Dubai - own a part of a city where dreams are built
The days of skepticism are long gone. Dubai is now firmly on the map and the opportunities offered by this rapidly growing former desert city are not to be missed. Whether you are looking at Dubai as a place to live and do business in, or as an investment opportunity – Dubai will help build your dreams.
A pioneering government: Dubai is the fastest growing city on earth. This is largely due to a rapidly maturing and diverse economy that is non-oil dependent and has been created by a stable government that is committed to making Dubai the commercial, tourism, leisure and entertainment capital of the region.
A world-class tourist destination: In addition to offering luxury hotels, fabulous shopping and the world’s leading leisure and entertainment venues, Dubai boasts year-round sunshine, beautiful beaches and an exotic desert landscape. Consequently it is not difficult to understand why, over a decade, the number of visitors to Dubai has grown from 600,000 in 1996 to 7 million today and that this figure is set to reach 15 million by 2010. This is more than triple the world tourism growth rate over the same period.
A durable economy: Dubai has implemented an extremely durable economic model. The results? A GDP of more than US $50 billion which is set to increase by a minimum of 7% year on year. To reflect this, there is high capital appreciation and property prices are increasing by an average of 15% year on year.
Tax-free earnings: Tax-free earnings for corporations and individuals are helping to propel the city’s inexorable growth and with iconic property concepts, free trade zones and new financial markets springing up weekly from the sands, it is clear that the city’s bold economic vision has come to fruition. Real estate investors benefit from a tax-free investment and rental income, as there is no capital gains tax in Dubai.
A cosmopolitan city: This cosmopolitan city offers an extraordinary experience for residents and tourists, and holds endless opportunities for businesses and investors alike. Consequently, Dubai is home to a rapidly growing ex-pat community of highly skilled professionals and is a popular international tourist destination.
Demand outstrips supply: The population in Dubai is projected to rise from 1 million to 3 million by 2010, while the tourism market is set to almost triple from around 6 million to 15 million visitors by 2010. Meanwhile the property inventory available in Dubai remains relatively small compared to the massive influx taking place. As a result, where both residential and tourism lettings are concerned, Dubai is a seller's market.
High rental returns: High demand from tourists and residents and the shortage in supply leads naturally to outstanding guarantees of high rental returns and capital appreciation. Rental returns of between 10% and 15% are the norm, with capital appreciation running at anywhere between 35% - 80% per year. Many people have doubled their investment capital within 12 months as investors are enjoying year-round rental demands.
Low purchase prices: Property prices are still significantly lower than in other overseas property markets like Spain and Eastern Europe. The entry level into many developments is as low as £75,000 for a studio apartment. A very attractive proposition with the guarantee of high rental returns. |
