Similarly to an oasis in a huge field of barrenness, Dubai has emerged as the leading destination for both business and leisure. Just last year, a sum of 72 million tourists visited the country while Dubai Airports anticipates that the airport will deal with 66 million passengers in 2013. Both the Bank of America and Merrill Lynch visualize a 33% growth in hotel occupancy by 2020 which in turn will increase the need for hotel apartments in Dubai.
As is the case with constructing a brick-and-mortar shop, location is of major importance to property investment. A number of corporations are drawn to make an investment in Dubai owing to its government's commitment to stimulating the growth of commerce. Apart from having world-class infrastructure and not to mention information and communication amenities, businesses can take advantage of tax-exempt policies along with penalty-free repatriation of income. Despite the influx of investors in the region, its government is constantly improving the business climate to attract even more investors. The upgrades include the launching of chosen businesses for most ownership by foreigners, the reduction of the time mandated for launching a business and the strengthening of intellectual property rights.
In addition, Mercer's Quality of Life Index has rated Dubai as the top city in the region. The city has emerged as the well liked destination of expatriates considering the different attractions it boasts. The city is deemed as among the world's largest shopping destinations, attracting many of the most prominent and most sough-after brands like Gucci, Prada, Versace, FENDI, Victoria's Secret and Bloomingdale’s. With all year fair weather, both sightseers and expats won't be confused for events to try and experience.
Contrary to other huge cities where overcrowding is a big concern, Dubai boasts of a desirable transport network. The Dubai Metro, the world's biggest underground metro station, can conveniently transport its passengers to their destination. The city likewise boasts of premium buses and high-tech taxis to offer passengers alternative options of transport.
Dubai is a true melting pot of cultures with the existence of expats from around 200 ethnicities. But even with the diversity of cultures, the city is seen as one of the trusted places to live in because of a culture of tolerance.
Just how upbeat is the property market in the city? According to real estate consultancy company CBRE, rental fees in the city rose by an average of 17% with preferred locations registering a bit higher increases. These numbers are anticipated to increase in the long run as Dubai continues to claim its popularity in the region.
Content resource – From DAMAC Properties, the company to rely on when it comes to real estate developers from residential to commercial to leisure properties across the Middle East and North Africa regions.
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