Thursday, July 30, 2009

Reason For Investment In Dubai

Dubai is a city in the United Arab Emirates that is built around the principles of free trade, foreign investment, and sound business practices. It was Sheikh Maktoum bin Hasher Al Maktoum who declared Dubai as a free port in 1901, abolishing all tariffs.
The Dubai property market is setting the standards for property development throughout the world and with landmark developments such as Dubai land, Sports City, The World and The Palm, the Dubai property market will remain the future of overseas real estate investment for years to come.
Dubai was the first emirate of the UAE to get involved in Freehold Real Estate, at a time when UAE and GCC nationals were only permitted to own property in the United Arab Emirates. Buying real estate in the Emirates is slowly changing and becoming more available to expats.
In 2002, Sheikh Mohammed bin Rashid Al Maktoum of Dubai had a vision to create the city of the future. In doing this and creating a truly cosmopolitan and global society, an international community would be required, and so the Sheikh decided to allow foreign investors to purchase property on Dubai soil.
Dubai and the UAE's future is focused upon creating a business and tourism environment second to none which centres around incoming foreign investment from commercial institutions and individual investors.
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Dubai has seen a remarkable growth in property. Previously, only native citizens were allowed to own property in Dubai, but now anyone can purchase property in Dubai.
The reason for this change is that the government wished to diversify from an oil-dependent economy to a service and tourism oriented economy. This has made property in Dubai more valuable and brought about a property boom.

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