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Dubai Marina is a great place for investment

Dubai Still Sits Pretty Among the World’s Super Rich

Dubai remains one of the favourite cities in the world for the rich and famous, according to the latest research.

The Emirate is listed in the top ten countries which wealth expert felt their clients considered the most important. Of those with more than US$ 30 million in wealth, Dubai came seventh, just behind the likes of London, New York, Singapore, Hong Kong, Geneva and Shanghai.

The detailed annual report suggests that it is the real estate market which has driven the increase in confidence of the rich and famous. It says: ‘Dubai (Property Market) has recovered some of its popularity with Russians, but competition from North Africa, Pakistan, India and Iran has been an important factor in helping to drive process higher this year.

In fact, the report goes on to show that Dubai’s increase in valuations at around 20% is the second highest in the world, behind only Bali in Indonesia. Analysts praise the turnaround in the Dubai property market by stating that the Emirate has gone from: ‘the epitome of the global downturn between 2008 and 2009’, to rebounding spectacularly in 2012 ‘on the back of resurgence in demand.

The main reasons for the return to favour of the worlds most influential HNWI’s (High Net Worth Individuals) was the strategic location linking the East and the West and its position as a safe haven in the region.

Bang for your Buck

The report went on to highlight just how much physical real estate you can get for your cash in each respective city – and in Dubai we do pretty well. For a US$ 1 million investment you can expect to be given around 168 square metres. Doesn’t sound much? Well head to Monaco (16 square metres) or London (23 square metres) and you soon realize that very few cities can match Dubai even for value.

But are these global investors looking at Dubai as a quick win city, where they can ride the second wave, make some tax-free cash and get out before the next collapse? Apparently not. The report asked which cities would be most important to the clients of wealth investors in ten years time, and Dubai still ranked in the top ten in the world! 

This is one of the most important pieces of information in here … for those of us looking to invest in the Dubai property market, as it clearly shows that the uber rich are involved in Dubai for the long-term, they are here to stay. And that injection of liquidity into the market will ensure that Dubai remains not just the leader in the Middle East for property investment, but increasingly on the world stage.

Do you agree? Let us know your thoughts on the report. Follow us on Twitter and join the debate!

A look at how DAMAC Towers by paramount will look when completed in 2015

‘DAMAC Towers by Paramount’ Brings Hollywood Glamour to Middle East Living and Hospitality

From ‘The Godfather’, ‘Breakfast at Tiffany’s’ and ‘Titanic’, Paramount Pictures has become synonymous with entertainment and above all creativity, and today the brand stands for more – adventure and escape. Now, in its 101st year, the global launch of ‘DAMAC Towers by Paramount’ in Dubai marks the company’s first venture into the hotel and real estate industry.

DAMAC's Ziad El Chaar with Thomas van Vliet, Chief Executive Officer from Paramount Hospitality afte ...

DAMAC’s Ziad El Chaar with Thomas van Vliet, Chief Executive Officer from Paramount Hospitality after the announcement this morning at ITB in Berlin

In an exclusive partnership with DAMAC Properties, the leading luxury private developer in the Middle East, and Paramount Hotel & Resorts (PHR-FZ-LLC), the official licensee of Paramount, ‘DAMAC Towers by Paramount’, will comprise a 540 key Paramount Hotel & Residences and more than 1,400 units of DAMAC Maison – Paramount co-branded serviced hotel residences located in the heart of the downtown Burj Khalifa area in Dubai, a new tourism hotspot.

The US$ 1 billion ‘DAMAC Towers by Paramount’ is currently under construction, and once completed by the end of 2015, will provide enviable views of the world tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, The Dubai Mall. This area welcomed more than 65 million visitors in 2012, an increase of over 20 percent compared to 2011. The number is more than the amount of annual tourists to New York City (52 million).

Speaking at ITB Berlin, the world’s leading travel trade show, in order to launch the project to the global travel market, DAMAC Properties Managing Director, Ziad El Chaar, said: “The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project. We will employ the same, tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world-class experience. The Paramount brand stands for more than exceptional film and entertainment: it’s an inviting lifestyle.”

The four towers which make up ‘DAMAC Towers by Paramount’ are brought together with a multi level plaza, offering an eclectic selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.

One tower will comprise of the Paramount Hotel & Residences with the remaining three towers, housing the DAMAC Maison – Paramount co-branded serviced Hotel Residences.

