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Dubai

Investment property advice and information - Dubai

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Overseas property investment DubaiGeneral country information

Dubai is the second largest of the seven Arab emirates that comprise the United Arab Emirates – the others are Abu Dhabi, the capital city, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah.

Facing the Persian Gulf, the city of Dubai straddles the Dubai Creek, a natural inlet which divides the city into the Deira and Bur Dubai districts.

Oil was discovered in Dubai some 40 years ago. But it has not relied on this alone and has reinvested into creating a modern infrastructure and amenities and developing as a strong trading centre and tourist resort.

The UAE as a whole has an open economy with high income per head and a sizable annual trade surplus. It has a sub-tropical, arid climate with average temperatures ranging from about 24 degrees in January to 41 degrees in July.

An explosion of exotic property developments in Dubai was signalled by a 2002 Royal decree permitting foreigners to own property. Previously only UAE nationals were allowed the privilege. However, the problem remained that there was no federal law recognising freehold tenure.

Investment property - DubaiProperty laws are being developed but currently there remains a fuzziness about the value of Dubai freeholds (which come with a residency permit) whose value relies partly on the international trading credentials and good name of the country rather than enforceable law.

Even so the Dubai building boom has attracted investors from across the world, partly due to its tax incentives but also because of its climate and luxury lifestyle.

Since 2002 property prices have been increasing by rates as high as 25 per cent per annum. However, prices remain low by UK standards. Meanwhile rents are predicted to continue to rise at the same rate as property prices – although landlords should note that there are no eviction laws in Dubai.

Country information - Dubai

Area:

80,000 sq km

Population:

2.5m
Principal cities: Dubai (Abu Dhabi,UAE)
Median age of population: total: 27.7 years
male: 35.7 years
female: 22.4 years
(2004 est.)
Language: Arabic (official), Persian, English, Hindi, Urdu Employment rate: 97.6%
Flying time
from UK:
6.4hrs Currency: Emirati dirham (AED)
Time difference
from UK:
Abi Dhabi - UTC/GMT +4 hours Rate of inflation: 3.2% (2003 est.)
International
dialling code:
+971 GDP per person: $23,200
Climate: Desert; cooler in eastern mountains House price inflation: 11%

Useful websites:
Dubai Land Department

Dubai - Investment Property

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