United Arab Emirates Property News

Why Buy Property in Dubai?

Dubai, the modern trade centre of the world fame, lies in the eastern Arabian Peninsula, and one of the seven emirates of United Arab Emirates (UAE). Dubai also signifies the Dubai City, the commercial hub, consisting of a cosmopolitan society flooded by foreign population. With the formation of United Arab Emirates in the year 1971, the modern city of Dubai was also established.

Abu Dhabi is the capital of the United Arab Emirates, where Dubai shares the power of governance along with the Emirate of Abu Dhabi. Within a federal framework, legal, political, military and economic functions are shared among all the seven Emirates. Each emirate has certain autonomous functions such as civic law enforcement and upkeep of local facilities.

From the year as early as 1833, Dubai is being ruled by the Al Maktoum dynasty and over the years, the shifting of power has been realized as one of the Constitutional Monarchies, as prevalent in United Kingdom, Spain etc. The descendant of the ruling dynasty of Dubai, Mohammed bin Rashid Al Maktoum, is the current ruler of Dubai, and also the Prime Minister and Vice President of the UAE. The Federal National Council where Dubai appoints 8 members as its share forms the legislative body of the UAE.

The technological advancement has been very well utilized by Dubai in transforming everything into e-governance where the entire administration of Dubai is carried out easily and with computer precision.

Geographically, Dubai is situated in the Persian Gulf Cost of the United Arab Emirates, and is almost at sea level. Dubai directly lies in the Arabian Desert. However unlike the other southern parts of UAE, Dubai has a landscape highlighted by sandy desert pattern, whereas the others have gravel deserts. The sand is fine, clean and white, mostly consisting of crushed shells and corals. The sandy desert gives way to Western Hajar Mountains. Dubai has a natural inlet, the Dubai Creek, dredged by people to make it more deep for large vessels to pass through.

Dubai has a hot, at times, humid climate with temperature recording 40C  (104C) for many months. Rainfall occurs usually in January, February and March and the annual average rainfall is 6 inches. Exceptionally, during January 2008, there was torrential rain of 5 inches in a single day.

Dubai has a multi-cultural society due to convergence of millions of foreign nationals, both for working people as well as tourists and commercial business people. Though basically a Muslim country, the Constitution of Dubai permits liberal functioning of other ethnic groups facilitating worship, celebration of festivals etc. The city of Dubai has become an internationally renowned tourist centre and the government is very particular in promoting tourism as a means of augmenting its economy. Sports events are regular features in Dubai and act as additional tourist attraction along with shopping malls and free trade centres for fabulous shopping extravaganza. Dubai is a multilingual society with a population 14,22,000 (2006), and just 17% of them are UAE nationals. 71% of them are Asians, mostly Indians, Pakistanis and Bangladeshis. Persian, Malayalam, English, Hindi, Urdu, Bengali, Tamil and Tagalog are the commonly prevalent languages.

Property Growth in Dubai

Way back, Dubai’s economy was based on the oil industry but by clever manipulations of the administrators of Dubai, it has become an economy of noteworthiness by its international trade and commerce, financial services and IT. Modern Dubai boasts of free trade in gold, free economic zones for starting and developing industries, Dubai Internet City, Dubai Media City, etc. Major IT companies of the world have set up their shops in Dubai, prominent ones include EMC Corporation, Oracle Corporation, Microsoft, IBM for IT and media organizations like MBC, CNN, Reuters and AP.

Established in 2000, the Dubai Financial Market is a tremendous success and in Q4 -2006 alone, the transactions of shares and stocks were worth $95 billion.

The government is taking efforts to transform the trade-based but oil-reliant economy to that of service and tourism-oriented one in the next few years. Therefore, real estate business in Dubai has transformed into spectacularly valuable investment as evident from the results of 2004-2006. Large-scale real estate development projects have made it a reality to construct some of the tallest skyscrapers, largest projects in the world, such as Emirates Towers, the Palm Islands, and the world’s tallest and most expensive hotel Burj Al Arab etc. In July 2007, the Burj Dubai became the world’s tallest structure.

The unique feature about Dubai real estate business is the involvement of the government through a separate department for sale of properties. This novel feature ensures reliability and avoids legal hassles because of the strict rules and governance. As of now, there are 16,000 properties offered for sale by the Real Estate Department, with a variety of choices for investors – apartments, villas, offices, shops, sheds, showrooms etc. These properties are scattered all over the districts of Dubai with variable levels of income through renting. As this is a trading activity to promote the infrastructure and development of Dubai, foreign investments are most welcome. In a sound economical background, there is excellent growth potential and value addition for these properties in the near future.

Dubai International Airport is 17th largest worldwide and handled 260,000 flights bringing in 34 million passengers in 2007. Emirates Airlines runs flight services from almost all major European and Asian countries, including the United Kingdom.

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