Real Estate investment in the UAE, Dubai and Ajman

If you asked you average property investor in the West 20 year's ago what they thought about property investment in Dubai or the U.A.E you would have probaly been greeted by a sarcastic laugh or bemused look. It is only very recently that this area in the Middle East has started attracting massive interest and investment by foreign nationals. So why is this some people may ask.

Until very recently in the U.A.E it was only domestic national's who actually had permission to buy property outright in the region.Before 2002 property companies such as
Portmill Estates would not have been able to operate in the area.
The area did not really need to attract outside residents or investment due to the self sustaining nature of the economy there. In essence the area is rich in commodities such as oil and this has been the main contributing factor to the strenght of the economy.

The U.A.E was quick to realise like many other regions of the world that reliance on commodities for economic prosperity is not sustainable. So in laymens terms OIL IS GOING TO RUN OUT...!!..
The Emirate's in the U.A.E started aggressively pursuing ways in which they could diversify there economy and one way to do this was to attract individuals and big business from abroad.

This was the main reason that individual Emirates within the U.A.E began to change property laws in the region in order to allow foreign national's freehold ownership of property in the region.

Dubai was the first of the 7 Emirates to embrace this change in law and this is what allowed a number of companies to effectively construct and market properties in the region such as Portmill Estates.

One of the reason that so many people where immediately attracted to the region was to escape the man in the picture.

When people caught wind of the fact that the region was tax free, this attracted masses of expatriates aswell as business' to the region.

Area's like Dubai have profited massively and there are other Emirates in the region that are set to witness the same growth curve as Dubai.

There are a large amount of developers and agents in the region currently and personally I know in terms of U.A.E real estate Portmill Estates has had extensive experience and success marketing property in this region.