Dubai has made astounding progress. For the sceptical economists, Dubai did not add up. But here we are five years on with new legislation and a wave of international investors, any major city would roll over backwards for.
Realising their ‘build and they will come’ ethos would not stand up long term, Dubai’s government realigned its strategy that has led to Dubai becoming one of the world’s most attractive investment prospects.
The attraction of multinationals to the region and their prosperity is vital to Dubai’s business and property models success. The government has attempted to control future demand by incentivizing corporates with the lure of unrivalled facilities, a thriving economy and most importantly no corporate tax….reason enough. What once was a speculators market is now a buy-to-let market, consumed by a need to house its new working population.
“Only last year (2006) 236,515 cars were sold in the UAE, a 23% increase over 05. This indicates the extraordinary growth in the population. It is generally predicted and agreed that growth will slow within the next 2 to 3 years to a more manageable level however with many new hospitality, leisure and commercial projects planned and the continued weakness of the dollar, the future trend is very difficult to predict,” Roger Wakeman of leading developers CHI Development Group commented.
The Dubai government has to take credit in having the foresight and vision to create what some thought would be nothing more than a tourist fad. A shrewd strategy to say the least.
“The last 5 years in Dubai has been even more exciting than the previous 20! Following the initiatives of the Dubai Government to expand the economy and attract Multinational and major Regional companies to Dubai, there is an insatiable appetite for quality Real Estate. We have expanded beyond our traditional Residential and Commercial towers into the Villa market as a direct result of our customers growing needs.” Commented Peter Riddoch.