far advanced in the government registration of property and mortgages. They are also ahead in the formation of strata regulations and home owners association in jointly owned properties. Dubai has the most widely accepted and spread areas where foreigners can own property in freehold and leasehold designated areas whereas in Abu Dhabi expatriates are more restricted to purchase only in approved investment zones.
Why does the company think foreign investment currently more popular than domestic investment in Dubai?
As the economy continues to improve so will foreign investment. Despite the geopolitical unrest, Dubai is still considered as a safe haven. Property prices are reaching their lowest, mortgages rates are at their lowest and there remains the tax free advantages. Foreign investment has always dominated the market here whilst local residents who have lived the highs and lows of the Dubai property market are, at times, more cautious.
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