History of Remarkable Growth In Dubai

The current history of Dubai has seen a charming change from regional trading port to the city of the future which we see today. Dubai is now one of the worlds most advanced and progressive cities with one of the world's most vigorous real estate markets.
The main turn for the Dubai property market happened 2002, when it was made legal for foreign nationals to own property in Dubai on a freehold basis, something which was not before available. An necessary part of Sheikh Maktoums 'Vision of Dubai' this alteration in real estate legislation was seen as an active encouragement to the international investment community, who took up the offer in substantial 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 real 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 draw 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 growing popularity of Dubai, both in tourism and as a commercial trading environment, has certainly 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.