Mega Projects in Dubai Property Market
Soon after the discovery of oil reservoirs in year 1966, State Government of Dubai started investing petro dollars to develop city infrastructure and real estate developments in residential, commercial and retail sectors to support business, trade and other service sectors in the city. Real estate sector have played major role to transform city image of oil producing city. Dubai developers and investors started constructing mega Dubai property developments throughout the city. Palm Islands, World Islands, Burj Khalifa, Dubai Marina, Mall of Emirates, Burj Al Arab and Dubai Media City are the few internationally renowned developments.
Dubai the hottest international property market
The cosmopolitan environment, stable economy, negligible crime rate and tax free earnings are the few reasons making this city an enticing choice for everyone from businessmen and real estate investor to second home seekers and travelers. Implementation of Freehold Property law in year 2002 was a bold step to facilitate foreign buyers, who were looking to find some suitable place to live or expand their business. Foreigners are now allowed to buy assets in specific areas with complete ownership rights. As a result significant rises in asset demand have been observed in the city. After considering the market trends developers have initiated several mega projects in residential and commercial sectors to accomplish the needs. Such progressing market trends efficiently enable Dubai to gain the status of hottest international property market. Whether, being conventional buyer or an investor, asset market of Dubai assures providing profitable deals for all. Increasing ratio of expats in city’s population and escalating GDP have dragged foreigners towards Dubai and they are considering flying Dubai. On the other hand asset prices in Dubai are reasonable as compared to leading international asset markets like UK or USA.