Overseas - United Arab Emirates

The jewel of the Middle East is not only a top holiday and investment destination. As the Shakiba family found, it’s also an excellent place to invest in property

What started as a family for Dariush Shakiba, his wife Caroline and their two children has now turned into an investment adventure. In Dubai for the first time in 2003, they had a wonderful family holiday, impressed by the world-class leisure facilities, beautiful beaches and friendly culture.
Certain that they would return regularly for holiday, they then saw the investment potential of this fascinating and rapidly growing world destination.

The Leicestershire-based Shakiba family has now invested in a property near the iconic manmade Dubai Marina. Dariush and Caroline were attracted to DAMAC Properties’ Marina Terrace development – and they weren’t alone. All the units had been sold within six months of the launch, such was the popularity. Undeterred, and impressed by the quality of the development, they turned to another nearby DAMAC Properties scheme, The Waves. At this scheme construction was just underway and apartments were being sold-off plan.  
“The transaction process has been quick and easy,’ says Dariush. ‘With the Dubai property market cited to continue its current boom for years to come, Caroline and I are confident that our investment will show substantial asset value growth. Our apartment at The Waves is an investment that we as a family can enjoy, and that our children, and later our grandchildren, will appreciate too.’
Rising to 27 and 10 storeys in Tower A and B respectively, The Waves offers breathtaking views of the marina and across the Persian Gulf. The development comprises a collection of 230 one-, two- and three-bedroom apartments with luxurious interior specification.
Surrounded by lush green walkways and located within walking distance of a variety of waterfront cafes, restaurants and shopping boulevards, The Waves is ideally placed for a family holiday. The scheme benefits from a number of recreation facilities including an outdoor swimming pool and waterpark, children’s play area, state of the art gymnasium and five star health club and spa.
Caroline says, ‘The Dubai Marina can best be described as a city within a city. Everything from shopping, exercising and golfing, sunbathing, eating and drinking is on our doorstep. There is a wonderful variety of restaurants nearby that reflects the diverse mix of cultures that converge in this great city, from the ‘50s American diner to our favourite sushi bar overlooking the marina.’
Dariush adds. ‘One of the best aspects about Dubai is that it is safe and crime-free, making it very tourist friendly. All the facilities are five-star and the infrastructure is new and modern, and it works.’
For further information on The Waves and other DAMAC Properties developments call 020 7499 9001 or visit damacproperties.com.

After Shanghai, Dubai is the planet’s biggest building site, an emerging dreamworld. With its great climate and wonderful beaches, Dubai confidently predicts that its enchanted forest of 600 skyscrapers and malls will attract 15 million overseas visitors a year by 2010, three times as many as New York City.  Over 800,000 Brits enjoyed a break in Dubai in 2005, and these figures are likely to increase dramatically now that Virgin Atlantic are flying daily flights to the Gulf along with Emirates who have 91 flights a week from the UK to Dubai.  Budding investors will be able to see the dozens of outstanding mega-projects that Dubai has already under construction, or about to leave the drawing board at the Dubai & Gulf Property Show on the 20-21 January 2007 at the Novotel Hotel in Hammersmith, London.  

Mike Bridge, Director of Dubai Shows Ltd, organisers of the Dubai & Gulf Property Show comments, “Dubbed as the Las Vegas of the Persian Gulf, Dubai is constantly introducing world class projects in a city that offers unlimited opportunities, strong population growth, high rental returns and new real estate laws designed to protect the investor.  We are delighted that so many well known Dubai and Gulf agents and developers will be showing en masse, exclusively under one roof in London for the second time.  

The show has doubled in size since last year, featuring Dubai’s world famous mega projects as well as those of its neighbouring Emirates, in particular its capital city which has the highest per capita income in the world.  Dubbed as ‘the sleeping giant’, Abu Dhabi has been slow to join the regional real estate boom, but with new property ownership laws in place since summer of 2005, the emirate has already launched several huge projects in the property hot spots of Al Raha Beach and Al Reem Island. For UK buyers, the emerging short term rental market, could be the way to go, enabling you to enjoy a few weeks in the sun while still retaining excellent rental returns.”

Dubai’s mega projects being showcased at the exhibition include the World (where Rod Stewart has reportedly spent $33 million to buy ‘Britain’), the earth’s tallest building (Burj Dubai), the domed ski resort, Dubailand, a mega theme park twice the size of Disney World Florida, Mall of Arabia - the worlds biggest shopping mall, Dubai Sports City with it’s Ernie Els golf course and Manchester United’s soccer academy, the Restless Planet which will house over 150 animatronic dinosaurs and much more.  According to the finance director of the Natural History Museum, the Restless Planet ‘will have the full stamp of authority of the Museum in London, and will demonstrate that education and science can be fun’.

