Buying Property in Dubai - Are You Sure?

Nicholas Marr
 


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Property in Dubai has had investors rushing for off plan deals provided by developers in the region building numerous Dubai projects. The attraction of affordable luxury living, a tax free environment, predictions that point toward good capital growth and being part of the world fastest growing city make Dubai an attractive proposition.

About Dubai

Dubai is one of the seven emirates that make up the United Arab Emirates. This location has been a hot market for luxury property in the past few years. Dubai is the most populated and second largest United Arab Emirates. Dubai has been seeing enormous construction and has attracted several real estates projects.

Large projects in Dubai include offshore property such as the Palm Islands and The World. Inland projects include Dubai Marina, Dubai Waterfront, Business Bay, Dubailand and The Burj Dubai Complex.

These overseas property complexes feature the innovative and ultra-modern architecture of the skeikh. These properties are home to skyscrapers such as Emirates Towers and the Burj al-Arab. The Burj al-Arab is located on offshore property in the Persian Gulf. The Burj al-Arab is currently the tallest hotel in the world.

Dubai's Emaar Properties is working on another tall structure that may be the future tallest structure in the world. The final height of the skyscraper is a secret and is expected to be completed in 2008. The skyscraper will be called the Burj Dubai. The company is also building the world's largest shopping mall called the Dubai Mall.

Business Bay is also a very prominent piece of property in Dubai. The new business district is to be home to five hundred skyscrapers, all of which are going to be built on land that was lifted from the Dubai Creek.

New laws mean more buyers Duabi has been an attractive place to invest in overseas property the sticking point for some time has been the confusion concerning freehold laws in Dubai. New laws now allow foreigners to own the freehold of certain real estate in Dubai. Since the announcement on March 12 2006 that non United Arab Emirates nationals may be given the right to own freehold properties in some parts of Dubai, massive interest has been stirred in overseas property investors. Demand is surging and real estate is in short supply many off plan developments sell out in days of release.

Freehold in Dubai Foreigners will have the right to lease or purchase the land, after getting approval from the three master-developers, Emaar, Al Nakheel, and Dubai Properties. Land will be registered in the name of a foreigner only after the developers submit a no-objection letter, stating that all the payments for the transaction have been made in full. There are three kinds of ownership proposed in the legislation: freehold, usufruct, and common hold. The owner will have complete ownership rights over a free hold property and the building in this case will be in the owner's name. The second category is usufruct or long-term lease. The law characterizes ‘usufruct’ as the right to use another's property short of destruction or waste of its substance. The right of usufruct, as per the law, should not be for less than five years. This will most probably be a long-term lease whose maximum validity period will range from anywhere between 50 to 99 years. Common hold allows leaseholders to dispense with their landlord and obtain a share of the freehold.

Dubai property why some say no

Property in Dubai is expanding so quickly and at such large volumes some investors are worried that Dubai may have an over supply of real estate. However these investors are not looking past the next 3 years and over the medium to long term Dubai is set to offer sound investment potential. Increased tourism and a growing expat population will meet the demand that investors need to benefit from their Dubai property.

Dubai is working on building their tourism industry and they are also building massive and monumental properties such as Dubailand in order to attract foreign tourists. They are also working on building their cultural environment through the construction of the Dubai Cultural Village. The development will include performing arts centers, art museums, libraries, schools for music and dance and rare bookstores. The Madinat theatre is one of the most significant and luxurious theaters in the region and will host numerous West-End productions.

Dubai is working on quickly becoming one of the premier locations to own luxurious overseas property and they are making it very attractive with their monumental skyscrapers and offshore properties. They are building a dream and they hope to attract attention from all over the world.

Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd a UK based property marketing company that is responsible for one of the worlds leading overseas property web sites at http://www.homesgofast.com and http://www.Dubaihomes4sale.co.uk

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