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As the financial tsunami shows no signs of abating property investors need to search even harder to find real estate bargains so today we focus our attention on the UAE and specifically Dubai.
Until recently Dubai was the property investors haven with real-estate prices heading northward in a seemingly unstoppable wave. However just like everywhere else the ripples of the financial tsunami have also had a dramatic effect on property here.
In fact some have said that Dubai will be hard hit having been fuelled by easy credit and high oil revenues however reports of Dubai’s demise are premature and here’s why?
First a history lesson back in the 1970s when the British withdrew from what was called the Trucial states the seven local sheikdoms became the United Arab Emirates. Abu Dhabi had the greatest share of wealth coz it has by far the greatest share of oil, but Dubai had entrepreneurial spirit.
In the 1980s under Sheik Rashid Bin Saeed Al Maktoum and then his son Sheik Mohammed Bin Rashid Al Maktoum, Dubai developed its massive free port,golf courses which changed the landscape and luxury resorts like the Burj Al Arab hotel.
Recently Dubai has also been an exporter of capital investing huge sums in projects’ such as six major us container ports. In fact up until recently Dubai was well on its way to achieving $108million GDP not bad for a sheikdom with no oil!
So where did they get the money from? Well its no secret that Abu Dhabi has been the major contributor in the development of Dubai and even in these financially turbulent times can easily prop up its little brother. When oil was $147 dollars a barrel Abu Dhabi’s 2.7million BP day output pulled a neat 140 billion a year and Abu Dhabi’s budget predicts oil at just $67 for all of 2009, even that creates $45 billion so you see they can well afford to support Dubai and not only that the region needs Dubai to succeed. Its is regarded as a shining example of the New middle east, a turbocharged entrepreneurial place that offers a sharp contrast to the chaos and religious sectarianism of Iraq and the corrupt state of Egypt. Dubai sees itself as a bastion of the free market and a city of modern laws and modern mores in a region where they are in short supply. Dubai’s ruler is endlessly innovative and backed by the never ending wealth of its big brother Abu Dhabi, we can confidently predict that Dubai is still a real estate haven to watch. So go ahead Take your pick ,from opulent waterside villas to a one bed pied a Terre Dubai offers property for every budget. At the moment bargains are to be had with developers offering rental guarantees, huge discounts and even free luxury cars for every purchaser.