Property in Dubai – Building From The Ground Up

The recent history of Dubai has seen a fascinating transition from regional trading port to the city of the future which we see today. Where once sand and desert lay, Dubai is now one of the worlds most futuristic and progressive cities with one of the world’s most active real estate markets.

The main turning point for the Dubai property market was in 2002, when it was made legal for foreign nationals to own property in Dubai on a freehold basis, something which was not previously available. An integral part of Sheikh Maktoums ‘Vision of Dubai’ this change in real estate legislation was seen as an active encouragement to the international investment community, who took up the offer in considerable numbers. In 2006, the changes of the land law in the Emirate allowed foreign nationals the right to register their freehold property which proved to be a genuine catalyst to large amounts of investment into the Dubai property market.

As well as the changes to real estate legislation, the authorities in Dubai have looked to attract considerable overseas corporate investment in the region via the creation of a highly attractive set of commercial incentives. The creation of these free trade zone environments proved highly successful, and resulted in large numbers of companies relocating to Dubai to advantage of the favourable taxation and trading environments on offer in the emirate. Today, there are over 20 world-class free zones in Dubai including the Jebel Ali free zone and Dubai Media and Internet City. These free trade zones offer companies relocating to Dubai a range of commercial benefits including 100% foreign ownership, 100% corporate taxation exemption and 100% import and export taxation exemptions.

The result of the increasing popularity of Dubai, both in tourism and as a commercial trading environment, has inevitably resulted in a large increase in the population. Today, over 1.5 million people live and work in the emirate, which has only served to increase the demand for all types of property in Dubai, both on a short term and long term basis.

The changes to the Dubai property legislation, coupled with an aggressive pro-tourism approach saw the demand for property in Dubai increase considerably. Today, investment property in Dubai is still highly sought-after, with investors looking to capitalise on the strong potential for long term growth in the emirate.

So where does the future lie for property in Dubai? At present this is a much debated topic, with many people pointing to a cooling of the economy at the turn by 2010 as more new real estate comes online in Dubai. Outside of this however, many other indicators seem to be pointing towards an increasing growth in the region, as the developments in the infrastructure allow for increasing numbers of residents and tourists.

Today, there is an exceptionally strong market for property in Dubai, and assuming that investors carry out the appropriate ‘due diligence’ on their property investment, it is highly likely that Dubai will deliver strong returns for many years to come.

Work begins on the Lofts In Abdali, Amman.

Damac Properties have announced that work has begun on their Lofts project in the Abdali development in Amman, Jordan. The Lofts is the second project by Damac Properties in Abdali, and work is due for completion by the end of 2010.

For more information on property in Amman.

Al Marjan Islands In Ras Al Khaimah

Located approximately 27 kilometres south west of the main town of Ras Al Khaimah lies the Al Marjan Island development, a cluster of five man made 'coral' shaped islands, which seem set to become one of Ras Al Khaimah's most desirable addresses.

Stretching almost two kilometres into the clear blue waters of the Arabian Gulf, the Al Marjan Islands are set to become home to a range of new property developments including those at La Hoya Bay and the new Bab Al Badr development.

Whilst in the past commuters saw Ras Al Khaimah as a considerable distance from the busy commercial hub of Dubai, new transport links such as the cross Emirates rail link and the proposed hovercraft link between RAK and Dubai have mean that property here has become a more than viable option.

As such, the developers of both the Bab Al Badr and La Hoya Bay developments have seen considerable commercial success with their launches, as investors and end users are attracted to the new opportunities that are available here.

>> more on property in Ras Al Khaimah and Al Marjan Islands real estate.

Hydra Twin Towers Launches In Jumeirah Village.

Yesterday saw the launch of the new Hydra Properties project in Jumeirah Village in Dubai. The Hydra Twin Towers will comprise of two 32 storey towers, overlooking the Meadows, Emirates Hills and Jumeirah Golf Estates.

The Hydra Twin Towers are due for completion in early 2010, with one tower offering exclusive residential apartments, and the second tower becoming hotel apartments.

Emaar Properties Offers New Range Of Exclusive Apartments In Dubai.

Emaar Properties, the Dubai based property developer has this morning launched a new selection of elegant residential properties, all of which will offer residents uninterupted views of the Burj Dubai, the worlds tallest tower.

The units, which are all located in the Downtown Burj Dubai district will go on sale through Emaar Properties on the 12th July. Customers will be able to choose from a range of studio, one, two and three bedroom apartments which will be within the Burj Place, 'M' Burj Dubai, Standpoint and Burj Park V.

People who are interested in recieving further information regarding this project should visit Emaar Properties web site, which can be found at www.emaar.com.

Damac Launches Business Square In Qatar.

Damac Properties, the Dubai based property developer, has announced plans for its first commercial tower in Qatar. Business Square is a 20 storey commercial development, and will be located within the Marina district of Qatar. The tower is reported to have cost $110 million and will cover approximately 39,000 square metres.

DAMAC strengthens presence in QATAR; Opens FIRST sales office in the country

DAMAC Properties – the luxury lifestyle provider and Middle East’s largest private sector master developer – has opened a new sales office in Qatar to meet the growing demand and tap into the unrivalled potential of Qatar's real estate sector. The new sales office is located in Qatar’s capital city, Doha and will provide information on all properties by DAMAC. With the opening of the new office in Doha, DAMAC Properties now has 53 sales offices across 12 countries.

Commenting on the new office opening, Peter Riddoch, CEO, DAMAC Properties said. “Doha is Qatar’s largest city and accommodates over 80% of the population. There is an increase in the demand for housing units, as the city has witnessed an increase at the rate of 8% annually over the last year. Close on heels with our successful projects in Qatar, we have recently launched Garden Heights and The Terrace at Fox Hills, both at the Lusail Development.”

The Garden Heights is a 20 storey tower that encompasses 1, 2 &3 bedroom apartments and opulent penthouses. It has a futuristic architectural design and provides the finest residential space. On the other hand, The Terrace is the largest domestic development by DAMAC Properties. The Terrace provides an exotic and healthy ambience to live, work, shop, and relax. It comprises of 14 buildings of 4-storey’s each and has a unique exterior with different colour schemes and materials.

Riddoch continued “The new sales office will be an ideal resource centre that will provide information on DAMAC’s projects, master plans, details on the progress of different projects across all markets. It will serve as a one-stop destination in Doha that will meet and address the queries of prospective customers and business partners on various projects both regionally and internationally. This is another step forward by us to strengthen our presence and showcase our commitment to the Qatari market.”

DAMAC Holding has now grown into a global conglomerate with more than 7000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai’s real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.