The real estate sector in Dubai & the Gulf is outstanding in its diversity.  There is an array of projects being built which are without a doubt, the best in the world.  Prices compared with other international resorts are still very competitive, with studio apartments starting from as little as £45,000 and villas from only £200,000.   

Although tourist development generate most of the ‘buzz’ in Dubai, the city has extraordinary ambitions to capture as much value added as possible through a series of specialised free zones and high tech clusters.  There are free trade zones where 100 per cent ownership is allowed, with no individual or corporate taxes or import/export duties whatsoever.  The largest of these zones is Internet City, already the Arab world’s principal internet hub with local subsidiaries of Dell, HP, Microsoft and others.  Media City is home to various international news organisations such as Reuters and the BBC.  Dubai’s International Financial Centre is hoped to grow into the largest stock exchange between Europe and East Asia as foreign investors rush to tap the Gulf’s vast reservoir of oil earnings.  Commercial office space continues to experience healthy demand with both regional and multinational companies finding it strategically important to be situated in Dubai.  

By the end of 2007 it is estimated that approximately 7.3 million sq. ft of office space will be ready for handover.  With occupancy levels close to 100%, developers will be scrambling to bring product to the market, that will both satisfy this demand as well as supply that is expected make Dubai the premier business hub in the Middle East.  One office development in particular is Jumeriah Lake Towers (JLT), a mixed use development that is available on a freehold basis with an estimated 5.6 million sq. ft net leasable area of office space.  JLT is particularly unique as it is the one free zone in Dubai that is not restricted to a specific industry.

At the Dubai & Gulf Property Show in January, visitors will be able to see for themselves the abundant lifestyle opportunities available, as well as meet the experts with information about living and buying real estate in Dubai & the Gulf.  This will be an event that budding property investors cannot afford to miss.

There will be a number of free daily workshops at the show, covering lifestyle, commercial investments and short term rental opportunities presented by a number of experts, plus films on Dubai and all its latest attractions.

The show will be held at the Novotel Hotel, Hammersmith, London which will be open daily from 10.30-18.00hrs. Entry is free. For further information please call Dubai Shows Ltd on 07733 298 367 or visit www.dubaishows.com

At the upcoming Dubai Property Show in London you will see why purchasing in paradise makes sense

This month DSL Exhibitions will be bringing together leading Dubai property developers and agents at the Dubai Property Show, the first exhibition of its kind to come to London. The exhibition will be held on 21–22 January at the Novotel London West Hotel in Hammersmith.

Mike Bridge, regional sales director of DSL Exhibitions says, ‘This will be the first time that well known Dubai agents and developers will be showing en masse, exclusively under one roof in a London venue.’
Dubai is a highly sought-after investment opportunity – and according to recent figures released by the Dubai Department of Tourism and Marketing 2,314,338 British travellers flew to Dubai in 2004. Many British investors have been taking advantage of the booming real estate city. Dubai’s plans include: a mega theme park twice the size of Disney World; Mall of Arabia, the world’s biggest shopping mall; the Restless Planet, which houses over 150 animatronic dinosaurs; and even an indoor ski slope in the desert. These ambitious projects will create a first-class resort atmosphere in the region.

‘The real estate sector in Dubai is outstanding. There is an array of projects being built which are without a doubt the best in the world. Furthermore, prices are still very competitive compared with other international resorts; studio apartments start from as little as £45,000 and villas from only £200,000. Dubai is the world’s ultimate investment opportunity at the moment and at the Dubai Property Show, visitors will be able to see for themselves all the lifestyle opportunities in the city, as well as meet the experts who can provide all the information about living and buying real estate in the UAE. This will be an event that consumers can’t afford to miss, bringing Dubai to London for the very first time.’

The show will feature many of the exciting projects in Dubai such as:
Palm Jumeirah Considered to be the world’s most unique island, offering unmatched exclusivity. It provides spectacular homes, world famous waterfront resorts, boutiques, hotels, spas and marinas – all providing a tranquil retreat from the stresses of everyday life. Prices start at £250,000 for apartments and £750,000 for villas.
Dubai Sports City (DSC) The world’s only integrated purpose-designed venue, expected to be completed by 2007. The $2 billion city will host the first Manchester United soccer school outside Europe, a golf course designed by South African star Ernie Els, a David Lloyd tennis school and the first Butch Harmon golf academy outside North America. DSC is being created as one of the star attractions of the mega Dubailand project. Prices start from £65,000.

