avinash smith
In 2002 Dubai made modifications to its constitution and passed the freehold law that allows for the freehold ownership of real estate in Dubai by any foreigner. And ever since then Dubai has become an international hotspot for property and the demand for real estate has exceeded the supply. Having said that there is doubt that at present Dubai is probably the safest bet for making overseas property investments.
Dubai has always been known for extraordinary architectural developments and breathtaking designs, and one such example of architectural intelligence is world’s only 7-star hotel situated in Dubai. Demand for property in Dubai is so intense that property prices have seen considerable appreciation in the last two or three years.
Why the Real Estate Market in Dubai is Heating up?
You must be wondering what caused this sudden rush for property investments in Dubai. The main reason behind this sudden increase in demand for real estate in Dubai is the fact that property laws in Dubai allow freehold ownership of land by any foreigner. Property owners can sell or rent out the property whenever they want. Ownership of freehold property also entitles the owner to a 3 year renewable residence visa. But this law applies to only a certain designated areas in Dubai. And the other big reason for this surge in real estate market in Dubai is the fact that no taxes are applied on income or property transactions in Dubai.
The other reason that can be seen as the driving force behind the real estate market in Dubai is the presence of a huge number of multinational companies. And these multinational companies have created a lot of jobs in Dubai; therefore the people working with these MNCs are either opting for rented accommodation or buying their own houses. This has considerably increased the demand for both the rented and owned property and which in turn has increased both the property prices and monthly rentals. Also property investment in Dubai is very simple and requires minimal paperwork, and sales agreement is all that you need to buy property in Dubai.
One of the most popular property developments in Dubai is Damac Heights; the 90-storey splendor designed by top designer house 'Aedas'. Overlooking the Palm Jumeirah, this 8th man-made wonder offers the most exclusive penthouses, duplexes, 3, 2 and 1 bedroom apartments in the world.
Damac Properties are the largest private master developers in the Middle East offering the most exclusive Dubai Real Estate, Dubai Freehold Property and Dubai Investment Property for sale.
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