Dubai skyline

Dubai is a city attracting high caliber professionals from around the world. Tempted by a high quality lifestyle, tax free salaries and excellent career opportunities the economy is booming. Dubai has a clear track record of strong economic growth with no slowdown in sight. In fact Dubai seems to be excelling itself with world leading projects like the world’s tallest building the Burj Dubai tower, the mega project that is Dubailand and entire zones created for sports, media and internet businesses, Dubai Sports City, Dubai Media City (DMC) and Internet Media City (IMC). The economy is currently growing at a rate of over 10% per year.

Ask anybody currently living in Dubai about property rentals and you will be told in no uncertain terms that there are waiting lists for apartments, the rents are typically at London prices and landlords expect rents to be paid up a year in advance. This is clearly a booming property rental market. Due to the high rental rates many long term residents of the United Arab Emirates are choosing to purchase their own properties rather than payout 'dead money' in rent which is further fueling the domestic property market.

Dubai is in a constant state of development with areas such as Dubai Marina being seen as desirable, upscale and in high demand for some time to come. With road traffic on the increase and commuting times being pretty high there is a natural desire to live within the city centre and close to the business districts. This will no doubt keep prices in these areas high. Despite this, property prices in Dubai are still very competitive when compared to other major cities around the world.

Dubai reportedly now holds the title for the highest rate of hotel occupancy in the world. A title held by New York City for many years. With the rise in tourism and so much business being conducted in Dubai there is no shortage in demand for hotel rooms.

Overall even if people may have been skeptical in the past it fair to say that Dubai has proven itself as a serious player on the world scene. The incredibly high levels of investment in infrastructure, tourist attractions and business opportunities combined with very low levels of crime make Dubai a force to be reckoned with. Those shrewd people that bought up prime Manhattan real estate years ago certainly made their fortunes. Perhaps the same will be said about Dubai real estate in years to come. Only time will tell.