The United Arab Emirates, more popularly know as the UAE, is climbing up the charts of economic prosperity every day, thanks to having a stupendous per capita income. Its per capita income is one of the highest among the countries of that region. Needless to say, UAE's steady economic growth constantly attracts investors from across the world, who want to find a slice of success on the soil of this country. Like most Gulf countries, UAE too, immediately brings up an association with oil, which is the oldest and the richest industry. With time, there has been the growth of many other industries in this region, which are also very successful. Most importantly, the government of UAE is extremely active in bringing about industrial changes by constantly reconstructing its infrastructure and modernizing it. It also offers the best incentive schemes for the businessmen to easily invest on its shores. These programs undertaken by the government solidify UAE's position on the globe as one of the most industry friendly countries of the world.
One of the schemes for investment that have been put forward is the Free Zones. The aim of selling Free Zones is a way of attracting investors by assisting them by way of incentives and a ready infrastructure. Recently, a number of free zones have come up in UAE. Some of these are Dubai Airport Free Zone, Dubai Internet City, Jebel Ali Free Zone which are among the well known ones. There are many more of these scattered around the country. Investing in free zone has many other attractions for investing businessmen and industries; like completely foreign ownership, and many lucrative facilities like the option of having warehouses on the land, or building an industrial park to promote your business. With the growth of free zones, UAE is not known not merely as a rich country which has many oil reserves waiting to be tapped. The government is now diversifying its industries so that many other lucrative options are available to investors.
One of the generators of free zones is a management consultancy provider called UAEFZ. Based in UAE, it provides information to the scores of businessmen who are waiting to pool in their money in this country. It offers information about forming a company on foreign soil, and the various pros and cons associated with this. Of its many advantages, the most important is undoubtedly its clean and honest reputation in the business market. UAEFZ takes a keen interest in every aspect of the investor or the industry and then offers business solutions. Needless to say, then, that it is not just an impassioned professional company, but one that cares for your specific needs.
When a business consults UAEFZ, it can avail several other benefits, factors like an the use of modern technology, offshore guidance and handling, its pocket friendly schemes and a customer friendly staff which is always at the service of the investor can be very advantageous for the investing companies. One of the chief benefits of being associated with UAEFZ is that it relies on the latest technologies and sound scientific methods when providing services. This ensures that its advice is the best in business and it will be relevant for the recipient's business on a long-term basis. The company has a two-pronged approach towards investors: there is a core management team which minutely analyses every aspect of the business and provides support. The second team consists of the software professionals, who provide customer support, and also gives them marketing advice. The core group consists of fifteen highly skilled offices, who work 24x 365 in order to provide the best services to the clients.
They are ever helpful and very hardworking. Like every company, the UAE Free Zone Company too, adheres by certain values. These values differentiate it from the dozens of other companies operating in UAE, and giving it an important place of trust in the hearts of its customers. Values form a very important part of every company, and one of the reasons why UAEFZ has succeeded is because it has not sacrificed its values for anything. The company occupies a special place of trust and seeks to retain the trust. The employees lend a helping hand to its customers by listening to the problems of its employees. Unlike other companies, it doesn't beat around the bush, instead offers you clear solutions to your problems. When you consult UAEFZ, your relationship with them won't be snapped after your initial needs are answered, in fact, the dynamic employees of the company will forever inspire you to begin new ties. Since they are passionate, they will instill the same amount of passion in your heart.
One will gather from your values that the aim of the company is not simply to do its job, with its services; it helps the consulting company to gain in profit, through the unique marketing strategies and pocket friendly solutions provided. It supports them right through the setting up of the company to procuring sponsors.
How to Buy Freehold Property in Dubai
The basics of buying freehold property in Dubai are the same as anywhere else: One needs to be very careful and exercise due diligence. Buying property that is financed by a well known bank is almost always safer, because the bank does its own verification of the title and other incidents of the property. The first step, of course, is to find a registered broker who has acceptable Real Estate on hand and appoint a buying agent.
Areas Where Non-Locals Can Buy Freehold Property in Dubai
By law, non-locals are allowed to hold or purchase freehold property only in certain plots or areas as specified by Regulation No.3 of 2006 of the Government of Dubai. The law says that non-locals may own freehold property in Dubai not limited by time, or may have the usufruct right or hire right for a period not exceeding 99 years in 23 areas mentioned under the regulation. Non-locals may not hold freehold property in Nad Al Shiba Area, Plot No. 224, but may hold leases up to 99 years.
