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Dubai Real estate is a booming industry;
offering a treasure to investors, expatriates and locals in terms of residential,
commercial, luxury, and premium property.
Dubaioffers a unique opportunity for
investment, with the presence of free-trade zones, rising tourism
(over 50 four and five star hotels) and a GDP that increases at an average
of 7.5% per year.
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The reasons are countless for an
entrepreneur or an investor to consider
Dubai
for solid investment. During last
three years
Dubai
has emerged as the ultimate destination
for international and local property investors. This boom was triggered by the ‘freehold
property scheme’, unveiled in 2003 by Dubai government, allowing
foreigners to own property for life, with the right to sell, lease or rent it at
their own will. Along with this, the increase in population, flourishing tourism
and readily available mortgage facilities from banks and financial institutions
have given vent to an extraordinary real estate boom in
Dubai
. Real estate projects of almost
$30 billion are currently under development in
Dubai
.
These projects include some of the
world’s most spectacular and awe-inspiring architectural wonders: including the
world’s tallest building, largest mall, biggest theme park,
indoor ski resort, The Palm and the World offshore islands.
The Palm and the World are two colossal
man-made island projects, visible from space, and the most expensive square kilometer
of real estate on the earth. Whereas The Greens, The Meadows, The Springs, Dubai
Marina, Arabian Ranches, Jumeirah Beach Residence, The
New Dubai, International Chess City, are other wonderful projects in the
list of Dubai mega real estate projects.
As a good long-term investment,
investors are increasingly tending to view housing and real estate in
Dubai
. This interest
has been prompted
by some efficient and flexible factors, such as comparatively affordable real estate
price options, excellent quality of life, an open and tax free society,
ultra-modern infrastructure, political stability, cosmopolitan lifestyle,
world-class entertainment events, international sporting events and above
all an extreme sense of security (a virtually crime-free environment).
And
Dubai
is still sailing towards further
growth; the government is concentrating on creating job opportunities and
bringing in skilled workers and professionals, as well as tourists
to support its people-based economy. The current construction and real estate boom
is expected to continue for years to come.