View of part of the Fujairah Corniche and the Hajar Mountains in the Background

Saturday, October 31, 2009

Dubai the International Metropolis

This is a guest editorial by Hamptons International- property management company.

In this economic downturn some things have been able to remain stable in the Middle East, one of which is real estate and more precisely Dubai.

The property sector was affected for awhile when the economy bottomed out, however the growth of real estate in Dubai seems likely to stay this time. Over time Dubai has become the epicenter for real estate.

Until a number of years ago, there were restrictions on the sale of Dubai real estate to foreigners. However, the lifting of this restriction made the property market in Dubai extremely dynamic. Of late there has been a lot more movement of residential properties in Dubai, after the exceptional growth seen in years immediately after the restriction was lifted. Dubai’s government still has a focus on diversification and is active in shifting its economic base to other fields such as finance, commerce and tourism.

With globalization Dubai has truly become an international city. Walking on the streets of Dubai is just like walking down 5th Avenue in New York or Knightsbridge in London. Dubai offers a cosmopolitan lifestyle with a multitude of entertainment options. Dubai is situated on the serene Gulf coast and enjoys year-round sunshine.

There has been lots of speculation about property prices in Dubai, however major economic indicators have suggested that the growth rate of property should maintain steady growth. Another benefit from buying Dubai properties is 100% freehold ownership. Rental yields from Dubai residential property is presently between 8 and 10%, better than many developed cities around the world.

Dubai remains a strong real estate market. There is something to choose from for every investor, whether as an owner-occupier or owner-investor. Types of properties available range from residential apartments and signature villas, to office and commercial space, and it is a major attractor for international investors. Dubai real estate boasts amazing projects such as The Palm and The World - the world's largest artificial island clusters, developed with villas, apartment towers and holiday resorts.

Dr Geoff Pound

Geoff can be contacted by email at geoffpound(at) on Facebook and Twitter.

Image: “Dubai offers a cosmopolitan lifestyle with a multitude of entertainment options.”