Building in Dubai is booming. There is a huge amount of new construction going on in the Emirate, part of the United Arab Emirates, or UAE, located along the Persian Gulf. It is estimated the one in three of the world’s cranes are operating in Dubai. The Emirate of Dubai has approximately 1.3 million residents, while the city of Dubai is the largest in the UAE.
Nearly 3 million square meters of office space is expected to open up in Dubai this year, with another 4.5 million expected in 2008. Morgan-Stanley economist Stephen Roach notes that the building boom in the city is not isolated, but is being accompanied by region-wide focus on new infrastructure. “Throughout the region, it [new construction] has been accompanied by expanded infrastructure efforts, rapidly growing commitments to education and medicine, increased industrialization, and the growth of domestic capital market activity.” http://www.morganstanley.com/views/gef/archive/2007/20070223-Fri.html
In addition to the booming office market is a demand for residential property. Dubai Marina, Jumeirah Beach Residence and the Palm Islands are all new waterfront developments where prices are at a premium. The Marina is really a city within a city and is a very popular place to live. Property values have increased substantially in recent years, particularly for the Marina and other waterfront areas.
In addition to all of the other building going on, recreation has also been a target of recent construction efforts. Dubai has a number of new golf courses and resorts, some which play hosts to top players such as Tiger Woods and Sergio Garcia annually.
For those looking for long-term investments in Dubai, the rental market is the ideal place. It is a major business center for the oil-rich Middle East, particularly with its tax-free trade zones. Many of the residents and expats here are transient businessmen. They aren’t necessarily looking to buy housing as much as rent. Additionally, as a moderate Middle East country it is also developing a growing tourism market. This will also help drive the rental market in the coming years.
Facts about Alcohol in Dubai
Alcohol is available for non-Muslims at all hotels, hotel bars and hotel restaurants in Dubai. Non-Muslim expatriate workers can also get a liquor license to allow them to buy alcohol for home consumption. In Dubai it is illegal to sell or offer alcoholic drinks to Muslims. To buy alcohol to drink at home you need either a liquor licence or you can buy duty free on your arrival in to Dubai.