Investing In Dubai Is Now Easier

By Author: David J.
Total Articles: 7
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Dubai's real estate market has to a degree stood up to the ongoing speculation concerning its meltdown. Tales of its demise appear largely exaggerated. It's true that confidence could be higher, that some properties have seen prices tumble and that a number of projects are on hold. This is hardly surprising considering the scale of the worldwide economic downturn and much less noteworthy than some of the tales of woe emanating out of some of the less robust international business centres.

Any overcapacity or sizeable real estate price reductions might actually be seen as a necessary let off of supply and demand steam, allowing new potential investors an affordable piece of the property action, turning uncertainty into opportunity.

Dubai has established its position as a progressive regional business hub by cutting red tape, displaying tolerance to different cultures, and a relentless commitment to building the region's finest infrastructure. Its foundations are strong and its future positive.

Finance ministers began 2009 by announcing expansionary budgets, with the hope that a spending round may kick-start ...
... their vulnerable domestic economies. Saudi Arabia, Dubai, Oman and Qatar have all announced massive capital expenditure plans for the year for major infrastructure projects. Dubai's government plans to increase public expenditure by around 20% in 2009 to stimulate the service-based economy.

As part of the combined process of stimulating the economy and revamping its regulatory system, Dubai is introducing real estate reform that will add more transparency and cohesiveness into the market. These reforms are aimed at making Dubai apartments and property more attractive for foreign investors and providing better deals to customers.

A co-operation pact between The Real Estate Regulatory Authority (RERA) and the Dubai Department of Economic Development will regulate real estate licences and promote best practice.

Even better, two new laws have been put in place regulating the transfer and ownership of land, protecting investors from developers who fail to begin or finish projects on time.

It's encouraging to see the authorities taking such a constructive, long-term view of the Dubai property market and this is definitely a good thing for investors.