“Most people know the famous Paramount Pictures logo, with the mountain and 22 stars, and they also watched many of the iconic movies the studio produced. The hotels, resorts and residences produced by PHR FZ-LLC will be developed using the creative process honed over Paramount’s 100 year history. Warm service, design, entertainment, food, beverage and spa concepts will combine magically to mark a new chapter for the brand and to set a rare standard in luxury hospitality,” said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC.

The serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments, a child minding service and kids club. In addition owners can elect to add their residence in the ‘rental pool’ whilst they are away, allowing for rental returns to be generated.

DAMAC Properties has completed 37 buildings to date with 7,817 units and has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.

Paramount Hotels & Resorts is a lifestyle hospitality company that celebrates the power of creativity in all its forms – entertainment, design, service, cuisine, wellness, and technology – to meet the needs of the new creative spirits of discerning luxury travellers.

Further information is available at www.damacproperties.com or by visiting the Paramount Hotels & Resorts stand at ITB Berlin from 6-10 March 2013 at Hall Nine, Stand 317.

Dubai Marina is a great place for investment

Top Tips For The First-Time UAE Real Estate Buyer

Buying real estate overseas, especially for the first time, can be a daunting prospect, but who hasn’t aspired to owning their own home or apartment in the sun? The monumental investment indicates that you’ve accomplished your financial goals and are looking forward to a life of security. When you buy a property in the United Arab Emirates (UAE), that security is taken a notch higher with visions of a luxurious life in sumptuously designed apartments or high-end hotel penthouses. Whether you’re looking to live a lavish life in an apartment or a penthouse, you’ll want to ensure your property investment is the right one.

While there are many laws designed to protect real estate buyers in the UAE, it still pays to do your due diligence to avoid any problems. Here are our top tips to consider when you’re looking to buy UAE real estate property.

Clarity

Transact with the actual owner or the official broker. You want to be able to deal with people who either own the property or have a legal standing to sell the property. Make sure that you are communicating with the right people before you even visit the property or make further inquiries  When you’re looking at real estate development, ensure that the developer and the project are registered with the relevant local government agency and can supply you with details of Escrow accounts, and agreements with the main contractor.

Research

Take your time. Consider the market value against the location and potential growth of the area. This will help you buy an apartment or a villa at the best possible price, with a potential for considerable profits when you decide to resell it in the future. Bloomberg Businessweek reported that the UAE real estate market has been experiencing falling property values by 65 percent during its four-year turn. But the glamorous emirate is seeing strong signs of recovery as prices for residential properties in the Burj Khalifa and Marina area shoot up 15 percent in 2012 alone.

Use Experts

Get the expertise of a surveyor when inspecting the property you want to buy. This will allow you to have a better idea of the property’s actual value, and not its projected market value.

Read

And finally, always read the contract before you sign it. If you’re able to, get a lawyer to look at it to make sure that everything is as you expect before you step in.

Buying property in the UAE is a great accomplishment. Ensure your financial security by making the right property purchase. Consider these tips and find your dream home today.

 

Follow us on Twitter for more great tips for buying in Dubai.

Emaar clients walk away from new property launch in disgust

Repost from Big News Network.com

Emaar, Dubai’s biggest property developor set the emirate on fire on Saturday but not in the way it intended.

The property giant, amidst heavy security, was launching its latest serviced residential apartments tower, proposed for a site opposite the world’s tallest building, the Burj Khalifa.

After the debacle in September last year when a similar project was launched and hundreds of people camped outside the Emaar sales office for three days to get set, the company announced this time buyers would have to pre-register. What followed was a disaster, with one prominent Dubai real estate agent describing the actions of Emaar as “disgraceful.”

Registration was online and it took place on Wednesday at 10am. Emaar then vetted the applicants, estimated at around 12,000, and allocated tokens to those that had been successful. With 280 apartments on offer the developer it was assumed would have issued 280 tokens, and perhaps a number to offset those clients that didn’t turn up or didn’t proceed to buy an apartment. With approximately 300 to 350 tokens allocated it should have all gone swimmingly.

What the developer didn’t tell clients was that they had issued three lots of tokens. Successful registrants were told they had to be at the Emaar sales office at 8am. When they arrived they found long queues stretching from the front entrance to the three main buildings in the Emaar complex right around the outside of the buildings. The developer issued red, blue and yellow tokens. While the red queue moved swiftly through to the sales office to look over plans, prices and contracts, several hundred, possibly a thousand people, waited outside penned up in long lines for several hours without any communication from Emaar as to what was happening. Trays of Chicken sandwiches and croissants were passed around and bottles of water but there was no-one to tell the throngs what was going on.