International City Will have residences, business opportunities and tourist attractions. With a geometry that was inspired by the intricately patterned traditional carpets of the Middle East, it will cover 800 hectare. Once completed, the project will contain studio apartments and one- and two-bedroom apartment units and accommodate over 60,000 residents. Prices start from £45,000.
Jumeirah Beach Residence A seaside development on 2.2 million square feet of vacant land along the Jumeirah Beach coastline, this has the objective of meeting the need for luxurious residential units at an affordable price on freehold basis. It is the last of the beachfront properties, offering a year-round beach resort lifestyle, with beach facilities just an elevator ride away. Prices starting at £150,000.

Properties at the show will cover the vast range of both off-plan and key-ready freehold properties, including villas, town houses, apartments, lofts, studios, water homes, golf resort homes, serviced apartments and many more. If you are looking to buy a holiday home or a property as an investment, or even plan to buy a property to retire to, this two-day show will offer thousands of properties to suit every budget in one of the most exciting holiday destinations in the world. You can even see what lifestyle opportunities are available at the hourly presentation in the shows theatre and check out the finance packages available too.

DSL Exhibitions can arrange suitable finance if needed through an array of recommended lenders, with mortgages being available up to 80 per cent – or you may be considering remortgaging in the UK.
Entry to the exhibition is free. The nearest tube station is Hammersmith and the nearest railway station Kensington Olympia. The hours are 10.30am to 6.30pm on both 21 and 22 January. For further information contact DSL Exhibitions on 0800 043 9878 or visit dubaishows.com.

It is now over three years since Dubai launched its own property market, but this will be the first time anywhere in the world that over 40 of the top Dubai-based developers and agents have all come together to showcase their projects.

With its great all year round climate, fabulous beaches, wonderful restaurants, top-class sporting events and magnificent shopping centres, Dubai is very much a happening city.
Visitors at the show will be able to see all the latest properties and developments currently on offer, and can also meet leading developers with both off-plan and secondary property for investment or personal use. Prices start at £50,000 and there will be properties on offer to suit all budgets.
This is a great way to get all the latest information about the area. There will be a number of free workshops on both days covering lifestyle and legal issues. Learn what it is like to work and life in the city, find out about the healthcare system, how to obtain a resident visa, and get tips on such topics as choosing a school. You will also get information on the best areas to live or own a holiday home in, and both current and future rental potentials – and much more.

A look at an impressive project

A city by itself – that’s one way to describe Dubai Lagoon, an upcoming community set in the charming, tranquil, and luxurious surroundings of new Dubai. Dubai Lagoon will be surrounded by five golf courses, two of which are being designed by golf legend Greg Norman and one by Vijay Singh. Conveniently located within the Dubai Investment Park, it is just 15km from the new upcoming new airport and minutes from two main highways as well as from Dubailand, Dubai Sports City and Dubai Knowledge Village.

Dubai Lagoon, the 3 billion AED high watermark of living is spread over an area of 1.75 million sq ft consisting of 51 buildings with nearly 4,104 apartments. This mammoth project which is targeted towards the middle and higher income segment of the society has witnessed a huge demand with phase one comprising of 21 buildings being completely sold in a short time span of just 54 days. This rapid success is attributed to the revolutionary seven- year financing plan and also because Dubai Lagoon is the first development project to directly target the middle and upper-middle income demographic segment, previously untapped by other developers.
Danial Husain, vice president of Dubai Lagoon said, ‘Being one of the largest private developments in the UAE, we have always leaded the market with revolutionary concepts for customers. Our vision for Dubai Lagoon has always been based on customer needs and requirements which has always attracted buyers, investors and has enhanced our brand name in the construction industry.’
He added, ‘We were the first developer to launch the seven year financing plan, where you only pay 60 per cent and move into your new home. This scheme has now been offered by many developers in Dubai, in simple words we are in a market where we lead and other follow. Every aspect of our project has been designed from a customer’s perspective, from our payment plan to the sapphire lagoon to the commercial offerings, making Dubai Lagoon the best place to call ‘your home in Dubai.’
In addition to well-appointed and good value investment opportunities property buyers can also expect to take advantage of the flexible payment plans which allows the buyer to pay 60 per cent over the initial two years and take possession, with the balance to be paid over the next five years. This makes it economical and affordable to make monthly mortgage payments and own a property rather than paying highly inflated monthly rents. For overseas buyers the apartments are all ownership sub-lease hold title which means that all owners are eligible for family residence visas, subject to UAE immigration rules and regulations.
Danial added, ‘The rapid sale of phase one and two far exceeded our projections and we believe the interest was because of the complete package offered to our buyers. As per our surveys The major attraction, has been the revolutionary financing plan which offers a seven-year financing option allowing purchasers to pay 60 per cent over a 24-month period and the balance over 60 months, in monthly instalments, all at zero per cent interest. The best part of the project is the balance is paid after possession of the apartment, making the purchase even more affordable for customers. Moreover our target audiences have been the middle and upper-middle income segment of the society, a demographic group which has not been catered to in the past. We have achieved soaring success in the past such as phase one of the project, 1752 units, being completely sold out in just 54 days, which stands as a great milestone for our project.’

