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Interest in the United Arab Emirates from visitors to TheMoveChannel.com has soared over the last month, with the progressive federation breaking into the top ten of our ‘Top of the Props’ chart for the first time…
Never content to rest on its laurels, the UAE’s defining characteristic seems to be its unshakeable quest for continuous improvement – something that has underpinned the success of States like Dubai and Abu Dhabi. And with major infrastructure investment occurring across the Emirates, it’s an exciting time for prospective investors.
Huge infrastructure growth
United Arab Emirates president and Abu Dhabi ruler President Sheikh Khalifa bin Zayed al-Nahayan recently announced that he is to spend $4.4 billion on the infrastructure system across the Emirates. Projects funded by this sum will include new intercity highways built making travel easier, as well as storm water and sewerage systems in the more northern Emirates.
Brand new transportation links are also under development, including a new metro system due for completion in 2012. New industries are also arriving, making the Dubai economy around 94% non-oil related.
The move highlights the importance of growth to the UAE, as the property market continues its fast upward spiral in many of the Emirates and the realisation occurs that the country’s support systems must also grow alongside in the same manner in order to sustain this move.
A large amount of funding has already gone into improving the infrastructure of the capital Abu Dhabi and the fast-expanding Dubai, and therefore it is hoped that the new investment will go some way to bringing the other more northern Emirates, such as Ajman, Fujairah and Ras Al Khaimah, up to the same standard.
This growth in infrastructure and support systems will only encourage continued property growth and should allow more foreign investors to see the benefits of investing in the United Arab Emirates. Through making travel easier, the Emirates will be seen as more easily accessible and in turn make investors feel that their investment is more secure.
Dubai set for world domination?
Oliver Hickey, UK Sales Director of Profile Europe (UK) lavished praise on Dubai: “Investing in Dubai, which is the fastest growing city in the world, is both exciting and rewarding. Investors from all backgrounds are either buying off plan or at the early construction stages and are revelling in their financial gains.
“It is worth remembering also that Dubai is still only in the early stages of its development cycle and with its achievements to date coupled with its plans for the future, investors are promised a smooth ride.
“With an ever increasing population and tourist numbers continuing to eclipse previous years and commercial properties running at 98% occupancy, Dubai has a lot to offer and looks set dominate the overseas property investment market for the coming years.
“Dubai cannot be likened to any other overseas market as it is simply unique. In terms of its quality, size, durability and value for money it is undoubtedly in pole position”.
A spokesperson for Realestatetv.tv, was equally enthusiastic: “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”.
Italy tops the chart again!
In yet another change at the top, Italy recaptured pole position in the chart for the first time since August 2007. Italy’s ongoing battle with inflation – which hit a 12 year high in March 2008 – does not seem to have dampened the interest of prospective investors.
Italy’s popularity continues to be underpinned by emerging markets such as Sicily, Abbruzzo and Italy’s ‘jewel of the sun’, Calabria. Indeed, according to Real Estate specialist, Dennis Onstenk of InCalabria Ltd, Calabria is seeing an unprecedented level of interest from overseas buyers
Mr Onstenk explained: “Capo Vaticano and Tropea region are particularly attractive to overseas investors as rental returns in the summer are amongst the highest in the region.
”With an established infrastructure already in place to meet the needs of holiday-makers from Rome and Milan, the area boasts a range of leisure and sporting facilities, historic attractions and white-sand beaches that would not look out of place in the Caribbean.
”Add to this the attraction of property prices that start from just £62,000 and the availability of more budget flights from around the world, then and it’s clear to see that Calabria is so popular. Calabria has always been an undiscovered jewel, but it seems the secret is now out and more people than ever are discovering how affordable it can be to enjoy their own taste of la dolce vita.”
With Silvio Berlusconi recently elected as Italy’s new Prime Minister, things could also be looking up for the Italian economy. During his five-year term, Berlusconi wants to lower the fiscal burden -- the amount of taxes paid as a percentage of gross domestic product -- from 43 percent to less than 40 percent. He pledged to reduce the highest tax bracket of 43 percent, which kicks in at 75,000 euros to 33 percent.
Other risers and fallers
It was a great month for Egypt, which also entered the top 10 for the first time, shooting up 7 places to 8th in the chart. It will be interesting to see if Egypt can maintain its popularity over the next month. The USA consolidated its position in the top three by moving up one place to 2nd. With the pound s strong against the dollar, it’s possible that bargain hunters could push the US into top spot next month.
To view opportunities in the Dubai property market, please visit: http://dubai.themovechannel.com/
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