The Dubai real estate market has never been stronger than it is at this moment and foreign investors are flocking to the shores of the emirate to take advantage of the real estate boom. Fast development has characterized the cities and sandy beaches or desserts have been forced to give way to skyscrapers, artificial lakes and massive retail spaces. What’s more, Dubai government encourages this growth by maintaining a no personal, sales or corporate taxes policy. Such steps have had a tremendous impact on foreign investment and have allowed for a number of mega-projects to be staged in this glorious city. What’s more, Dubai’s rapid development has not resulted in city slums, poor building and a strained infrastructure. The economy has benefited in ways never before imagined from such mass investing and the standards of living here are higher than in most other parts of the world. It is facts like these - combined with the striking exquisiteness of the ever-expanding facade of the city - that has earned the city the nickname Pearl of the Gulf.
In a geographical region with a reputation for political instability, Dubai has separated itself from issues that affect surrounding emirates and has instead established itself as a holiday home haven, a regional hub for finance and trade, a notable tourism destination and even a center for technology. All these factors continue to influence the ever-growing real estate market and as a result, the market is set to continue to develop for at least the next decade. What’s more, the government has recognized the positive impact of foreign investment on the local market and is taking steps to abolish protective property laws so that this investment can continue to take place with less hassle. While certain aspects of property ownership and residency rights for foreign investors still need to be firmly established, the liberal attitude towards property laws in Dubai not only promote investment but, in some cases, serve to be most profitable for the investors.
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