Dubai is home to wonderful architectural developments and breathtaking designs. Dubai which was earlier popular as a famous shopping destination has now shifted focus to real estate. It has become an international hotspot for real estate and property. The prices of property have been rising consistently since the past few years due to persistent increase in demand of real estate. The most important reason for the spurt in real estate is that property laws in Dubai are investor friendly allowing overseas and foreign investors’ freehold ownership of land and property. Moreover the ease with which present owners can sell or rent out their property has made Dubai a favored location among foreigners. A person who owns freehold property in particular areas get a three year renewable residence visa and this feature makes investment in certain designated areas more attractive for foreign investors.
Dubai is located at a favorable location as it is the meeting place for Europe, Asia and Africa. It is the hub for tradeshows and exhibitions. Dubai has excellent infrastructure and facilities for organizing these events with favorable locations like the Dubai World Trade Center and many such other locations. Many multinational companies have set up their offices in Dubai and this translates into greater interest in Dubai real estate on the part of these companies. Dubai has high quality hotels and resorts to woo tourists and it has splendid beaches, desert safaris, snowboarding on sand dunes, golf played at world renowned courses and the most popular Dubai shopping experience which makes Dubai an interesting place to invest in property and real estate. According to an article published in the economic times dated 26th July 08 written by Peter Riddoch, Dubai has became a popular real estate investment option due to the incentives available for investing there. People prefer to buy property in Dubai as the rates are quite low compared to those prevailing in various developed countries. Dubai is emerging as an international destination for property investors due to open nature of their society, the safe environ and the ease with which finance is available. This news report states that large as it is extremely easy for Indians to own property in Dubai.
There are no restrictions on the kind of Dubai property a person can buy making it easy for foreign investors to buy an apartment or land without any limit on the size of property. Buying and selling property is very easy and straightforward and a person can repatriate the proceeds without any hassle. The legal system is very transparent which requires documents like the buyer’s passport copy, communication address and the token receipt as the necessities for investment in real estate.