Dubai Lagoon is a community which is characterised by lush open spaces, stunning walkways and smooth bicycle thoroughfares. The commercial centre will consist of a super market, laundry, world class gym, several swimming pools, sauna, Jacuzzi, squash courts, tennis courts, bowling and mosque which mean residents will have walk able access to all essential facilities within the complex itself.
Moreover the apartments are complete with the finest array of modern amenities - cosy and comfortable, yet elegant and sophisticated. The lagoon itself is fitted with an ozone purification system which will help maintain the sapphire blue colour of the sweet water, which makes it odourless and enjoyable to live around.

Dubai Lagoon is a home you will take immense pride in calling your own and one, which promises an extremely high appreciation value on your investment and is a community you will be proud to call your home.

Dubai is the jewel of the United Arab Emirates, with one of the world’s fastest-growing property markets. Kamran Mahmood, director of MiNC Property Enterprises, takes a look at what the buyer can expect

Year-round sunshine, luxurious yet affordable hotels and restaurants; a cosmopolitan environment; world-class education and healthcare, good entertainment and leisure facilities including amazing beach clubs, sporting and outdoor activities; all these are excellent reasons for spending time in Dubai, and the city is now firmly established as one of the fastest growing tourist destinations in the world.

Alongside championship golf courses, innovative business parks, indoor ski slopes, enormous shopping malls, and some of the world’s most fabulous beach resorts, Dubai also offers continually strong GDP growth – 7.4 per cent in 2004 – and political stability.

Put all this together with the fact that buying and running a car is much cheaper than in the UK, that there are high, tax-free salaries for expat professionals and excellent communications and business facilities, and it’s not surprising that Dubai is considered by many to be an extremely desirable place to live.

However, buying a property in a country where the culture and lifestyle may be different from what we are used to needs careful consideration.

Property in Dubai is selling fast – both to the indigenous population and to foreigners. Of the buyers from overseas, there are those who want either to move there permanently or have a holiday home as well as buy-to-let investors from all over the world.

Until 2004, most developments were very exclusive and expensive, aimed at the high end of the market. However, over the last couple of years the Dubai market has changed beyond all recognition. The catalyst for this was a change in the legislation to allow non-residents to buy property. Dubai is now witnessing unprecedented growth, precipitated by the Government's drive to underpin its highly successful inbound tourist industry and further diversify its non-oil trade.

The discovery of oil spurred the rapid development of the UAE about 30 years ago - since then the UAE and Dubai in particular has placed emphasis on building the service sector. Oil now accounts for only 23 per cent of the GDP, whereas property is now the single most advertised category in the UAE.

Recognising the need to attract qualified residents and investors to help sustain its growth, Dubai has enabled 100 per cent foreign ownership of property and has quickly established a worldwide reputation as the 'in' place for property investment. Residency visas can be obtained simply by owning a freehold property.

Dubai's landscape is currently being transformed by large-scale tourism, with some 200,000 visitors per day, and by leisure and property developments, including the now famous International City. In 2004 Dubai attracted 4.7 million tourists; by 2010 Dubai will attract 15 million hotel visitors according to the Dubai Department of Tourism and Commerce Marketing.

Since the change in legislation, a much wider range of properties of all types have come onto the market, catering for the tourist and business traveller as well as for those wanting to move permanently to Dubai.  

Some companies, such as MiNC, offer investors the opportunity to buy into the serviced apartment market, so that they can offer an alternative to scarce hotel accommodation and where higher yields can be guaranteed for a fixed period of time. The demand for rented accommodation from both the local and international markets is intense. Why pay £200 per night, per room, when you can pay £160 per night for a two-bedroom apartment that can sleep between four and six people?

Others focus on residential or investment property of all types and sizes, with prices ranging from those well below an equivalent property in the London market to the very top end.

So, alongside all these reasons to buy, are there any risks?  Those looking to live there permanently, rather than enter the buy-to-let market, should consider the following factors:-

The cost of moving to and living in Dubai, including things such as mortgage costs, water rates (scarcity of water in Dubai means these are high).

