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Dubai: Surely it can't last, can it? - 16 November 2007

Posted by Paul Collins No comments

Well, if the latest figures to come out of one of the most impressively-growing markets the world has seen are any indication, yes, it can last…

The media loves a bad news story, and the explosion of property, and consequently, new wealth, in Dubai has been in the sights of some stories in recent months. In many ways, this is hardly surprising – the market is still new and untested, and the developments are brash, bold and shout their superiority from their skyscraper rooftops.

No-one is under the impression that the phenomenal growth that emerging markets such as Dubai have seen will continue for ever, but many observers who had predicted that the boom in Dubai would come shuddering to a halt by 2008 are being forced to re-evaluate their predictions. This is partly because constraints on the construction industry have been introduced in order to protect both the market and the visitors to the area, but has its roots in the continued popularity of the Emirate as a place to which to emigrate.

In fact, far from suffering from declining prices and rents through the early part of 2008, the indications are that demand will drive prices and rents higher, making the rent cap and construction constraints all the more necessary.

Aside from the property investment arguments, the case for emigrating to Dubai is also a strong one. A friend of mine has his own event and conference sales company with offices across the world, and will be expanding his Dubai offices significantly in the near future. At the moment, the company has a significant office in Monaco, but under French law has to pay a 36 per cent social tax on all salaries and commissions.

On top of this is the fact that it is an attractive location for employees. Dubai is classified as a ‘no tax’ Emirate, which for some people is the best advantage you could ever wish for. For others, there is the opportunity to work in one of the largest concentrations of new businesses anywhere in the world. Anecdotal reports tell of an atmosphere of progress and a working culture that are second to none. When this is added to all of the leisure attractions and facilities that are either built or will be completed in the coming years, it makes for a very attractive package.


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