Then as it was approaching seven hours in the queues, at about 2.40pm, a crowd marshal got up on her feet, without any amplification, and said the red tokens were up to number 155 and they had yet to start on the blues, and the yellows it seemed may not get a start at all. The Emaar employee stressed that people were welcome to stay but there was little likelihood they would get set. Angry scenes followed as frustrated buyers left in disgust, not so much because they had missed out, but they say because of the way they were treated. Scores were heard muttering, and others making their feelings known more loudly, indicating they would not take part in an Emaar property launch again.

For those that stayed however, in the ever-dwindling queues, and those that had made it inside into the sales office, the worst was yet to come. About 4pm, when the red tokens were up to about 175, an Emaar representative announced all apartments had been sold. There was a complete uproar as angry clients and their agents stormed Emaar personnel seeking an explanation. Agents had been told Emaar was restricting sales of the apartments to one per client, yet before even one third of the tokens had been dealt with all the apartments were gone.

Earlier in the day it had been indicated quotas of apartments had been allocated to each token category, however it appeared at the end of the day only those holding red tokens would get apartments, and clearly the one apartment per client rule didn’t apply to them.

The fact that Emaar may have been abusing their clients, many of whom have been with them for years, some even buying whole floors off them, didn’t seem to register. Management and marketing executives would have been well aware within a couple of hours of opening their doors, if not even before they opened, that there was no prospect of around 900 registrants being able to be dealt with by sales representatives, let alone complete purchases. An Emaar employee when asked about the situation, confirmed the company intended for it to happen this way as they wanted all the hype, and the subsequent publicity about hundreds being turned away. There were even suggestions Emaar limited the number of units on sale, preferring to establish the hype and then sell more units into the open market later.

What may have been deemed to have been a top marketing strategy ultimately turned into a public relations nightmare with more damage being done to the developer’s reputation, notwithstanding it sold whatever number of apartments it intended to. The company may not be so quick to sell the next project. It is unlikely those that took part Saturday, many of which had travelled from all over the UAE, elsewhere in the Gulf and as far away as Iran and Russia, would be lulled into going through a similar exercise again. One prominent real estate agent who did not want to be named said she and her colleagues in the industry were “appalled,” at the way in which Emaar handled the launch, describing it as a “con,” and a “disgrace.”

The developer was also under scrutiny as the emirate’s property regulator, RERA, requires payment programmes for off-the-plan properties to be set commensurate with construction milestones achieved. Emaar however was hitting clients with a 15% up-front payment, followed by a 10% payment in June, and then a 15% instalment when the construction is 10% completed. Investors will therefore have forked out 40% of the cost of their apartments while Emaar, which is state backed, will have only completed 10% of the construction.

The tower itself, The Address Residence Fountain Views comprises 60 floors of one, two, three and four bedroom apartments and penthouses. It will be the only Address property developed by Emaar to date to not include a hotel, however hotel services will be provided to the complex by Emaar’s hotel chain, The Address Hotels and Resorts. The company will also operate a serviced apartments pool in the tower.

Let us know if you had a similar experience at the launch; we would love to hear from you. You can also follow us @DXBPropInvest on Twitter.

2012 – The Year of the Optimist; 2013 – The Year of the Savvy Investor

As we close out another year, and begin to relax ahead of the New year celebrations, we take a moment to reflect back on twelve months which has redefined the property market in Dubai and consider what might be before us in 2013.

Villa prices have seen the most significant growth, during a year where each quarter has outperformed the last, with some areas seeing growth around 20 percent. Apartments are also back to 2010 prices (they won’t hit 2008 peaks until Q3/Q4 next year) with a year-on-year increase around seven percent across the board … much more than this at the luxury end of the market.

Key locations are still leading the market. Top-end properties in the Burj Area and Dubai Marina remain the most sought after, with serviced apartments the new off-plan opportunity.

Mega projects were again announced … a few teasers at Cityscape Global, before the real big announcements in the past month: ‘Mohammed bin Rashid City’, a multi-billion dollar project with the largest mall in the world (didn’t we already have one?) and a park 30 percent bigger than Hyde Park in London. Then, three days later, a AED 10 billion leisure and entertainment destination, which will begin construction next year.

