Property in the UAE offers the opportunity to profit from a still growing property market and tax-free incentives, making it the major overseas property investment destination it is today.
Over recent years, property in Dubai has stolen the limelight in terms of real estate success, having reformed its foreign ownership regulations to attract a multitude of investors. While this continues to be the case, other emirates such as Abu Dhabi, Sharjah, Umm al-Qaiwain and Fujairah
are growing in importance, having followed suit to absorb the overflowing demand from Dubai. While prices remain comparatively low and economic prospects are high, these emirates are attracting a steady flow of fresh investment.
With a population topping 4.6 million and high per capita income, the UAE economy is growing fast (7.4% in 2007), resulting in extremely strong capital growth and high rental yields for the real estate market. The UAE attracts a large number of affluent expatriates and foreign workers who wish to take advantage of its comparatively low cost of living and tax-free business and residency incentives. Today this group alone makes up more than 75% of the population.
In addition to a booming oil based economy, the UAE’s commercial and financial environments are hugely successful. Not to be forgotten is the fact that the UAE is one of the world’s fastest growing tourist destinations: luxury, state-of-the art holiday resorts and facilities are being built across the emirates to complement natural attributes of sun, sea and sand in abundance, giving the UAE all-round appeal as a truly multi-faceted destination.