Buying property in Dubai
In some ways it could be said that at the moment Dubai is one giant building site, wherever you look ambitious mega-projects are in progress.
Jumeirah Beach Residence Apartments, Dubai
However, because of the popularity of Dubai, and because it is one of the few places in the UAE where foreigners can actually buy land, property is still relatively expensive.
Whether you are thinking about relocating to Dubai or investing in some property make sure you know what to expect.
The government’s decision to diversify from a trade-based, but oil-reliant, economy to one that is service and tourism-oriented has made real estate more valuable, resulting in property values rising significantly between 2004 and 2006.
Large real estate development projects have resulted in the construction of some of the tallest skyscrapers and largest projects in the world such as the Emirates Towers, the Burj Dubai, the Palm Islands and the Burj Al Arab.
Demand fell due to the global recession, so there are bargains to be found at the moment as private sellers and property developers look to cut their losses and offload unwanted houses and apartments.
Many people choose to live in one of the more modestly priced out of town developments that are springing up around Dubai City.
Related posts:
- Renting property in Dubai
- A brief history of Dubai’s economy from the Gulf War to The Islands
- Holidays and hotels in Dubai
- The 1990s to today
- Dubai Formula One theme park delayed due to lack of funding
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