The History of Real Estate in Dubai Research Paper

The History of Real terra firma in Dubai - Research Paper ExampleThere are close to 2, 50,000 employees who are mostly southeast Asian working in hearty e carry projects across Dubai. (Dubai History. n.d) In 1990, under Sheikh Mohammed governance, near very interesting certain estate projects were designed and executed like the seven star Burj Al Arab Hotel which became the tallest free standing building in the world. The emirates towers became the tallest commercial building in Asia, Europe and Middle East. During the akin time, some other notable buildings, world class ideas, mega projects were designed and executed to make a mark in the international arena. Sheikh Mohammed wanted Dubai to be the hub and the location for international investment. The rentals and the return on investment uttermost exceeded the expectation with greater benefits. Sheikh Mohammed also helped in promoting the development of real estate through Emaar properties which is the largest real estate co mp some(prenominal) in Dubai. (Cooper, 2004) One of the turning points in the history of Dubai real estate was on May 2002 when the governing body had declared freehold place on land. It was also during this fulfilment that the government had also familiarize foreigners to buy freehold property. Prior to this, only UAE nationals were allowed to buy and own property in Dubai which was only on a 99 year lease and this was not very popular with the public. It was only after the adoption of the freehold property and foreign investment that the real estate in Dubai had a boom in the residential property. Dubai past became a city which was built on good ethical practice, foreign investment and good projects. (Cooper, 2004) conflicting Investment in Dubai Real Estate Sector Until 2002, the UAE law had strict rules and policies and did not allow expatriates from owning any property. They were allowed only to rent property or own the property on a lease period approved by the federal la w. It was only during this year that the Dubai government had permitted the expats to buy and sell property and this revolutionized the real estate sector. This decision was taken after understanding that the petrol and the oil reserves which form the main(prenominal) economy booster might perish in 10 historic period. One of the main strategies of the government was to remedy the service sector and the local real estate market in Dubai. (Foreign Investment in Dubai, n.d) The requisite for both commercial and residential property market increased rapidly because of the change in government policy. The expatriates from non GCC countries were also allowed to hold properties in the country and this was regarded as a great leap in Dubai as this was not imposed in any other emirate country. There was a sudden increase in foreign investment especially from UK and Europe in the Dubai real estate market. (9) In the recent years the city has been a constant attraction for expat investors . The real estate market in Dubai is largely operate by foreign investment especially the non- Arab companies and individuals, their freehold investments total around 60-70% of the entire real estate market. Statistics state that every 3rd property is held by expatiates or foreign companies who live outside Dubai. The portfolios of the investors range from Pakistan, India and other emerging markets such as S. Korea and Brazil. (Foreign Investments Spurs Dubai Real Estate Growth, n.d) Iran is one of the leading and the major partners for Dubai and forms at to the lowest degree 30% of the total business done in Dubai. The