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In an unprecedented way, Dubai today's property market is going up fast.
New, impressive developments, such as the two man-made Palm islands - Jebel Ali and Jumeriah, where newly build modern and luxuries property can be bought for attractive prices, makes Dubai one of the most sought after property investment hot spots.
In general and depending on the location, a one bedroom flat can start from around 45,000 Euros.
For an ocean view flat one should pay from around 75,000 Euros.
For example, in Jumeirah,in Village South, a one bedroom flat can cost around 80,000 Euros
By 2008, a third palm (Deira) is set to be completed and it will be the home of almost half a million people. The experts believe the property prices will go sky high. For the time being, property investors or second home owners are rushing to Dubai in search for property.
The market is fast moving and before searching for a property, the buyer should have the finances well on place as the vendor may not want to wait due to the high demand.
A non resident investor may obtain finance from his own country but also from Dubai.
Before obtaining the mortgage, as in any other country, an evaluation has to be done on that particular property.
Many properties in Dubai are sold free hold to the non residents buyers.
In order to avoid any unpleasant surprises when buying resale property in Dubai, it will be very wise, to contact the original developer before signing the purchase contract.
If selling a property, the investor has to be present in order to sign de documents. If not possible, a power of attorney can be used. This is required by the original developer in order to transfer the documents.
There are no property related taxes an no official conveyance system in Dubai.
There is a wide range of places in Dubai to invest in the property market. Some of them are:
Burj Dubai, Downtown Dubai, Dubai Business Bay, Dubai Land, Dubai Lagoon, Dubai Marina, Dubai Waterfront, Emaar Towers, Jumeirah Beach Residence, Jumeirah Islands, Jumeirah Lake Towers, Jumeirah Village, The Palm Deira, The Palm Jebel Ali, The Palm,Jumeirah