So Dubai is back competing, announcing, building, and most importantly selling again. While there is some justified skepticism in the air as Dubai reverts back to the big bold announcements, there is now liquidity back in the market. Dubai is seen as the safe haven with Middle East investors moving their cash to the Emirate as the Arab Spring continues throughout the region. Buyers in Europe and America are coming to Dubai (especially the large institutions) as the EuroZone crisis and the ‘Fiscal cliff’ in the States still causes alarm.

So into 2013, and as DAMAC Properties’ MD, Ziad Al Chaar said recently: “2012 has delivered on our predictions at the start of the year – prices in the Dubai market steadily grew with each quarter outperforming the last. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be very savvy about where they invest and in which projects in each area.”

Stricter regulations continue to be integrated into the Dubai Property Market, new investment opportunities will open up (serviced hotel apartments will be the number one investment vehicle next year) and new locations such as IMPZ, Jumeirah Village and the Emirates/Al Khail Road area will jump in valuation as infrastructure completes.

“I believe that there has been no better time to invest in the Dubai property market in the past four years,” added Al Chaar. “New regulations, the filtering of the market following the correction and the increases in business and tourism coming to Dubai will it remains one of the most lucrative real estate markets in the world in 2013.”

Which direction do you think the Dubai Property Market will head in 2013? What impact will it have on rental prices and yields for owners? Are you looking to get into the market? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

The 53-storey towers to be built in the Burj Area

The Distinction – The latest project to hit the luxury Dubai Property Market

DAMAC Properties is the latest luxury developer to step forward with a new project announcement, and The Distinction is set to wow the growing number of people returning to the Dubai Property Market.

A stunning 195 metre, 53-storey, iconic tower overlooking the Burj Area, with views taking in the vista of the Dubai Fountain, Burj Khalifa and Dubai Mall, The Distinction is set for completion early in 2015.

The Distinction will come with 295 luxury serviced hotel apartments, including studios, one, two and three bedrooms. There are also two four bedroom penthouses.

DAMAC Properties has timed the announcement well – with the market on its strongest upward curve in four years. There is a great deal of interest and excitement about the Dubai market at the moment and especially the Burj Area which DAMAC recently described as one of the most desirable locations in the world.

Average prices in Dubai have increased by 14 percent in the first nine months of the year, according to the Reidin Residential Sales Indices, with the rental market also seeing strong growth with yields up as much as 24 percent in prime locations across Dubai according to a recent report by CB Richard Ellis.

DAMAC Properties is certainly focusing on the top-end serviced apartments sector of the market and has recently announced it will have more than 4,000 units of this type under development by the end of next year.

Niall McLoughlin, Senior Vice President, DAMAC Properties, said: “Luxury projects in prime locations are driving the UAE property resurgence and ‘The Distinction’ will provide the quality of finish and service expected at this end of the market. The serviced hotel apartments at ‘The Distinction’ will offer the highest levels of customer service, luxury and opulence placing it among the premium products DAMAC Properties has on the market today.”

You can experience the views you can expect from The Distinction by checking out this cool time lapse from one of the towers next door.

What do you think of The Distinction? Do you think luxury serviced apartments will take off? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

A Numbers Game – All Signs Show 2012 as the Year of the Dubai Recovery

‘Cautious Optimism’, seem to be the watch words for developing nations when it comes to the economic recovery. But taking a look at some of the numbers coming out of the UAE right now, you would be forgiven for thinking that the recovery is a distant memory and the country is moving on in strides.

It was always felt that such an immature market will fall fastest and also recover fastest. But take a look at these numbers and in less than five years since the downturn, it appears that Dubai is powering out the other side …

  • AED 499 billion – Value of UAE’s non-oil foreign trade in H1 2012
  • AED 9.79 billion – revenue generated by Dubai’s hotels
  • AED 44.6 billion – budget allocated by the Federal Government for 2013
  • AED 1.41 trillion – UAE’s nominal GDP expected this year

For a country with a population of less than eight million people, these are remarkable numbers.

All the signs show that Dubai and the UAE are well set for a period of sustained growth – tourism is up, trade, aviation and retail sectors are all reporting strong figures and the Dubai property market is also experiencing its largest growth period in five years.

Dubai’s hotels and serviced apartments reported a 10 per cent increase in the number of guests with more than five million visitors to the Emirate in the first six months of the year. This saw an increase in revenue of 22 percent.

