News & Views on Indian Real Estate

Monday, July 28, 2008

Dubai no more just a shopping destination

World-class infrastructure, coupled with safe living and a facilitated business environment, makes Dubai an ideal place to live and work. Dubai is ranked first in global population and employment growth [National Statistics Office] making the demand for Dubai real estate even more viable. The fact is that Dubai has witnessed 13% growth year-on-year since 2000, which makes for a higher growth rate than both India and China, presently the two most powerful developing countries in the world. Dubai has been growing at a swelling speed. It's no more just a shopping destination. It is emerging as an international destination for property investors. The open nature of the society in Dubai makes it safe for people who want to retire, relocate or simply looking for a secure return on their money. As a good long-term investment, investors are increasingly tending to view housing and real estate in Dubai especially from Asia with a particular focus from India. Real estate in Dubai is expanding at a phenomenal rate in the last five years and continues to do so. Apart from this, the increase in population, flourishing tourism and readily available mortgage facilities from banks and financial institutions gave rise to an extraordinary real estate boom in Dubai. Real estate projects of over $360 billion are currently under development in the UAE. These projects include some of the world's most spectacular and awe-inspiring architectural wonders including the world's tallest building, largest mall, biggest theme park and indoor ski resort, among others. There is a large majority of Indians in the UAE. Due to the close proximity between the two countries there are large numbers of Indians who have bought properties in Dubai. It is extremely easy for Indians to own a property in the UAE. There is no restriction in the kind of properties one can buy - apartment, land or in terms of maximum or minimum size of the property one can hold. One can also sell the property at any time and repatriate the proceeds.