Dubai…a good place to be?

Dubai is currently the fastest growing country in the world and it comes as no surprise that world class luxury and world firsts have been added to its blossoming title of excellence.  Twenty years ago, only two sky scrapers filled the desert space with scatterings of smaller properties and shops.  Today, it is a totally different landscape.

In 2002 properties became available in the freehold market for expatriates and since this time, and some investors have seen a 300% price rise in their properties. 

But why are so many looking to relocate or invest?

There are many benefits to reap which include:

• glorious weather
• sandy beaches
• fantastic shopping facilities
• an indoor snow dome with an après ski bar
• pristine golf courses
• low crime rate
• tax free incentives

… with the vision of future plans in Dubai, it’s one of the most exciting places to be.

With the demand outweighing supply, there are a continuing number of tall developments under construction. The ‘Burj Dubai’ is currently the tallest building in Dubai, reaching up 800m, however a new building ‘Nakheel Tower’ , currently under construction, is reported to be the highest building in world at a staggering 1KM high and costing £22 billion. So the competition is on … 

Many developers have enjoyed off-plan sales, which have allowed owners to modify their home or investment project depending on the time of purchase and construction stage.  Some investors have opted for a quick sale of the property once the build was completed, giving  them a small profit,  whereas others have opted to hold on to their properties knowing they will gain better rewards as time goes by.  Realising that Dubai Land, a 3 billion square foot world entertainment park, is going to attract millions of visitors and employees once built; owning a property will certainly pay off in rental income.  Many international companies, such as Sony, are moving there headquaters to Dubai for the incentives offered to companies and this therefore gives another window of opportunity for investors looking for rental income.

More than 80% of Dubai residents are expatriates from around the world and the population of 1,549,418 is expected to grow by more than 4.5 per cent annually for at least the next three years.

But what are the downsides to living in such a newly developed country?

With popularity still on the rise and continued growth in construction, pavements can be a rarity so travelling by foot can be a problem. However the metro is due for release within the next few months and is said to be one of the best transport links in the world, with the added feature of air conditioning at the stops en-route. So the problems with pavements should be short-lived, even during those exceedingly hot months.

Even though the country provides tax free incentives, those living there say that these are counteracted by the high cost of living with high rental rates and expensive restaurants and bars (£6 for a glass of wine).  But with the regular “Sales” incentives (lasting one month each year) where 25% is offered off of anything and everything for sale, from property to clothes; I’m sure those living or visiting will be able to take advantage.

With an increasing influence from the many walks of life, there is a large variety of food and it makes a lot of sense to awaken the culinary skills and dive into cooking at home.  However, if you need any encouragement or ideas, Gordon Ramsay and Gary Rhodes have restaurants here.

If you are interested in Dubai, we have a variety of deals that could interest you which include launch day incentives. For more information, please contact Nicki on nicki.keeley@landandbrandnewhomes.co.uk or call 01903 831338.

For further information on Dubai, go to Visit Dubai…

Have you been to Dubai? Do you agree? What do you like about the country? Post your comments…