“The recovery of the economy if continuing despite the uncertain global economic environment,” said the report of the International Monetary Fund (IMF) in its report of the UAE. “For 2012 oil production is projected to be flat, whereas non-oil growth is expected to strengthen further to 3.5 percent.”

We have talked in this blog before about confidence driving the market; especially in a market such as Dubai where sentiment has a direct impact on pricing given the immaturity of the market. “Investor sentiment is back – big time in the country and we could feel that,” Rohit Walia, CEO of Alpen Capital and Executive Vice-President of Sarasin Alpen, a Swiss private bank, told Gulf News.

As companies start to close out the end of 2012 and look into the crystal ball for strategic insights which will stand them out from the crowd in 2013, board meetings are more upbeat with a focus on growing staff and investing again. This will have a massive effect on the property market. There has been a niggling doubt that Dubai simply has too many apartments to meet any demand, but with recruitment up, confidence up and revenues up, Dubai’s market is set for another growth spurt.

We would love to hear your thoughts on this and any other news on Dubai Property Invest. And don’t forget to also join us on Twitter @dxbpropinvest

UAE-based Bank Reiterates Strength of Dubai Property Market

The Dubai Property market is continuing to grow in line with the wider economic recovery in the Emirate, according to a report out from Citi.

Stronger visitor numbers, and strength in the retail markets is filtering through to the real estate sector says the report, with stronger trade and higher oil prices a key factor in the growth.

The report goes on to say that Dubai has actually benefited from what it calls a ‘misfortune dividend’ where investors have turned to safe havens in a response to the Arab Spring.

Citi’s chief economist Farouk Sousa quoted figures from Cluttons which showed that mid-range properties have increased in value by 20% over the last year.

“This is below the 30%-40% annual gain in property prices during the pre-2009 boom but, according to CBRE, represents one of the sharpest gains in the property sector anywhere globally this year,” he said.

The banks have a critical role to play in the continued resurgence of the markets by providing liquidity to not only end-users, but also contractors and developers.

City says that the increased investment in property in Dubai is allowing real estate companies begin to strengthen their balance sheets and improve credit ratings to be able to refinance loans.

Sousa also added that the recovery has been experienced mainly in prime locations, but that there was still an overhang of supply in both residential and commercial markets.

“Our own estimates suggest that the current stock of housing exceeds demand by some 50,000 units (15% of total supply),” he said.

While current stock may well outstrip the demand in the market in developing areas, these developments will quickly be filled by the growth in the population and the strong increase of expatriates coming to Dubai in the wake of the prolonged European and American economic crisis.

Are you receiving a warmer welcome from your banks? Is nit easier to get mortgages now than a year ago? We would love to hear your thoughts on this and any other news on Dubai Property Invest. And don’t forget to also join us on Twitter @dxbpropinvest

UAE Prosperity Has Direct Impact on Dubai Property Market

The UAE has just been listed as the most prosperous nation in the Middle East and North Africa (MENA) in a report that looks at social and economic well-being.

The 2012 Legatum Institute Prosperity Index placed the UAE 29th in the world, out of a total of 142 countries which were assessed. The next country from the MENA in the rankings was Kuwait in 38th followed by KSA in 52nd.

As the UAE continues to grow in the eyes of the international community, more attention will be drawn back to the Dubai property market which has proved an integral component of the emirates perception around the world. As the market grows, the more favourably Dubai is seen by the global community, and vice-versa.

For a country with a current population of just eight million it is a great achievement to grow in the league tables so dramatically and in such a short period of time.

The economy of the country was the most favourable with a ranking of 17th in the world. Given this, HSBC’s Senior Economist Simon Williams told Gulf News that the UAE still has a way to go: “Given that the UAE has one of the wealthiest GDP’s per capita in the world, this tells you how far the UAE has to go to close the gap between potential and reality.”

Pretty stark words, but a reflection that while Dubai and the UAE has achieved a great deal in its 40 year existence it is not sitting on its laurels and there is still a way to go to realise the opportunities which are abound.

As the economies of the east and the west come closer together, Dubai as a regional hub and influential trading stop off will have ever more international influence.

All of this drives what is still a relatively immature property market and will continue to attract more overseas investment.

The report also shed light on to the UAE’s entrepreneurship opportunities, ranking the country in 30th place, 41st for governance, 37th for education, 32nd in health services and 42nd in social capital which looks at the family and society support.

