Traditionally having properties offshore has always been attracting to all of us. Most of us always dream about owning assets overseas. As the world is exploding and gearing towards the globalization, new avenues of similar investments are opening up. Asia traditionally has been always an investor’s choice because of its unlimited untapped potential. Middle East is considered to be one of the closed economies when it comes to real estate ownership. However current progressive regime at United Arab Emirates has made all efforts to open up this sector for foreign investors.

Dubai with its mega malls, good infra structure, mix ethnicity, relatively more open work culture has always been a tourist destination. In almost all emirates only UAE and GCC citizens are allowed to own property. However Dubai has become the first emirate to allow investors to own freehold real estate property in Dubai. What it really means is a foreigner can purchase the freehold real estate property in Dubai under his/her name. The person can sell it, lease it or transfer it to another person as well. The owner and their immediate family members will get permanent resident visas for their life (Cost around 5000 DHS).

Opening up real estate for foreigners has really put real estate sector on fire in Dubai. A lot of constructions are going on. The biggest and probably the best of them all is Dubai Palm Island. It is projected as the biggest and the most beautiful man made palm shaped island. It boasts many celebrities around the globe as its residents. A property at Dubai Palm Island can instantly bring respectability in international stature of a person. Other than palm island there are several developments going on in Dubai e.g. Dubai Marina, Burj Dubai, Arabian Ranches, Dubai International City, Jumeirah Lake Towers and many more.

Many people doubt about the current boom in Dubai questioning about longevity of the boom. The people who purchase the property 2 years back resold it for as much as 45%-50% margin, however future doesn’t seem so bright considering the large scale development going on. However considering Dubai’s socio-economics scenario and considering most of Dubai work force is foreigner, many analysts do believe that boom will go on probably till at least 2010.

Article by William Benjamin. William Benjamin is a renowned journalist and a real state investor. Click here to contact William.

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