Dubai is one of the most populated Emirates of the United Arab Emirates and it has become a favorite place for many global real estate investors. Due to the enormous construction work it has seen in the recent years, the value of property in Dubai is on the rise and it is expected to grow for another few years. Being the wealthiest city, the percentage of investment of Dubai in the tourist and economic real estate market is higher than any other city of UAE.
It is estimated that about $40.5 billions are invested in the under construction projects and the GDP has seen a growth of 17 percent in the last few years. It is quite interesting to note that most of the property dubai bought by its nationals are financed from their personal money and only few have opted for mortgages. So, the finance companies in Dubai readily offers mortgage to non-residents and this is one of the main reasons for the growth of international investments in Dubai.
Another reason that drives the real estate boom in Dubai is the huge investments made by international companies. Many international giants have set up their offices in Dubai and many more companies are preparing the ground to build their empire. So, there are a lot of employment opportunities and many non-residents are settling in and around Dubai due to the lucrative offers they have received. Also, the relaxation in taxes and the ease in purchasing a property in Dubai have attracted many non-residents to invest in the real estate sector.
Dubai is located in the Middle East and hence it has become an apposite location for business meetings and other events amongst surrounding countries. Due to the growing economy and also the automatic resident status given to owners of freehold properties, it is attracting a lot of foreign investments. But, one should be beware of the fact that only freehold properties can be owned fully by a non-resident and on the other properties they can get only 99 year leasehold. However, it can not be denied that Dubai provides a multi-cultural and cosmopolitan experience to its investors with its skyscrapers and residents from various countries!
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