On a more macro perspective the countries in the MENA region improved their performance in the Entrepreneurship and Opportunity sub-index over the last three years, with the second largest improvement behind Asia.

The report concluded by stating that the improvements: “are partly due to a decrease in start-up costs [which] have decreased throughout the [MENA] region.”

Do reports matter? Where can the UAE realistically hope to be on the chart in five years? We would love to hear your thoughts on this and any other news on Dubai Property Invest. And don’t forget to also join us on Twitter @dxbpropinvest

Top Five Reasons for Dubai Property Market Resurgence

Top Five reasons for the Dubai Property Market recovery

As the Dubai Property Market continues to go from strength to strength, we take a look at the top five reasons why Real Estate in the UAE is seeing a powerful resurgence.

Following the correction in prices back in 2008, the market has slowly improved with 2012 seeing the most impressive growth – around 10-12% in some of the more desirable areas according to recent reports.

There remains a great deal of growth still to come as infrastructure is completed and the influx of foreign investment and foreign workers drives the market.

1.    Increased Liquidity

The Dubai economy remains on a strong recovery path with Gross Domestic Product projected to grow by 4.5% in 2012. This performance is being driven by the strong growth of key sectors such as tourism, commerce, retail, hospitality and logistics.

Banks are now providing funding again – not just for investors in the form of mortgages as low as 3.99% – but also to contractors and developers.

As developers receive funding as well as deposits and further payments on projects they will be able to continue building at pace. Liquidity is the key driver of the Dubai Property market and the banks need to continue to make funding available at all levels to ensure that the current recovery remains on track, at a steady pace.

2.    Comprehensive infrastructure investment

The Dubai Government is again investing heavily in an infrastructure programme, with Dubai World Central spending US$ 4.6 billion on infrastructure alone and terminal two of Jebel Ali Port passed halfway and set for completion next year.

As road networks, schools, hospitals and shopping malls also complete in the new areas of Dubai, investment in the real estate projects will continue to come in. There are many good prices to be achieved in the less developed areas of Dubai which are certain to grow in the coming years as the infrastructure network is finished.

3.    New Job Creation

Nearly one million new jobs are expected to be created before the end of 2020 according to the Dubai Government. As Dubai continues to grow and generate new opportunities, the demand for quality housing will remain. Jones Lang La Salle predicts that around 50,000 additional residential units are expected to be delivered by 2014.

With Europe and America still feeling the effects of a global recession, many ex-pats are looking to Dubai as a place to extend their career opportunities.

According to Hasnain Qazi, Middle East Business Manager at Huxley Associates, “Dubai has evolved into a lifestyle destination of choice for people all over the world looking for a safe, secure, vibrant, cosmopolitan city to live in, providing tax free income and a high standard of living. This is quite a contrast to many other countries in the world where economic and social conditions are not as rosy.”

 4.    Transparency and regulation

The Real Estate Regulatory Agency (RERA) is launching a new service fees index in this month which aims at regulating service fees, reducing disputes about service charges and increasing transparency in the market.

Following the release of the draft investor protection law in Q2, the Dubai Land Department has released a draft Code of Corporate Governance for Developers. The Code defines the responsibilities of developers and requires them to disclose to investors complete information about their properties, including alternatives in case of potential delays. The Code’s ultimate goal is ensuring more transparency and better regulation of the real estate market.

Further regulations ensure that all lease contracts are registered through a government database and all transactions with the Land Department go through a centralised listing site for available property, all of which prompted DAMAC Properties to recently call Dubai’s property market as one of the most regulated in the world.

“DAMAC Properties welcomes recent moves by the Dubai government to tighten regulation in the property market which we believe will sort out the wheat from the chaff,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “As the market in Dubai recovers strongly, it is important to have clear legislation which will instill confidence in overseas investors in particular.”

5.    Confidence

Investors believe in the Dubai Property market again. Government, banks and developers have worked hard over the past few years to bring back the belief in the growth potential of the market. Cityscape Global this year was a case in point with companies talking confidently about the prospects for the future and bringing back projects which had previously been shelved.

All markets, both financial and real estate are driven by consumer confidence and a return to the belief that Dubai is a thriving international hub will see clients returning in big numbers.

What do you think of our top five list? What have we missed? We would love to hear your thoughts on this and any other news on Dubai Property Invest. And don’t forget to also join us on Twitter @dxbpropinvest