Dubai property market to attract more investor confidence

Over the past several months, the Dubai government has been in a phase of reform concerning the freehold property sector, in an effort to make property a more viable investment for local and foreign buyers.  The establishment of the Real Estate Regulatory Agency (RERA) and the laws that have also come into creation are all for the purpose of making the Emirate a viable source of investment, and the business hub of the Middle East.

Stable Dubai property market

A big issue with buying freehold property in Dubai has been the associated maintenance costs per year.  These have tended to be high, meaning that the costs of buying and maintaining freehold properties have not saved buyers any money over renting property.  As a solution, Strata law was introduced over the summer in an attempt to fall in line with other international property markets, and of course to restore investor confidence.  Now, just a few months on, Strata management has taken on a bigger role, covering all communal areas of property developments, with the goal of offering property owners full transparency on property upkeep, and keeping maintenance costs at a respectable level.  While maintenance costs are expected when buying a property within a development, offering a high standard of living and good amenities, it is important to know that investors get what they pay for with maintenance charges.

Future developments on Dubai property

While recent news has indicated that the property market is not going to slow down in 2008, speculators are now trying to predict where Dubai property will be even further into the future.  It is expected that the market will remain buoyant until at least 2013, as more and more property projects are completed, and the number of investors and investments in the Emirate continue to grow at a phenomenal rate.  With many projects expected to be completed within the next couple of years, it will be interesting to see where the market is beyond 2015, when major developments such as The Waterfront by Nakheel, and Dubailand by Dubai Holding will finally be finished.

For more information on Dubai property and Dubai real estate, please contact us.

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