Dubai’s relaxed social environment and openness to western investment – following the recent legislation allowing non-GCC foreigners to buy freehold property in 2003 - has led to phenomenal growth in the number of real estate developments rising from the sand and the demand from overseas investors now exceeds the available supply in many developments. The next two years could be lean because the amount of residential property currently outweighs the amount of commercial property. To minimise these risks, investment companies such as MiNC offer rental guarantees and local knowledge and experience.

A land registry is not in place yet, but there is talk of it being there early next year. When it does come in, however, mortgage finance will be more readily available. Currently there are no repossession laws because of a lack of land registry.

These risks have to be weighed against the fact that in a little over three decades Dubai has transformed itself from an oasis in the middle of a desert to the bustling hub of activity that it is today. With a reputation as the ‘in’ place for so many things, demand for property in Dubai has soared in recent years and there is every reason to believe the market will continue to grow rapidly.

A new airport is currently under construction to cope with the increase in numbers of visitors, and the $5 billion dollar Dubai Land plans to be the biggest theme park in the world, anticipating that it will attract over 200,000 visitors per day.  In addition a new monorail is being built, and shopping centres are being created in the new residential areas such as Dubai Marina.

Dubai’s currency, the Dhrs, is linked to the dollar. Britons continue to capitalise on the favourable exchange rate, with the pound now buying nearly two American dollars.

The high quality of accommodation on offer and rental yields of up to ten per cent has made Dubai a highly attractive investment proposition, with many people, in the light of rising UK house prices, financing deals by equity raised from UK properties. Compared with many other countries, the variety of property on offer is tremendous, with prices ranging from studios starting at £30k, to exclusive villas on the new Palm Jumierah at £2 million.

There is no sign of this growth tailing off, with economic growth of seven per cent and single figure inflation. Dubai has already earmarked $50 billion dollars for investment into the real estate market between 2004-2010.

Anyone seriously considering purchasing property in any country needs to be clear about why they are doing it, and weigh up the risks and benefits carefully. If, after extensive research, a decision is made to go ahead and buy, we recommend that, wherever possible, a purchaser should try to deal with an agent with an established office in the target country, who will be able to recommend how and what to buy, and who may also offer ongoing advice. It’s important to avoid the pitfalls, but anyone who decides to buy in Dubai will hopefully enjoy the experience of owning a property in one of the most exciting cities in the world.

MiNC Property Enterprises Limited is a property wealth management company with offices in London, Dubai and Johannesburg. Prospective purchasers or investors should contact MiNC on 020 7536 2233 or visit mincproperty.com.

Dubai is quite possibly the property success story of the decade. With a massive push from the government to increase tourism, buildings are going up at an amazing rate, and there has been no shortage of buyers for the wide range of apartments and houses that are springing up.
With a corresponding rise in the number of high-quality restaurants, shopping emporia and leisure facilities, this has become both a tourist destination and, for the canny investor, a literal oasis of wealth generation. There are several property brokers and agents who will show the prospective buyer just the right property to suit his investment needs.

key2dubai has a vast selection of properties in Dubai's most sought-after developments, including high-specification waterfront apartments in the famous Dubai Marina. All properties overlook the yacht club, the Arabian Gulf and the breathtaking Palm Jumeirah.
Prices are surprisingly affordable, starting at just £100,794 for a one-bedroom apartment in the Marina Diamond III building. The property measures 727 sq ft and comprises living room with balcony, kitchen, bathroom with separate WC and bedroom (also with balcony). Facilities include a communal swimming pool, children's playground, secure parking, high-speed lifts and a concierge service.

Al Majara Towers, a five building residence on the Dubai Marina, includes a two-bedroom apartment extending to 1,367 square feet, priced at £234,074. Both the master bedroom and second bedroom have en suite bathrooms. Also included are a kitchen, living room, dining room, laundry room, and a separate WC. The balcony affords excellent views of the marina development and the Arabian Gulf.

The complex includes a communal pool and gym. For more information on these and other properties available through key2dubai visit key2dubai.com.
Another player in the local property business is MiNC Property Enterprises, a leading property wealth management company based in the UK and Dubai. MiNC is offering investors the chance to purchase units in its new freehold residential property,.Jumeirah Suites is located in the Jumeirah Village development and will be developed, built and managed by MiNC. All units offer an eight per cent annual rental guarantee for the first two years.
There will be spacious studios plus one- and two-bedroom units. The development includes a swimming pool, gym and other leisure facilities, basement parking and landscaped gardens. Jumeirah Suites is located at the heart of the emerging 'New Dubai' and is one of the most appealing properties at the value end of the Dubai property market.

