The city of Dubai is quite easily one of the most well known in the Middle East, if not the world. Each and every day thousands of travelers arrive and leave this bustling emirate. The city has been built on a vision with the key purpose of making it a business, financial, tourist and leisure destination. The promise of a warm climate through most of the year makes it a good spot for a summer residence and many expatriates, especially Britons, have been attracted to the region for this very purpose. They may come here on work contracts and decide to stay on. Of course, all this has been made possible with the passing of laws in 2002 allowing foreign investment in freehold properties. The presence of wealthy clientele and the world’s best amenities are other factors that make this a good investment opportunity.

One of the great attractions that brings expatriates and migrant workers to the land of Dubai is the tax free environment. Compared to their home countries in which competition for jobs is tough and salaries are taxed at source, a job in Dubai allows them the luxury of spending it all or sending it home without any deduction other than remittance charges. Countries in the Third World look to the Middle East as a good and reliable source of foreign exchange earnings through workers’ remittances sent in Dirhams or converted to the local currency upon reaching the home country. It also puts less pressure on the local needs to provide jobs back home.

Given that electronics, cars and other items of luxury are available at most places on easy terms, even the average worker can enjoy a good lifestyle in Dubai if he or she can afford to do so. Many single people living alone in Dubai have been known to live like this, alas having no savings for themselves or for others to fall back upon when faced with unemployment or other hard times.

For those who want to come to Dubai for a holiday, there is no shortage of hotel in Dubai and the only factor is the kind of facilities you want and the amount you are willing to pay for them. Everything from a one day stay to longer duration is available, ranging from villas to furnished apartments. In fact, Dubai hotel apartments are the first choice, as they usually have pick and drop services from airport to hotel and vice versa, with breakfast deals included.

Those interested in Dubai short stay can rent a Dubai hotel apartment, a Dubai holiday apartment, a villa or even the stylish Marina Hotel Dubai. Tourists guide brochures at the airport, or available from any good bookseller or magazine vendor, inform tourists of the vast array of ways in which they can entertain themselves. And there is always the magic of a desert safari or shopping at the malls, where one is treated to the best international brands available. Clearly there is no shortage of things to do in Dubai.

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According to the results of a recent poll by Reuters, Dubai real estate prices are expected to fall a further 10 percent in 2010. It is estimated that the emirate’s debt crisis will delay the recovery in the property sector up to 2012.
The majority opinion of 12 analysts at banks, investment firms and research institutions was that residential property prices in Dubai have only a 13 percent chance of picking up before 2011.

Some respondents said that prices had already reached a bottom, while others said they expected a trough to be reached in the first half of 2010. Still others expected a trough in the second half of 2010 and a few in the first half of 2011. It is no secret that the recent woes of Dubai World have further sapped the prospects of a recovery in real estate.

In addition to this, conditions in the UAE property market are expected to remain weak in 2010 due to unfavorable demographics, property oversupply and risks associated with cancelled or delayed projects. What is also being anticipated is the continuation of rising vacancy ratios in the wake of Dubai’s oversupply of homes. However, the asset quality and location will determine the effect in individual circumstances. Dubai is expected to be oversupplied by over 30,000 new homes by the end of 2010, according to some estimates.

Since 2008-2009, Dubai has not only been hit by the global financial crisis but also the Dubai World debt repayment saga. At the height of the financial crisis, billions of dollars worth of projects were put on hold or cancelled. Thousands of expatriate and migrant workers lost their jobs and were forced to leave the emirate. By some estimates, more than 500 projects have been suspended or cancelled in the United Arab Emirates, with Dubai being the most severely affected.

In the long run, the financial crisis and credit crunch will result in a decrease in liquidity and financing that will limit the supply of properties in the market.  In fact property prices are expected to fall another 10 to 15 percent before there is any major recovery in prices.

It is generally anticipated that rents in Dubai will fall between 10 to 15 percent in 2010 and remain flat in the first half of 2011, with rents and prices possibly rising in the second half of 2011. At present demand for Dubai Apartments and Dubai Apartments for Rent are considerably on the lower side compared to Dubai Marina Apartment. You can contact Just Rental Dubai for some of the best rental rates.

Meanwhile house prices in Abu Dhabi remained largely unchanged this year, with the majority of analysts expecting prices and rents to climb further. Prices are expected to increase due to the current mismatch in demand and supply but will stabilize as the delivery of some of the projects is completed.

About The Author

David Martin is a respected, well read columnist in Dubai and considered an expert on the economy and issues connected with living and working in the emirate. Expatriates like to quote him on everything from dubai properties to rent to how to live the lavish lifestyle and be part of the nightlife that Dubai has to offer, otherwise considered the prerogative of the wealthy and knowledgeable.