Dubai Property Hunt

When a Venetian pearl merchant visited Dubai (Dibei) in 1580, it was a small fishing port with a rich pearling industry. Slow developments ensued with a clan of Bani Yas tribe settling in Dubai which remained an Abu Dhabi subordinate.

Until the discovery of oil in 1966, Dubai was still a small port known for its pearl exports but this industry also dissipated later due to World War and Depression. Later, the formation of UAE followed but border disputes between different emirates remained. It was only with British moving their local administrative offices from sharjah to Dubai that basic utilities such as electricity, telephone and airport made their way to Dubai. After the Gulf Rupee deflated, Dubai joined Qatar to start a new monetary unit, the Qatar/Dubai Riyal. With the discovery of oil, several international oil companies headed towards Dubai to enjoy the concessions the emirate was offering, followed by hordes of foreign workers causing Dubai’s population to rise by folds.

In 1973, which is two years after the departure of the British from the Persian Gulf and the formation of UAE, Dubai with other emirates adopted a single, uniform currency: the UAE dirham. Dubai’s ruler Sheikh Rashid utilized the oil revenues for the infrastructure development of the emirate which included roads, hospitals, schools, telecommunication network, ports and airports etc. Due to the constant flow of oil-money, the pace of development was very fast. Dubai’s development combined visionary leadership, first-rate infrastructure, low import duties and no income tax, and a very friendly environment for expatriates. This all resulted in Dubai’s becoming the global hub for business and tourism.

Dubai is now a bustling metropolis which boasts wonderful architecture, world-class entertainment and sporting spots, and a secure and high quality life to its residents. The city amended its foreign propety ownership laws in 2002 allowing foreigners to buy property in some certain areas of Dubai. By 2006 these laws were further relaxed with new developments devoted for foreign investment across the city. The new property laws have brought about a revolution in Dubai’s real estate sector which continues in full swing and is expected to get stronger in the coming years.