Stepanovich Blog

Dubai continues to grow despite the recent world economic crisis. The opening of the 1.5 billion dollar Atlantis, the Palm Hotel let the whole world know Dubai is not letting these tough times effect them.

The economy in Dubai is staggering. In 2007 GDP was registered at 54.3 billion US dollars and over the past 7 years, the economic growth was 18% Compounded Annual Growth Rate. Amazingly, the tourism, real estate and finance sectors are taking over as the main economic areas which used to be oil.

Growth of the population is detrimental to the growth of the economy. Between 2003 and 2007, the population created an 8% Compounded Annual Growth Rate which is sure to be logged down as higher as there are now an estimated 1.6 billion inhabitants in Dubai. This is predicted to increase to 2.2 billion by the year 2010. The Dubai property boom is going to be required with an increase in population such as that although it has been said that this should be capped to avoid saturation which is all too common in a situation like this.
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Appreciation of Dubai properties grew rapidly between 2004 and 2006 due to the government deciding to change from the trade based economy to a services and tourism based economy. This had led to huge and groundbreaking skyscrapers so synonymous with Dubai today. Dubai property is so innovative. They have the tallest building in the world that is used solely as a hotel, the Burj Al Arab. This crown is soon to be taken from this iconic building with the completion of The Rose Tower. This tower was completed in 2007 but is yet to open as a hotel. Vying for the tallest building in the world is being undertaken by a number of developments which are still in construction and due to be completed around 2009. Approximately 50km away is a proposed 200 storey tower with a projected height on 1,200 metres!
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Many people are fascinated and often puzzled at the thought of life in Dubai. From looking at the images of the architecture of the spectacular buildings and the length the developers in Dubai go to achieve them, it really is beyond belief.

One such ground breaking example is the Ski Dubai, 400 metre indoor ski slope constructed at a cost of 272 million US dollars. The artificial ski slope holds over 6000 tonnes of artificial snow which is made through revolutionary methods. Due to the amount of sunshine, Dubai is becoming a centre for sports. Dubai Sports City is growing by the day with high profile developments within it such an Ernie Els designed golf championship golf course called,”The Els Club”. Launched in January 2008, the course was opened by the creator and golfer himself, Ernie Els, ranked 5th in the world and the former Open and US Open champion. “The Els Club” was the first completed venue at Dubai Sports City and also the first in The Els Club brand in the world. This course has then led to residential developments being built with the focus on golf with many properties having views of the golf course. Further major sports choosing Dubai for large tournaments if Cricket. The ICC will be moving their headquarters to Dubai with planned projects such as a global cricket academy at an expected cost of 25 million US dollars.

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Dubai is a fast growing country and fast becoming known all over the world for investment property. The following FAQ’s should answer the key questions about purchasing property in Dubai.

Can I purchase a property in Dubai?
Anyone can purchase a property in Dubai. In 2002 H.H. General Sheikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and U.A.E Defence Minister, announced freehold ownership was now available to all nationalities Worldwide. 

Can I get residency in Dubai if I purchase a Dubai property?
Freehold property owners in Dubai and their family have the right to apply for a resident visa in accordance with the latest immigration regulations. 

What extra fees do I have to pay on top of the purchase price ie, tax?
There are no property taxes to pay in Dubai as Dubai is a tax free country. Therefore the price you see on a pricelist is the total property price for new Dubai property. 

How do I pay for a Dubai Property?
All Dubai Properties are purchased in UAE Dirhams, at Find Me A Property In Dubai we will assist you in this process. We advise you open an account with a foreign exchange company, this way you secure the best possible exchange rate. 

Can I get finance in Dubai to purchase Dubai Property?
Yes. Finance is available from 50% up to 70% for non residents. However this process and application is specific to each individual development. Speak to a member of our team for more information concerning finance for Dubai properties. 

What is the weather like in Dubai?
Dubai enjoys all year round sunshine!