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UAE (Dubai): Investment Potential 2008

Situated on the Persian Gulf between Saudi Arabia and Oman, the United Arab Emirates (UAE) and Dubai in particular, enjoy low taxation, a thriving economy and a booming tourist industry. All of these factors are attracting increasing interest from overseas property investors around the world.

Dubai - Growing Tourism

The most popular destination in the UAE for both tourists and property investors is Dubai. Tourism is the fastest growing sector of Dubai's economy - music to the ears of prospective property investors in Dubai. The UAE has some of the finest visitor facilities to be found anywhere in the world, with a modern infrastructure, extensive shopping facilities and state-of-the-art tourist facilities. A massive $1 billion a year is allocated to tourism-related projects over the next 10 years, fuelling demand in the property market.

UAE Economy

Property investors in the UAE will know that its enormous popularity as a tourist destination makes it an attractive proposition for foreign direct investment (FDI). The Emirates attracted €12 billion in FDI in 2005 - the most recent year for which official figures are available. Global Property Guide reports that the UAE's economy is extremely open and dynamic. Although oil remains at the core of the economy, there has been considerable diversification into non-oil export sectors and a highly favourable tax regime has meant that Dubai has become a prominent centre of financial excellence.

Investment in Dubai Real Estate

Investment in Dubai real estate in particular has increased substantially since the year 2000 when it was £1.6 billion - by 2010 it is forecast to rise to £26.4 billion. Recent changes in the property law mean that foreign property investors in Dubai can now buy freehold property in some part of the country. The UAE has all the ingredients for the perfect property investment: a booming tourist industry, a thriving economy with very favourable tax conditions and a growing workforce of highly paid, tax-free workers who need accommodation. This is the perfect environment for property investment in the UAE (Dubai).