Kamran Mahmood, managing director of MiNC Property Enterprises, says, 'This centrally located development will, we believe, be the next hotspot at the value end of the Dubai property market, due largely to its proximity to Sheikh Zayed Road and Dubailand, considered to be among the biggest leisure and urban infrastructure developments in the world.
'There is still considerable demand for properties at the value end of the market. Jumeirah Suites allows investors to tap into this key market segment and benefit from the obvious potential of the phenomenal Dubailand development.'
Jumeirah Village will be a self-contained development with a vast range of facilities including schools, clubs, sports, leisure and medical facilities.
Last year MiNC launched Marina Suites, one of the first serviced apartments available at Dubai Marina, offering alternative investment opportunities in the leisure property sector. For further information go online to mincproperty.com.

Dubai Select has launched in innovative Fractional Ownership scheme, the first of its kind in Dubai. This enables customers to buy a portion of freehold apartments in Dubai as a means of 'testing the water' with regard to investing in Dubai property.
Investors are able to purchase the fully furnished luxury accommodation in two-week increments which, when sold, will see them receive 1/25th of the total value of the property – a sum which will not only cover their initial investment but should also generate a profit as Dubai property prices rise.

In addition to using the accommodation for holidays – while generating a profit – customers are able to exchange their allocated two weeks for other global destinations, as Dubai Select has negotiated an agreement with the Interval Quality Vacation Exchange Network, a vacation exchange that lets customers swap their property for comparable properties in over 2,000 resorts in 75 countries. 

Dubai Select has a range of properties available, from £75,000 studios to four-bedroom villas for over £550,000. Visit dubaiselect.com to find out more.

Jorg Seifert, a member of the Property Lawyers Abroad Network (PLAN), answers questions about the legal side of buying in Dubai

What is the market currently like in Dubai?

The property market in Dubai is buoyant. More and more projects are coming up. Although some people are calling the Dubai property market a bubble waiting to burst, this is not true since prices are still on the rise and demand for rental space is bigger than availability. At present each month 15,000 people are coming to Dubai to become residents. By 2010 the population of Dubai is expected to double.
Of course no one can expect today premiums on the secondary market of 150 per cent, which was experienced at the beginning when the property market opened for foreign investors. However, a healthy growth is and will be seen also in the long-term future.
Taking into consideration that Dubai is located in the middle between the Asian and the European markets and its tax free environment, more and more investors will come to Dubai.

What should the buyer look out for when purchasing in Dubai? Are there any issues specific to this location?

Buyers should deal with top developers and top real estate agents. In March 2006, Dubai issued its long awaited Property Law, and the legal aspects of any property purchase are now safeguarded. Property owners will be entered in the register of the Lands Department and receive a Title Deed (the process of registering will start soon). A notarization of the property purchase contract is not required. The purchase contract itself should hence always be checked by a lawyer.

How does the legal process work in Dubai?

It depends whether a property is purchased on the primary or secondary market. On the primary market the property will be directly sold by the developer. Buyers usually sign a reservation form and make a down payment; thereafter they receive the purchase contract.
It is advisable to make any such payments through an escrow account (PLAN provides an escrow facility) of a law firm rather than to the developer or real estate agent. Once the property is fully paid the developer is obliged to register the property with the Lands Department.
On the secondary market a transfer takes place whereby the developer, the seller and the purchaser first sign a deed of assignment, then the purchaser pays the seller the amount the seller has already paid to the developer plus the premium asked by the seller. The seller pays a transfer fee of up to two per cent to the developer, and the developer issues a new purchase contract to the purchaser. The seller and the buyer can be represented by a lawyer who shall hold a notarized and legalized power of attorney.
Of course no payments shall be made by a purchaser to the seller prior to the sale. Sellers are advised to make any such payments through an escrow account of a law firm. On the date of transfer the lawyer will then present banker’s cheques to the seller.

What legal costs can buyers expect?

The legal costs depend on the services required by the lawyer. Usually if the lawyer fully represents e.g. the buyer on the secondary market, a certain percentage of the sales price is charged.

How long should the legal process take?

Due to the fact that no notarization is required a transfer can be completed in one day.

Should buyers trust legal services offered by their developer or agent?

Recommendations made by developers or agents may be trusted since the top developers and agents only deal with top law firms and vice versa.
 
Is it safe to buy in Dubai?

Definitely.

What is the most important piece of advice you would give to someone looking to buy in Dubai?
Location is critical.

Trust the piano player in the bar of my hotel to sum up the Dubai experience. As she fashioned a lilting version of ‘The Impossible Dream’, I was struck by how apt it was to be listening to that Don Quixote-inspired song in a place that sets new standards of sheer, unadulterated self-belief.

