Market of Dubai

Dubai market has a number of attractive features, as follows:

Free: There are no foreign exchange controls, quotas or trade barriers. Import duties are extremely low, and many products are exempt.

Large: Dubai has very small population and despite a relatively small population, Dubai's total imports exceed $14 billion. The reason is that Dubai is the major re-export centre for the region.

Diversified: There is potential for almost any type of goods and services. There are also opportunities for manufacturers and exporters of less sophisticated equipment and mass consumer products.

Growing: Dubai are still at a relatively early stage of development, so there is plenty of long term scope for diversification and expansion in the future.

Accessible: The emirate's transport infrastructure is unrivalled in the region in terms of size, facilities and efficiency. Its ports are served by more than 100 shipping lines and the airport by nearly 100 airlines.

Competitive: Any exporters seeking success in the Dubai market must ensure that their products can hold their own in terms of their price, technology, design and value, just as in any other market of the world.

Opportunities For Business in Dubai

There are ample opportunities for doing business in the UAE.International manufacturers and exporters may conduct business with Dubai by concluding transactions directly with importers and traders who are already established in the market.

In Dubai business is conducted on the basis of personal relationships and mutual trust.Although it is changing rapidly and large firms are structured as in the rest of the world, companies are often a family affair, with the ultimate decision-maker being the head of the family. Even if this is not the case, it is essential to clearly identify the decision-maker. However, your initial meetings will probably be at a lower level. These are also very important as a means of building mutual trust.

Dubai market has a number of attractive features, as-

Free- There are no foreign exchange controls, quotas or trade barriers. Import duties are extremely low, and many products are exempt.

Large- Dubai has very small population and despite a relatively small population, Dubai's total imports exceed $14 billion.The reason is that Dubai is the major re-export centre for the region.

Growing -Dubai are still at a relatively early stage of development, so there is plenty of long term scope for diversification and expansion in the future.

Competitive-Any exporters seeking success in the Dubai market must ensure that their products can hold their own in terms of their price, technology, design and value, just as in any other market of the world.

Investment in Dubai

Dubai is a lucrative destination for investment for a number of reasons. Its world-class infrastructure along with a safe living and facilitated business environments make it an ideal place to live and work. In addition, Dubai's population is set to double in the next decade making the demand for Dubai real estate even more viable.

Investments are not only attracting Dubai-based businessmen but also a vast number of foreign investors.

Some of Dubai Real Estate Developers are as follows:

Emaar LogoEmaar Properties
It was the first company to get into freehold property. It was started in 1997 as a public joint stock company. It is the region’s largest real estate company.

Nakheel LogoAl Nakheel Properties (Nakheel Corporation)
Al Nakheel Properties, which is also known as Nakheel Corporation, is the most popular real estate company dealing in freehold property in Dubai. Its real estate development ranges into residential, tourist, commercial and retail property.

Damac Properties
It was established in 1982. DAMAC Properties is the popular and largest private freehold developer in Dubai with developments in Dubai Marina, Palm Island and Jumeirah Lake Towers.

Law- For Buying Property in Dubai

In Dubai and the UAE, property law is very young and still taking its long-term shape, although the key elements are straightforward to understand.

The Dubai freehold property market is only just over three years old; during the past three years Dubai property prices have soared, rental prices have skyrocketed and international real estate investor interest in this Middle Eastern market has intensified incredibly.

Here are 6 Golden rules to purchase Property in Dubai-

Real estate in Dubai is greatly sought-after – even though legislation is still provisional

*Transfer of property rights, including real estate, can be performed just by means of a simple private written contract in Dubai. The notarization usual in other countries does not take place. So beware of signing anything in haste!

*A definitive law on real estate and a land register for foreign citizens are still being prepared in Dubai. Until this time, purchases are recorded in the register of ownership of the developer concerned, who undertakes in the purchase agreement to ensure a transfer in the land register as soon as it is available. Do not therefore sign an agreement that does not include a clause with this undertaking.

*Deposits of 10% or often even 20% of the purchase price are usual. Further installments are paid over the agreed period of time up to the completion of construction.

*Purchase of real estate is at present tied to the simultaneous acquisition of a residence permit for the UAE, which is, however, not a work permit.

*Transfer to a third party is usually permitted in the purchase agreements. For this purpose the original buyer normally has to pay to the vendor a transfer fee of up to 2% of the original price. In practice attempts are made to pass on the transfer fee to the new purchaser.

*As a result of the enormous demand, residential property that is ready for occupancy is hardly available for purchase except at second or third hand. In this case it is advisable to examine the vendor’s first purchase contract in order to ensure that the right to transfer exists. Those who do not wish to move into their property immediately buy “from the plan” from the developer, i.e. with the prospect of completion, in some cases, in several years.