Property Select

• Home
• Property Search
• News
• About Us
• Contact

CONSUMERS BENEFIT FROM GOVERNMENT DECISIONS

Monday, 05 Jan 2009

In recent years Dubai has seen a growth unparalleled by other cities around the world. What has taken London and Hong Kong to achieve in decades, Dubai has accomplished virtually overnight. This quick expansion has set enormous demands on accommodation in Dubai and the city has gone through a fast transitional learning curve to become a "Semi-Transparent Tier" ranked city as dubbed by Jones Lang LaSalle.

This expansion has set property in Dubai at a vigorously expanding rate with new development not being able to keep pace with demand. This has in turn caused property in Dubai to appreciate with residential real estate prices rising by 11.7% with first class areas maintaining their value. Mortgage and property dealings have been regulated by the Dubai Land Department with the Dubai government instituting a 2% drop in the leasing fee from 7% to 5% in an attempt to regulate rental costs.

Dubai, located on the Persian Gulf, as a financial hub with no taxation and an obliging immigration policy has become a lavish retreat for prosperous Saudis, Pakistanis and Iranians can boast such a main attraction as the planned Nakheel Tower which is set to tower over the surrounding property in Dubai at a height of one kilometer above the ground, making it the world’s tallest tower.

Other developments include off-plan property where developers are prohibited from charging transfer duties as well as Jumeirah Gardens; Dubai’s first planned community which is scheduled to be built over the next twelve years. A transportation system is also on the boards which will link residential and commercial areas with wide-ranging green neighborhoods and a canal that will converge with the Business Bay Canal and the Persian Gulf. It has also been reported that developers, in a bid to attract customers, have initiated an uncomplicated payment selection – Definitely a reason to consider property in Dubai when looking at purchasing or renting.