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Dubai has always been known for extraordinary architectural developments and breathtaking designs. Dubai has become an international hotspot for property and the demand for real estate is so intense that property prices have increased considerably over last two or three years.
You must now be thinking about the reason behind this sudden surge in property investments in Dubai. The main factor behind this appreciation in demand for real estate in Dubai is the fact that property laws in Dubai allow freehold ownership of land by any foreigner, allowing property owners to sell or rent out the property whenever they want. Not only this, ownership of freehold property in certain designated areas in Dubai also comes with a 3 year renewable residence visa for the owner of the property.
The other reason that can be seen as a driving force behind the real estate market in Dubai is billion dollar investments by some of the biggest multinational companies in the world. Since most of these companies have started running their operations from their offices in Dubai, this has created a lot of jobs in Dubai, which in turn has increased the population in and around Dubai. This increase in population resulted in an increase in demand for real estate (both owned and rented properties) in Dubai. Adding to this is the fact that property and real estate laws in Dubai are very simple and requires minimal paperwork in form of a sales agreement.
And the last but by no means the least factor favoring real estate investments in Dubai is the relaxation in taxes. You might be surprised to know that no taxes are applied on income or property transactions in Dubai.
Taking in account all the above cited factors there is no doubt why Dubai has become the dream destination for real estate. Dubai is also famous for it’s man made marvels which are undoubtedly the best in the world, and some have even been named as the eighth wonder of the world. Dubai continues to set new records for building and growth, taking Dubai far ahead of the most favored real estate destinations in the whole world.
Damac Properties are the largest private master developers in the Middle East offering the most luxurious and exclusive residential and commercial Dubai Real Estate, Dubai Freehold Property and Dubai Investment Property for sale.
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Source by Avinash Smith