Since foreigners started buying Dubai properties in 2002 it has been the focal point for interest for property investors around the world. Some Dubai property developments are among the most audacious engineering feats of recent years, with the manmade Palm and World island groups and the Burj Dubai tower (now the tallest structure on Earth) perhaps the most famous of all.
Investment credentials for property in Dubai are built on a long-term plan to make it the commercial and tourism centre of the Middle East. Located midway between Europe and the Far East and close to Russia, it has a potential audience of hundreds of millions.
Those buying Dubai real estate have mainly been investors looking to earn rental income from the emirate’s growing expat population. Early buyers of property in Dubai lucky enough to be renting out their Dubai property now are benefiting from some exceptional returns at present, due to a shortage of finished Dubai properties and high demand from the expat workforce.
Luxury property in Dubai and its high-profile celebrity buyers were bound to grab the headlines but many Dubai properties are affordable enough that the average investor is able to consider buying Dubai property. Most construction is taking place in zoned areas, such as Dubai Marina with its luxury waterfront Dubai properties, and Dubai Sports City with its specialist venues and academies.
Neighbouring emirates such as Ajman and Abu Dhabi are beginning to focus on attracting property investors too, as are other nations in the Middle East, for example Qatar and Oman. However, property in Dubai has a formidable head-start as well as the money and will to see its vision come to fruition. For buyers looking beyond Europe for opportunities, buying Dubai real estate might prove to be a great long-term investment.
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