In the 24-hour building that hums quietly under sun and stars, belief. In the relaxed, friendly manner of the locals, utter confidence. And the beautiful man-made islands that have risen from the Arabian Gulf, ready for buyers and builders? Simply a physical manifestation of an unshakeable faith in the most audacious, most incomprehensibly huge project I can recall.
The root of the project, the focus of all this belief, is a number: 15 million. This represents the number of tourists Dubai is to have by the end of 2010. This has been decreed by His Highness Sheik Mohammed bin Rashid al-Maktoum, the Crown Prince of Dubai, and it is this figure that kept being quoted to me as I explored this fascinating place. And such is the power of belief here that I quickly became convinced that this staggeringly ambitious goal will be met.
When the 15 million people arrive, there will be no shortage of things to do. There is the world class golf course at Arabian Ranches Golf Club, camel racing, horse racing, polo, water sports of all descriptions, 70 kilometres of beautiful sandy beaches, incredible shopping – even snow skiing and tobogganing at a fabulous indoor winter sports centre at the Mall of the Emirates. There is, in short, everything. And it’s an extremely high-quality everything – and however crazy Dubai can sometimes seem, the components also make a strange kind of sense.
One of the truly excellent aspects of Dubai is its restaurants. Choose from eight fantastic eateries at the seven-star Burj al-Arab, sample the wonderful service and food of the Dubai Polo Club, or opt for traditional Arab fare – any kind of food is available, and the standard is breathtaking.

Dubai has more then 300 high-quality hotels and more are on the way, all part of ‘Project 15 Million’ as I came to call it. And these hotels are never short of customers, whatever the time of year. ‘We don’t have seasons in Dubai,’ says Abdullah bin Suwaidan, deputy manager of missions  for Dubai’s Department of Tourism and Commerce Marketing. ‘We have high season and very high season.’
All of this activity means property in Dubai is very hot indeed. The nature of Dubai, with its very business-friendly environment, low crime rate, amazing weather and good schools, means that record numbers of Brits are going there to live, for a few years or more long-term. The quality and choice of properties is very high indeed, and you can get a surprising amount of space and level of spec at prices that compare very favourably with the London market.
There are so many high-profile developments currently in the works that the sheer numbers seem to defy logic.

The market in Dubai is unlike any other, with many investors buying off-plan and selling again off-plan in order to step up the property ladder. This process is a specialty of key2dubai, a company based in both London and Dubai whose specialty is guiding investors through it. According to Fiona Kumar, key2dubai will buy the property and then place it with an investor for whom it is suitable, after which they will keep track of the clients’ needs and advise them on when to make the next move.
‘Somebody comes to us with a budget and we give them the best investment at that price,’ she explains. ‘Then maybe at the top of the market, but not necessarily at the very top, we will say, “Now’s the time to make the next move.” Some people buy and within a month they sell because it’s gone up enough to be profitable.’
 With their knowledge of the market, key2dubai helps investment buyers get the most out of their investment. ‘We advised one client to trade up when, although it wasn’t the top of the market, profits were running at 30-40 per cent. We advised him to sell that property and go on to the next one. He did that and he’s now on The Palm,’ says Kumar.
Ah yes, The Palm. The famous Palm Jumeirah, which is to be completed at the end of this year, is a huge man-made palm-shaped set of ‘fronds’ reaching out four kilometres into the Gulf. The homes here were immediately popular and many have seen their initial investment give an extremely good return.

Although the properties on The Palm were snapped up from developer Nakheel ages ago, there are currently many properties available there on the resale market, many through key2dubai. The range of prices at The Palm Jumeirah means investors of all budgets can get involved: current availability includes everything from a two-bedroom eighth-floor shoreline apartment with 1,646 square feet priced at £214,995, to a three-bedroom town house measuring over 4,000 square feet priced at £1.26 million.
Other Palms are to follow, also created by the major developer Nakheel.  The Palm Jebel Ali will feature homes built on stilts, the ultimate in waterside living. And the outer crescent of this 12-kilometre group of manufactured islands will actually spell out a poem written by HH Sheik Mohammed. Meanwhile, The Palm Deira takes waterfront cities such as Amsterdam, Boston and Venice as its very worthy inspirations.

