Real Estate in Dubai

In the international real estate arena, buying property in Dubai has become is the latest and hottest trend. Dubai has become synonymous with ambitious mega developments and projects that have claimed worldwide recognition and are phenomenal architectural feats. The May 2002 law facilitating the purchasing of Dubai property by foreigners, catapulted the Dubai real estate industry into an enormous boom that is still going strong today.

Large projects in Dubai include offshore property such as the Palm Islands and The World. Inland projects include Dubai Marina, Dubai Waterfront, Business Bay, Dubailand and The Burj Dubai Complex.

These overseas property complexes feature the innovative and ultra-modern architecture of the skeikh. These properties are home to skyscrapers such as Emirates Towers and the Burj al-Arab. The Burj al-Arab is located on offshore property in the Persian Gulf. The Burj al-Arab is currently the tallest hotel in the world.

Both international and local mortgage lenders are making it easier to borrow to finance a property purchase in the UAE and all in all Dubai is at least as attractive as it ever was for foreign property investors.

There are many complexities associated with the purchase of property whether that property is off plan, completed or resale…money should not change hands and contracts should not be signed before the purchaser has sought independent legal advice.

Also check with your legal advisor regarding inheritance and reposession laws. For instance, if you are unable to keep up the payments on your property in Dubai and the Bank repossesses, be aware that if there is a shortfall in the bank reselling to what you owe, you are still obliged to pay the difference including all costs.

Buying property in Dubai is complex and you will need to seek good legal advice on all aspects of your intended purchase.