Photo credit: xetark
In the last 12 months, Dubai has undergone an incredible transformation - from a country struggling with recession to (according to Knight Frank) the strongest housing market in the world.
With the emirate providing an economic safe haven for investors on top of its exceptional standard of living, demand for real estate in all shapes and sizes is rocketing upwards all across the globe.
Ramon Patel is happy to own just a piece of the property market: "There's such demand for property here, especially in Dubai Marina," he tells me, "thanks to the spectacular views and the sheer amount of shopping, walking and other activities in the area."
Indeed, Dubai has become a hub for the world's elite, snapping up luxury apartments to enjoy the exclusive lifestyle. As a result, even fractional ownership, once the controversial new investment scheme of the global property industry, is providing excellent value for money, explains Ramon.
"I bought my apartment here in 2010. There's a steam sauna in the building, plus a Jacuzzi, a swimming pool, and the room is cleaned and the linen is changed weekly," he says. "And, of course, the apartment is fully-furnished and has internet access."
Photo credit: PlannedCity
With buyer demand and real estate quality equally high, having two weeks a year is perfect, argues Ramon. "If you don't want to go out there, it's easy to find people who do. You can do as you wish with your share - offer it to friends and family, or rent it out without any of the management fuss."
The apartment itself was built two years ago and is still in pristine condition, he adds, which helps with securing a tenant, making it easy to cover your investment costs with consistent annual returns.
"You can continue to rent it out at two weeks per year until 2022," he says. "Then the property is sold and your investment share returned at market value."
With the market stronger than ever and the recession firmly behind Dubai, Ramon continues, even owning a fraction can be a profitable lifestyle decision. The total returns by the end might even be enough to contribute towards living there all year round.
"That's what I did!" laughs Ramon. "I enjoyed my two weeks a year so much, I ended up buying a place myself. That wouldn't have happened without this investment."
Own a piece of the world's strongest house market
Buy a fractional ownership apartment for ÃÂ£9,999, plus ÃÂ£480 management fees per year: