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Buying a Property in Dubai

Buying a Property in Dubai

Dubai’s economy

Dubai is less dependent on oil than the other UAE states. Because its reserves are predicted to run out within the next few years, it has consciously sought to diversify, a policy that has been outstandingly successful.

Oil revenues have been reinvested to create a modern infrastructure and amenities. Dubai has built its current wealth mainly on its role as an international focus for commercial and industrial development, investment and tourism, and has become a regional centre for international corporate headquarters and computer and media companies. Fifteen free trade zones are being developed, including the world’s first e-business free zone. A free trade zone is an area within a country where import duties and taxes are abolished, quotas reduced or eliminated and red tape significantly decreased, to encourage foreign organisations to do business there.

Dubai also has a tradition of undertaking vast development projects, which have included the construction of the world’s tallest hotel.

Communications

Telephone
Dubai has an excellent, modern telecommunications system. The Emirates Telecommunications Corporation (Etisalat), which is required by the Telecommunications Regulatory Authority to censor Internet sites, has a monopoly on most business and personal telecommunications services in the UAE. However, a new telephone company and Internet Service Provider, a subsidiary of Dubai Internet City, has recently been launched to serve expatriates who have purchased freehold property within the UAE.

Internet
Dubai has numerous Internet cafés charging reasonable rates.

Post
There are no postal deliveries in Dubai. All mail is sent to post office boxes. Most residents use their company P.O. box address for private mail, but it is possible to rent a personal box from the central post office in Karama.

And finally...

Buying a property in Dubai, or anywhere else abroad is a major decision and one that should not be taken lightly. It is vital to ensure you have researched all aspects thoroughly and are in possession of all the relevant facts.

Individual circumstances will vary widely, so it is essential to obtain professional advice and guidance tailored to your particular situation, especially in areas such as property purchase, potential rental returns, taxation and mortgages.

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More pages

Page 1: Why Buy Property in Dubai?
Page 2: Financing your purchase
Page 3: Dubai’s economy

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