Dubai Living and Investing in
Dubai Real Estate
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Over the past few years,
Dubai has slowly become
to be a very viable
place for investing in
real estate, especially
for Muslims living
abroad. Simply by
looking at their high
rise structures and
skyscrapers and the very
high boom of real estate
that offers luxurious
amenities, this is not
very hard to believe. It
is very common today to
see unparalleled
standards of living in
Dubai that
are hard to come by in
other parts of the
world.
Duabi, one of the seven
emirates of the United
Arab Emirates is talked
about in many contexts.
Some people look for
jobs in Dubai, while
others discuss attending
business conferences in
that bustling city.
However, in the past
couple of years, more
people, especially from
the Middle Eastern and
Muslim backgrounds have
discussed about that
city in the context of
buying real estate and
moving to settle there.
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Dubai is expanding at a very
fast pace. Numerous high rises
are scheduled to open doors to
new tenants during the next 1-4
years. Considering the
blueprints and pictures of the
high rises and the expanding
Dubai economy, thousands of
families are investing in those
apartments, with a vast majority
of those families as Muslims and
from the west.
When
people think about buying real
estate in a city, they consider
many factors. Dubai has become a
major attraction for a large
number of people and for many
reasons. A few facts about Dubai
are as follows that may cause you
to reconsider your options as
well:
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Dubai has one of the fastest
growing economies in the
world.
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Although many think of Dubai
thriving on oil money, as of
2005 numbers, 94% of Dubai’s
GDP came from non-oil
sources.
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Dubai is one of the largest
gold trading hubs in the
world.
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With various types of visa /
immigration and other
restrictions in various
Middle Eastern Countries,
Dubai through its open
trading policies has become
a de facto hub for doing
business in the Gulf and the
Middle East.
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Dubai’s population is set to
rise from 1.5 million in
2006/2007 to 4 million in
the next 5 – 7 years –
mostly because of foreign
influx. An estimated of 80%
of people living in Dubai
are expatriates.
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Dubai not only allows
foreign investment but
encourages it to the extent
of allowing investors to
apply for residency permits.
This fact alone has driven
numerous investors flocking
to the region. Dubai living
offers prospects property
ownership and / or property
leasing for 99 years. As a
result of this, residents
can apply for a residency
permit that is renewable
every three years.
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Considering that a lot of
Muslims (even the ones
settled in US and Europe)
would like to be closer to
their countries of origin as
well as closer to the holy
cities of Makkah and
Mandinah, this has provided
an excellent option for
their long term settlement
plans.
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Considering a small city,
Dubai operates more than 150
TV channels. This fact alone
helps portray the diversity
of the region and the level
of trade and business volume
(considering that a lot of
TV channels depend on
advertisements as their
source of revenue.)
Highlights
of Dubai Real Estate Development
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Burj Dubai (under
construction) will be the
tallest structure in the
world. At a height of more
than 900 meters (approaching
one kilometer), this tower
is much taller than the
Sears Tower (527 meters),
Taipei tower (508 meter) and
Malaysia’s Petronas towers
(452 meters). The tower will
offer 30,000 residences and
will house the world’s
largest shopping mall called
the Dubai Mall. (The final
height is still not
confirmed). The tower is to
have an estimated 216
floors.
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The tip of the Burj Dubai
will be visible
approximately 100 kilometers
away on a clear day.
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Another tower called the Burj Al-Arab is the tallest
hotel building in the world.
See the picture on this
page. The round circle on
the top left is the tennis
court. The building’s
lightning scheme changes
every 30 minutes. Burjdubai.com provides more
facts and figures on this
magnificent structure.
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The Palm Islands (consisting
of The Palm Jumeirah and The
Palm Jebel Ali) are the
world's largest man-made
collection of islands.
People can own their own
private islands that cost in
the millions. (See picture
on this page and next). Some
media quarters have termed
these as the eighth wonder
of the world. These islands
are made in the shape of a
palm tree with hundreds of
residences, hotels and
resorts.
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Under construction is the
Business Bay, which will be
a collection of hundreds of
high rise sky scrapers.
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A recent project will result
in a complex called
“Asia-Asia”, which will be
the largest hotel in the
world.
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