|
A wave of property buying in Dubai, with particularly strong interest from overseas, has begun in the last few years. Since 2004, buyers of Dubai luxury real estate have poured in from Europe, the Middle East, Australia and Asia, and while many of course come to enjoy the unparalleled Dubai lifestyle, they also enjoy the great investment and tax circumstances here.
Dubai offers a very favorable tax situation for the foreign investor. There is no income or capital gains tax here, and the Dubai government has announced its commitment to keep it this way for an unforeseeable future. As a result, more and more families and businesses move their base here.
But, apart from increasing demand for Dubai real estate and favorable tax conditions for the international investor, here are some numbers to consider:
- Dubai’s GDP is expected to grow at an average 11% for the next eight years
- The main driver for this growth is the non-oil sectors (including property development, tourism and knowledge)
- Dubai’s non-oil foreign trade surged 33% from 2006 to 2007
- The hospitality industry is booming, anticipating to reach more than 100,000 rooms for 15 million visitors by 2015 (compared to the 33,731 rooms available today)
- More than 34 million passengers passed through Dubai’s main airport in 2007, 19% more than in 2006. This figure is anticipated to rise to 40 million in 2008.
- Dubai’s exports have grown an average of 28% per year during the last five year period
To learn more about the current economic, demographic or financial climate in Dubai, please contact us. |
