Dubai, a millionaires paradise is planning to invest $27bn in tourism and is hoping to draw 10 million tourists a year over the next decade. Dubai is just one of 7 Emirates that make up the United Arab Emirates (UAE). It is now the tourism capital of the world. Unlike other great cities of the world, it is safe to walk the streets at night and is exceptionally clean.
Property Market
The UAE is currently the world’s most buoyant property market where investors, architects, developers, buyers and speculators are all looking for the best opportunity to capitalise on the ever expanding real estate boom. Dubai is a rapidly developing city full of high-tech buildings, which is aiming to become the world’s number one tourist destination by 2015.
Property prices have increased considerably since 2002 when property first became available to foreign investors and prices have expected to continue rising. In fact, prices compare favourably to Europe with typical prices of property per square foot about 1/5 the price of properties in London. Properties range from off-plan /apartments, studios, townhouses and villas.
Investment
The Dubai property market is open to any investor from anywhere in the world. Demand for property typically picks up during an economic boom such as the one being seen in Dubai now. With massive projects such as the Dubailand theme park, Palm Islands, and Dubai International Financial Centre coming to fruition, this is a wise time to invest in real estate.
Tax Free Shopping
Shopping is such a huge pastime in Dubai, there's even a yearly festival dedicated to it (Jan-Feb). Dubai has 45 shopping malls. Many of their enormous air-conditioned complexes are open till midnight on various days with fantastic tax free bargains, they also have the worlds largest Gold Souk. They have a fantastic world class floodlit golf course designed by world famous golfers and are hosting one of the biggest and best golf tournaments in the world.
Currency
Another favourable factor to consider is that the dirham (AED or DHS), which is the national currency of the UAE is linked to the US dollar and the exchange rate currently relating to the Sterling and the Euro is particularly beneficial to British and European investors.
