How to Profit from Real Estate in Dubai
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Since the Crown Prince of Dubai made changes to his country's
constitution back in 2002 to allow for the foreign freehold
ownership of real estate in Dubai, the real estate market in the
emirate has gone crazy!
Because there are no such things as taxes payable on income or
property transactions in Dubai, and because the popularity of
the emirate with hundreds of multinational corporations has
created thousands of jobs in Dubai, everyone wants a piece of
the property market.
But because demand is so intense and property prices have been
shooting sky high, how is it still possible to profit from real
estate in Dubai?
Well, you've got to know the market to know which developments
are in demand from which people, and which people are willing
and able to pay top dollar for rental and resale property in
Dubai - then you just have to target your property purchase to
meet the requirements of your market!
Simple!
First things first it's important to know that those
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buying
apartments off-plan in Dubai right now will have to wait for up
to three years to see their properties completed. This means
that those who have jobs in Dubai and want to relocate to the
emirate right now will have to find completed accommodation to
rent out.
The demand for completed apartments close to Dubai's main
employment sectors such as Dubai Media City is so intense that
annual rental rate increases have been capped by the government
who were afraid the increasing prices being demanded would
create an unaffordable market place.
Anyone with the funds and the contacts should buy completed
apartments in Dubai to let out for the short to medium term.
When the majority of projects currently under construction come
to completion within the next three years however, there will be
a surfeit of apartment accommodation in Dubai which will
restrict property price and rental price increases naturally.
Those looking for a longer term real estate investment
opportunity in Dubai and
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wishing to get ahead of the curve
should be looking at family villa accommodation. Almost as in
demand currently as completed apartments are family villas - but
far fewer of these are being constructed and far more of these
will likely be required over the longer term. Furthermore with
the creation of Dubailand well underway, villas to rent close to
the main attractions of Dubailand for visitors to the theme park
will quite possibly become as in demand as Florida villas.
All in all the popularity of Dubai's real estate sector is as
intense as ever, but an investor nowadays has to be a little
more astute than before if he is to continue profiting for the
long term.
About the author:
Rhiannon Williamson writes about overseas real estate investment
and specialises in the analysis of property market trends and
opportunities in emerging markets. To read more information
about property investment in Dubai click here.
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