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Dubai one of the emirates forming UAE and the constructional capital of the world is presently facing crisis, although there are very different opinions of critics regarding this financial breakdown time some take it as an opportunity to buy cheap property for long term investments and some believe that Dubai will continue to face further crisis, the government of UAE must take some necessary steps to overcome this hurdle such as the govt. must make a law that any constructional company should never be allowed to confiscate the passport of the employee. The constitutional amendments made in 2004 by the rulers of UAE have provided a great base for the property business all around the country especially in Dubai. As a result more and more investors both small and large are buying residential property and real estate vice versa. The fluctuating interest rates of the real estate have attracted huge number of foreign investors willing to buy property in Dubai. The 2004 freehold status that is person from any country can do a property business in UAE and can have the full premium interest obtain by lending a property and does not have to pay any tax to the government and can easily transfer the property to any one, had ensures the boom in real estate business. The foreigners looking for investing spot are most attracted by apartments in Dubai for two reasons firstly people from developing and developed countries looking for the immigration to Dubai can easily obtain residential permit in UAE just by obtaining a property secondly the shopaholics from all around the world are attracted to the city of Dubai for tax free products, and the tourists spots have made the city interesting. As above mentioned, the number of foreign immigrants in Dubai has increased noticeably and almost all the immigrants want to own a residential property so it has created a high demand for the residential apartments for rent in Dubai. Along with the economical residential property the luxuries and trade of expensive livings such as luxury apartments, Dubai villas for sale and farm houses situated along the city has also flourished. Buying a property or rent in Dubai is a one step easy process unlike in other Arab countries you don’t have to obtain any special government permit and you don’t necessarily to be the national of that country in UAE all you just have to do is to made an oral deal with the owner of the property, or you contact any mortgage lender available all over the world for financing of the purchase of the real estate but it has to be made sure that the lender is required to have the collateral for the property in Dubai the only reason for this requirement is to ensures the general stability in the region.
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