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Dubai property market is witnessed to e at the peek with new developments. The threat perception of falling into shortage of oil resources compiled the authorities to revise the economic policy of United Arab Emirates. Dubai’s Prince Sheikh Mohammad Al Marktoum transformed the policy concentration from oil-oriented economy into commercial and tourism based economy. This policy shift brought a positive financial change in Dubai. In fact Dubai has never seen such economy boost in past. The country’s GDP expansion said to be a record in history. As a result, Dubai became the world’s most attractive investment destination. Dubai, which used to be like a small fishing village became one of biggest property market. New policy introduced new dimension in Dubai properties to purchase and to sell property in Dubai. Dubai took the credit to build world’s first seven star hotel known as Burj Al Arab, world’s first underwater hotel, world’s biggest shopping mall and many more. There are several world-class residential and commercial town are there to be found. Downtown Dubai is believed to be one of most sought-after town in the state. Number of visitors has increased considerably in recent years. By 2011, more than 15 million people are believed to visit Dubai annually. The objective of Dubai real estate industry is to attract both short term inhabitants and long term inhabitants which mean to bring people to either rent the house or to purchase a house in Dubai. Those who are interested to rent the house are mainly the tourists who usually come to spend the holidays. To attract such tourists, Dubai construction industry has spent great potential to build world class shopping malls and resorts to provide recreational opportunities for all age groups. On the other hand, to attract long term inhabitants, Dubai offers world’s best business opportunities. These opportunities bring big international business tycoons in Dubai to establish their business and usually they seek the residence in Dubai and prefer buying a house rather than renting one. There are also investors who are interested to buy the properties and after some time period they sell them at higher price making a considerable profit. Among Dubai properties, Downtown Dubai, which previously used to be known as Downtown Burj Dubai is a big development project and considered most attractive place to buy and to sell property in Dubai. It is a mix-used development project offers both commercial and residential properties. Burj Khalifa and Dubai Mall being located in this town, increases the demand of property buyers in Downtown. It is expanded on an area of square kilometers long. So these exceptional features of Dubai real estate are the main reasons to make Dubai property market preferable. Villas and apartments are being built in great number and are being sold instantly. With an increase in demand, the price is also increasing. But still the prices are considerably less than those property markets in Europe, Indian Subcontinent and Gulf countries. So the industry is predicted to continue the boost ultimately making a huge contribution in the economy.
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Dubai Properties in Downtown Dubai