Another very popular Nakheel development is The World, which is a suitably humble name for this group of 300 islands four kilometres from the coast. The World not only represents every part of the earth’s land mass; it is also visible from space. Like The Palm, this is manufactured land: beautiful white sand disappearing into lovely, warm, perfect sea. I was fortunate enough to be able to take a boat trip to Britain, and the intense heat of a June afternoon was not my only clue that this was a fairytale Britain, not the one I commute in every day. Water and sand, a dock and nothing else. Despite rumours of people such as Rod Stewart and Richard Branson having bought Britain, according to Nakheel the island remains unclaimed.
Eventually The World will comprise houses, apartments, restaurants and retail facilities – a fabulous location in every way. Currently key2dubai offers property in The World ranging price from £234,667 for a one-bedroom apartment to just over £2 million for a four-bedroom home.
The development is taking place in the desert as well as in the Arabian Gulf, and there are some fantastic homes available there. Arabian Ranches is a vast collection of villas that make the most of the beautiful desert light and offer an abundance of space. Currently priced from £214,815  to £514,074, these homes are available with different levels of specification, from simple and elegant to more ornate materials and designs.

The Arabian Ranches Golf Club is a demanding course on which some of the world’s greatest golf professionals have played. Proximity to such a well regarded course is a definite plus for property owners, whether buying to live in or to use as an investment.
Another golf-friendly development is The Views, a project by Emaar Properties overlooking the Emirates Golf Club. The developer has just launched a new series of unique duplexes and villas at The Views, which not only overlooks Emirates Golf Club but is also within close proximity to The Montgomerie Dubai golf course.
The low-rise luxury villas and duplexes set among Golf Towers offer the option of water-view of golf-side living. Some of the limited number of golf-side villas have a separate entrance to give residents exclusive access.

Completion of the duplexes is expected in June next year. Besides being well located for golfing, these homes also have the advantage of being near the hubs of Dubai’s information economy, Dubai Internet City, Dubai Media City and Knowledge Village.
Another Emaar creation is not just the talk of the town – it will be the tallest building in the world. Proof, if proof were needed that Dubai thinks big. Burj Dubai promises to be so tall that we’re not allowed to know how tall it will be. Presently being built at a rate of one storey every four days, this amazing building will rise roughly twice as high as Tower 101 in Taipei. Burj Dubai will be home to very luxurious, modern apartments as well as a library, tourists’ viewing platform, health spa and much more. The building is the centrepiece of a wider development, Burj Dubai Downtown, which will offer thousands of homes of all shapes and sizes. Besides the main tower, there will be traditional-style homes at Old Town, loft living at The Lofts and the nine luxurious towers of The Residences. Find out more about the fantastic properties available in this very up-and-coming area of Dubai by visiting emaar.com.
Dubai is ever-changing, always interesting and, for the investment buyer, pure gold.

For more information on key2dubai properties visit key2dubai.com or call the UK office on  020 7749 3630 or the Dubai office on 00 971 4 321 1353. For holidays to Dubai visit key2holidays.co.uk; prices start at £799 for five nights in Le Meridien Mina Seyahi Beach Resort.

Johnny Turner flew Etihad Airways, the national airline of the United Arab Emirates; seats in the luxurious pearl zone are priced from £1,290 return including tax. Call 0870 241 7121 or visit etihadairways.com

The super success of the Fairmont Palm Residence is the more proof that Dubai is the place to buy.

Exciting buying opportunities in the hotspot of Dubai have been unveiled to UK buyers with the launch of IFA Hotels & Resorts’ Fairmont Palm Residence. This latest project in IFA’s $1 billion in The Palm, Jumeirah will consist of luxury apartments, town houses and penthouses.

The 558 spacious luxury apartments within the Fairmont Palm Residences include one-, two-, three- and four-bedroom apartments, as well as town houses and penthouses which will have direct beach access and unrivalled sea views. Apartment sizes in the development will be among Dubai’s biggest – for example, a large luxury three-bedroom apartment overlooking the sea will offer 4,000 sq ft of space, making it on average about 30 per cent bigger than similar properties.

Town houses, priced at £1 million and up, boast private swimming pools and gardens as well as direct access to basement parking. The penthouses, meanwhile, are priced from £900,000 and have private swimming pools and offer spectacular ocean views from the top two levels. The Fairmont Palm Residence will feature a complete array of top facilities, including a members-only health club, gymnasium and swimming pools, as well as extensive children’s play areas and a diverse selection of restaurants and cafés. Investors in this world-class residence will also enjoy concierge and housekeeping services plus child care facilities.

IFA has set up a unique rental scheme for the residences, managed wholly by Fairmont Hotels & Resorts, which allows investors to rent out properties either furnished or unfurnished. The furnished options offer medium- to long-term leases or short-term rentals, with the owner receiving a return based on occupancies. ‘The short-term furnished option will be beneficial for overseas investors as it allows them to use the property when it isn’t rented out,’ explains Werner Burger, vice president of sales and marketing for IFA Hotels & Resorts. ‘This can produce significant returns for investors with demand for short-term accommodation in Dubai increasingly on the rise.’

For more information about this amazing new opportunity visit fairmontpalmresidence.com.