Owning a piece of Arab’s most aesthetic desert metropolis
Discover Dubai's Real Estate
One of the most popular tourist destinations in the world, no other city matches Dubai in wealth and affluence. It can readily be seen through its towering skyline, exotic boutiques and the high number of exotic cars littered all across the streets. Dubai’s beauty and modesty have certainly set it aside from other megacities of the world. Let’s explore through the real estate market of Dubai, its culture, history and market potential.
Culture, History, and Business
The traditional Dubai culture revolves around the religion of Islam and traditional Arab culture. Overall there is a significant influence of Islamic and Arabic culture on music, cuisine, architecture, and lifestyle. The city’s cultural imprints as a small, ethnically homogenous pearling community were changed with the arrival of other ethnic groups and nationals—first by the Iranians in the early 1900s, and later by Indians and Pakistanis in the 1960s. Dubai’s culture has gradually grown towards one of luxury, opulence, and lavishness with high regard for leisure-related extravagance. Thanks to local prosperity and the visions of a Dubian tourist mecca by previous dubian rulers, the city is endowed with numerous forms of infrastructure ranging from real estate, self-indulgence, coziness and a renowned sense of exorbitant lifestyle.
Historically, the United Arab Emirates (UAE) went through dramatic changes following the discovery of oil and natural gas reserves. The city has been in existence for over 1500 years, but it wasn’t until 1940 were when the gulf oil industry took off that the world got the first glimpse of what Dubai is. The UAE comprises five nations and was created on December 2, 1971. Ever since its creation, Dubai has experienced incredible growth socially and financially.
Dubai’s economy is the second-largest in the Middle East with a diversified economy and a gross domestic product (GDP) of USD 414 billion (AED 1.52 trillion), the city indeed is glorious to behold. Although the city has successfully diversified its economy, a large percentage of its wealth depends on revenues from petroleum and natural gas, which continue to play a central role in its economy. Tourism also is one of the more significant non-oil sources of income in Dubai. Dubai is a member of the World Trade Organization and OPEC.
Real Estate Appeal
The process of urbanizing Dubai with futuristic architecture has led to derivative terms iconizing Dubai as the world center of pioneering, ultramodern and cutting-edge buildings. Dubai’s startling feats in architecture include Burj Khalifa, the palms islands, Burj al Arab, and the Dubai mall, among others. Dubai’s real estate market is one of the most expensive and luxurious in the world. The market favors foreign investors more than in any other major city. With regards to the Freehold Law that came out in the year 2002, anyone can buy property here without any restrictions. Popular neighborhoods to invest in Dubai include Dubai Marina, Palm Jumeirah, Arabian ranches and business bay. The strong and fast-growing rental market is another reason any investor should be looking towards investing in the city.
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