The 23 areas where non-locals may purchase freehold property in Dubai include Um Hurari II, Barsha South II, Barsha Sout III, Emirates Hills I, II & III, Jabal Ali, Al Jaddaf, World Islands, Ras Al Khour, Al Rawiya, Sheikh Zayed Road, Al Safouh I & II, Al Qouz III, Industrial Qouz II & III, Mardiff, Marsa Dubai, Jabal Ali Palm, Jumeira Palm, Nad Al Shiba, and Warsan I. The particular plot numbers in each area that offers freehold property in Dubai for purchase by non-locals are mentioned in the Regulation.
Buyer's Agent Agreement by RERA, Form B
The Buyer's Agent Agreement, Form B, embodies the principles of choosing freehold property in Dubai. First, you need to decide whether you want to invest in property under construction or to be constructed. Such a property is termed as "off plan" property in Dubai. Real Estate that are already completed and possession ready or given is called "secondary market" property.
Next, you need to determine and state your budget and the time frame by which you want possession. Property in Dubai is available in principally five types or categories: vacant land, Villa, Building, Apartment, and Townhouse. Other specifications including number of bedrooms, number of bathrooms, car garage, and any other special requirements need to be decided and spelt out.
The buyer of freehold property also needs to decide and notify whether property deposit is ready or not, whether the buyer requires finance or not, whether finance is pre-approved or not, whether the property is investment property, owner occupied property, residential, commercial, or industrial.
Though registered brokers are usually honest, one needs to remember never to pay any part of consideration money without having a registered sale agreement. If you are buying "off plan" then the money should be paid into a RERA approved trust account and both the cheque and the receipt should be in the name of the project and not in the name of any individual or company. It is also good to keep in mind that only the Dubai land department can charge fees on property transfer, and according to law no seller or developer can charge any transfer fee for freehold property in Dubai.
Dubai real estate prices may suffer a fall this year bringing prime property within the reaches of many, but will start moving up before the year is out. On May 17, Bloomberg Business Week reported Bank of America Merrill Lynch having said prices of centrally located property in Dubai will settle down after the recent price drop of nearly 45 percent. Experts predict that prices of residential property in Dubai may fall another 15% before stabilizing. Dubai based analysts have suggested investors that prime assets may soon reach a floor. If we couple these news with that of the IIF expecting an average economic growth of 4.4 percent in the Gulf region this year, then it is safe to assume Dubai real estate prices will hit the floor and swing around in 2010 itself.
The recent crash in Dubai real estate
According to industry reports, most property projects in Dubai suffered a setback following the global credit crisis. The inevitable result was crashing of real estate prices and defaults on payments. The setback of the market economy was closely followed by completion of a wave of constructions that saw supply exceed demand in Dubai real estate.
Another big reason for the dip in Dubai real estate prices were troubles facing the government-owned holding company, Dubai World. The slowing of infrastructure development led by Dubai World affected the entire market and most industries, with real estate being no exception. According to recent reports of the IIF, the turnaround of Dubai's economy will only happen if Dubai World manages to sort out differences that remain with creditors. Things have started looking up
The good news is that the real estate scene in Dubai is not as bleak as last year. Dubai Holding, also owned by the government, has already begun financial restructuring. If that is any indication of the efforts of the government, Dubai World, may well be giving finishing touches to its own $25 billion restructuring. In fact, according to news reported by Al Bayan on May 17, a government owned real estate company has already reopened projects put on hold and is seeking to restructure $ 10.5 billion of the debt restructuring of Dubai World.
It's the best time to buy Dubai real estate
Experts are sure that migration within the United Arab Emirates will see residential property in Dubai real estate get back in shape. However, it may still take some time for prices to reach the floor. There is still significant over supply of property in the market and the meager 2% rise in real estate prices that happened in the first quarter of 2010 can find it hard to maintain the upward trend. This is especially in face of the fact that a large number of new finished Real Estate are going to enter the Dubai real estate market with projects scheduled to complete by the end of the year.
To sum up, it is safe to say that for any person thinking of buying property in Dubai at bargain rates, 2010 may be "now or never," for prices of Dubai real estate will never be lower again.