The revision of land ownership laws in May 2002 first enabled foreigners to buy certain Dubai freehold property with 100% right of ownership. In this manner Dubai was the first emirate of the UAE to allow foreigners to buy freehold real estate. Prior to this only GCC or UAE nationals had the right to own property in the United Arab Emirates. Thankfully Dubai has never had to reconsider this decision because this right of ownership has spurred unprecedented development and led to a lot of foreign investment in Dubai from various areas of the world. At present, Dubai real estate investment is in a post recessionary trend but the economy is slowly kicking back with previously abandoned projects being resumed and a few new ones on the drawing board as well. There is still some hope that a full recovery will take place by mid-2011. In these conditions there is expected to be renewed interest in investment property in Dubai in the short term.
Dubai property investment has generally been a profitable venture, whether in residential or commercial properties. However the rates have reduced a bit in 2009 for all types of properties. Many tend to buy property and then lease or rent it out on profitable terms. The unbridled development of Dubai continues with planned infrastructure projects reflecting the exploding requirement for space for the country's increasing inhabitants and migrant workers. There is estimated to be an oversupply of apartments in Dubai this year so prices are not expected to pick up that much. All in all, investing in Dubai property should not be taken lightly and it is better to get the services of a reputable firm for their property management needs. It is always challenging for a new comer to manage Dubai property because of the changing nature of the market.
Halcon Real Estate offers a complete range of specialized property investment and management services in Dubai that is truly world-class. We will do our best to meet your specific property management and investment requirements. Our seasoned professionals are experienced enough to guide you at every step of your endeavor. Please call or visit our nearest office to get the service you need