Looking for Dubai Real Estate for Rent?4 Dec 2017
If you are thinking about homes for rent Dubai, or are interested in new homes real estate Dubai, then Zawaya Property can help you find exactly what you are looking for. With 60 buildings and over 4,000 units under its management, and assets of over AED 5 billion under its care, it is well placed to service your Dubai property needs, whatever they may be.
Prior to the new millennium, there was very little in the way of a real estate market in Dubai. That all changed in 2002, when Dubai government changed the rules on property ownership, effectively allowing foreigners to own property and buy and sell it freely - all without the encumbrance of tax. That was the start of the interest from overseas in Dubai as an investment opportunity.
2002 to 2008
There then followed what could be described as a property boom. International brands, developers and investors all rushed to Dubai, seeing the relatively low cost of development there compared to other locations. Job opportunities followed, with the attractiveness of the location coupled with its tax regime encouraging expatriates from all over the world to relocate there, further fuelling the property demand. Major multi-billion dollar real estate projects such as Dubailand, Sports City, Arabian Ranches, Palm Jumeirah, The Lagoons, and the World were undertaken. Following the foreign ownership law introduction in 2006, the foreign ownership index touched 116.
2008 to 2010
The boom came to an abrupt halt in 2008-9. Recession hit Dubai, the global economy in general was bleak, all resulting in a mass departure from the emirate. Projects were abandoned and over 582 billion dollars of projects were put on hold, the foreign ownership index dropped to 50 from the heady heights of 116. The real estate market had crashed.
2010 to Now
Following the crash, a period of stability began in 2010. The AED central banks were applying much stricter rules on financing, with only 50% of purchase price being financed. In 2013, the banks introduced new rules to help support the market, and the raising of the rent cap to 20% also helped support the market. Compared to the market during the period 2002 to 2010, the current situation is more stable and secure, thanks to both government policy and investor wisdom.
If you wish further information on investing in Dubai real estate, please visit Zawaya Property.