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Britons prefer Dubai as second home
Dubaiis one of the fastest emerging cities
in the world, and its popularity among Britons looking to retire, or buy a second
home, has made it an ideal ‘place in the
sun’, according to the international realty developer, Dubai
Properties. Over 100,000
Britons have purchased homes in
Dubai
since the start of the property
boom in 2002.
Dubai
is competing with
Spain
&
France
in the second-home market, with
both countries accounting for over 35% and 24% of British homes overseas.
Fahad Al Gergawi,
Director of International Relations,
Dubai
Properties says: “British investors
are keen to invest in
Dubai
because of its tax free status,
low crime rate, excellent services and enviable lifestyle. The sunny weather, of
course, is another favourable factor in the equation,
particularly when you take into account winters in the
UK
.”
A
UK
resident would ideally like to live
in individual houses, preferably with a small garden for the children. It can be
a beachfront or a unit in the desert. It’s not where the unit is but what the unit
is,” said Al Gergawi. As per the statistics issued by Dubai Properties, some
24.2% of buyers of Dubai Properties’ projects live either
in
Dubai
or the
UK
, and are British citizens.
At one time,
Dubai
used to be the perfect investment
for speculators looking to make a quick profit. Capital appreciation has risen between
15 to 20 per cent annually,
making
Dubai
the ideal place for investors with
disposable income. However, the current market trend favours
only people looking to own a home, or for people seeking healthy and steady investment
returns both from the resale market and high rental yields on completed properties.
Rental yields in
Dubai
are around
7 to 10 per cent, while in the
UK
they average around three to four
per cent annually.
A key factor in the recent popularity
of
Dubai
as a second-home investment is the
Freehold Property Law, issued in March, 2006,
which granted non-GCC citizens the right to purchase freehold properties in designated
areas. The inclusion of Dubai Properties’ key master communities in those designated
areas added another dimension to the master developer’s offerings.
Business Bay, Culture Village,
The Villa and Jumeirah Beach Residence have all been
included in areas designated as freehold by the Government of Dubai. This move is
viewed as a morale booster to investors as well as homeowners as it ensures that
their rights are protected by legislation.
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