Published on August 7th, 2012 | by Dubai City Administrator0
Dubai is a city in the United Arab Emirates that is built around the principles of free trade, foreign investment, and sound business practices. It was Sheikh Maktoum bin Hasher Al Maktoum who declared Dubai as a free port in 1901, abolishing all tariffs.
The Dubai property market is setting the standards for property development throughout the world and with landmark developments such as Dubai land, Sports City, The World and The Palm, the Dubai propertymarket will remain the future of overseas real estate investment for years to come.
Dubai was the first emirate of the UAE to get involved in Freehold Real Estate, at a time when UAE and GCC nationals were only permitted to own property in the United Arab Emirates. Buying real estate in the Emirates is slowly changing and becoming more available to expats.
In 2002, Sheikh Mohammed bin Rashid Al Maktoum of Dubai had a vision to create the city of the future. In doing this and creating a truly cosmopolitan and global society, an international community would be required, and so the Sheikh decided to allow foreign investors to purchase property on Dubai soil.
Dubai and the UAE’s future is focused upon creating a business and tourism environment second to none which centres around incoming foreign investment from commercial institutions and individual investors.