Dubai Real Estate: past, present and future
Over the years, there have been a number of positive changes in the Dubai real estate sector. One of the most important developments was undoubtedly the 2002 ruling that allowed foreign ownership of properties in freehold areas of Dubai. This was followed by the enactment of a law that made escrow accounts mandatory for those Dubai developers selling off-plan properties. These accounts provided significant security to buyers, instilling in them greater confidence to invest in Dubai properties.
As a result, Dubai’s real estate sector matured rapidly. Signs of a healthy and mature real estate market include stability in property prices, greater transparency in real estate laws, protection of investor rights, and increased competition among developers.
With all of this in place, the Dubai real estate sector was destined to attract a substantial amount of investment. Dubai has become known around the world for constantly presenting world-class projects that offer unique opportunities, massive appeal and high returns with a mix of enthusiasm and enthusiasm.
The efforts of the Government of Dubai to establish a regulatory framework through the Real Estate Regulatory Authority and the Dubai Land Authority that addresses business laws, financial laws and real estate laws has provided private investors and institutional institutions increased confidence to invest in Dubai.
As always, a strong regulatory foundation is critical to encouraging foreign investment anywhere. The rulers and government of Dubai have always sought to promote a strong natural association between Dubai and luxury. As a result, most real estate developments, from hotels to resorts, apartments and villas, have focused on the premium segment of high-net-worth individuals and families. Furthermore, with the rising costs of land and construction in Dubai, developers have chosen to develop projects at the luxury level to make them more economically viable.
Research has shown that there is strong demand from end users and investors for lifestyle-themed projects both locally and internationally. For example, golf and beachfront projects have great lifestyle appeal and have consequently become an important part of Dubai’s development strategy. These luxurious custom oceanfront homes or in exclusive themed locations come fully landscaped and provide features such as resort-style swimming pools, manicured gardens, outdoor seating areas, and expansive patios for dining and entertaining. With a large number of villas already sold, it has created a successful impact on those buyers looking for a unique property proposition.
Representing the wave of the future, resort houses provide residents with the experience of first-class resort living year-round. These homes have been designed by architects, interior designers, and landscapers from the hotel and tourism industry. Therefore, the quality of finishes and attention to detail in these resort villas could very well be compared to those found in first-class hotels or resorts. To complete the overall experience, these villas feature a dedicated concierge service. It is these characteristics that will distinguish vacation complexes from conventional homes.
Coldwell Banker is one of the oldest real estate firms in the world. The company was formed in 1906 in the US and takes its name from the partnership of Colbert Coldwell and Benjamin Banker. Today it has an international presence in most of the world’s real estate hotspots. The firm’s commitment to customer service and professionalism remain the pillars of its business philosophy. We believe that our progress depends on yours. Contact us if you are interested in investing in the Dubai property market, buying or selling in the Dubai property market, or if you want to rent a property in Dubai for the short or long term.