These free trade zones offer companies relocating to Dubai a range of commercial benefits including 100% foreign ownership, 100% corporate taxation exemption and 100% import and export taxation exemptions. The creation of these free trade zone environments proved highly successful, and resulted in large numbers of companies relocating to Dubai to advantage of the favourable taxation and trading environments on offer in the emirate. Today, investment property in Dubai is still highly sought-after, with investors looking to capitalise on the strong potential for long term growth in the emirate. In 2006, the changes of the land law in the Emirate allowed foreign nationals the right to register their freehold property which proved to be a genuine catalyst to large amounts of investment into the Dubai property market.
The main turning point for the Dubai property market was in 2002, when it was made legal for foreign nationals to own property in Dubai on a freehold basis, something which was not previously available. An integral part of Sheikh Maktoums Vision of Dubai this change in real estate legislation was seen as an active encouragement to the international investment community, who took up the offer in considerable numbers.
As well as the changes to real estate legislation, the authorities in Dubai have looked to attract considerable overseas corporate investment in the region via the creation of a highly attractive set of commercial incentives.
Today, there is an exceptionally strong market for property in Dubai, and assuming that investors carry out the appropriate due diligence on their property investment, it is highly likely that Dubai will deliver strong returns for many years to come.The recent history of Dubai has seen a fascinating transition from regional trading port to the city of the future which we see today. Today, there are over 20 world-class free zones in Dubai including the Jebel Ali free zone China Copper Bonded and Dubai Media and Internet City.5 million people live and work in the emirate, which has only served to increase the demand for all types of property in Dubai, both on a short term and long term basis. Today, over 1.
The result of the increasing popularity of Dubai, both in tourism and as a commercial trading environment, has inevitably resulted in a large increase in the population. Where once sand and desert lay, Dubai is now one of the worlds most futuristic and progressive cities with one of the worlds most active real estate markets..
So where does the future lie for property in Dubai? At present this is a much debated topic, with many people pointing to a cooling of the economy at the turn by 2010 as more new real estate comes online in Dubai.
The changes to the Dubai property legislation, coupled with an aggressive pro-tourism approach saw the demand for property in Dubai increase considerably. Outside of this however, many other indicators seem to be pointing towards an increasing growth in the region, as the developments in the infrastructure allow for increasing numbers of residents and tourists