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.

Property Buyers in Dubai Need to be Cautious

Property Buyers in Dubai Need to be Cautious
While there is an immense variety of real estate in the Dubai property market, anybody who wants to have a home here needs to be careful when buying, as there are risks as in any real estate market. These risks involve poor build quality, unregistered developers and over inflated real estate prices.
Poor quality
This should be a main concern for property buyers, particularly long time residents that know how a low quality construction job can affect the property. There are recent reports that because of the inflation of concrete, some constructions are cutting corners, resulting in sloppy building work and severe compromise on the long life of the property. If you want to buy a home, be sure to buy from a reputable developer when purchasing your Dubai property.
Unregistered Developers
Perhaps you get surprised by this, but a number of developers that are in service and selling freehold property are not in fact registered with the Dubai Land Department that is in charge of the Dubai real estate sector. If you are interested inreal estate purchase, be sure to ask for proof that the company is registered, which they should be able to confirm with a registration number and registration card.
Over-inflated real estate prices
This is true that there is inflation in the market, but that doesn't mean you pay more than needed. Some property buyers may face a situation where the broker or seller of a property they want is trying to charge above the market price, and if this is the case, then don't hesitate to argue

Tips for successful property deal in Dubai Real Estate Market

With all of that said, Dubai has been on the vanguard of creating foreign-friendly real estate laws that encourage the investment in real estate by foreign nationals. First and foremost, the laws in Dubai have been reformed to make it abundantly clear that a foreign national can purchase and own outright real estate within that country. A foreign national can obtain a freehold interest (as has been discussed previously) in real estate in Dubai.

In Dubai, the first step in buying real estate is an oral offer to a seller. In Dubai, a foreign national needs no special permission to make the purchase of real estate in that country. In addition, unlike some countries (including some in the Middle East region of the world), a foreign national can own real estate directly and does not have to bounce through an extra set of hoops towards the goal of buying and holding real property.