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Dubai entering a new era?

Dubai is stepping up its bid to become the pre-eminent investment destination in the Middle East...

Dubai has become the best known of the United Arab Emirates (UAE) and has achieved international acclaim for its real estate development, putting it firmly on the map.

When Dubai is mentioned, images of high-rise buildings, high-success industry, new-found celebrity culture, ‘Media City’, and profit from excellent rental returns spring to mind. The second largest Emirate after Abu Dhabi, Dubai was well-situated geographically – between Europe and Asia – for business and property development, and the mere 7-8 hour flying time from the UK as well as having no capital gains or income tax, only enhanced its appeal.

This initial development of this once primarily Arab Emirate, now home to a fast-growing population of which 80% is from overseas, resulted in a shortage of rental properties and therefore a large number of people reaping large profits from the real estate market.

Ambitious plans

Now, however, there are signs that this most well-known Emirate is moving into a new era. New transportation links are under development, such as the new metro system due for completion in 2012 as well as new roads being developed. New industries are also arriving, making the Dubai economy around 94% non-oil related.

A spokesperson for Realestatetv.tv, commented: “Dubai’s plans remain ambitious, and in looking towards the future, impressive developments are in planning or already taking place, in the ever-prevalent drive to attract tourism.

“Alongside this, recent legal changes have made it easier for foreign property investors, giving them greater protection in an uncertain world. Dubai’s constant evolution has kept it ahead of the game in terms of growth and development and it is this that could see it head towards an even brighter future”.