May 2002 was a momentous date for the Dubai economy, as this was when Property Laws were relaxed, allowing foreign nationals to purchase property in the emirate for the first time. The first few developments in Dubai sold relatively well, as they were priced extremely low due to the cautious nature of this brand new market.
Fast-forward six years and Dubai is one of the foremost places, internationally, to invest in property. A booming economy in conjunction with low penetration has fuelled the property market and prices are extremely buoyant. No corporate or income tax has made Dubai an attractive place to work, and 800 new residents arrive each day in the emirate looking for somewhere to live.
With approximately US$90 billion invested in property developments - either completed or in the development stages - buying property in Dubai has never been hotter. Buyers can choose from towering city or luxurious marina apartments to spacious beach front villas or exclusive gated communities.
As a foreign purchaser, there are now no legal restrictions for buying property in Dubai. Mortgages are available for residents and non-residents alike, and you do not need to intend to live in Dubai once you have purchased the property. Residence visas are available, however, if you do intend to live or spend a significant amount of time in the emirate.
