Dubai: Still the Next Big Thing?
When Dubai is mentioned, images of high-rise buildings, high-success industry, new-found celebrity culture, ‘Media City’, and profit from excellent rental returns spring to mind. Dubai has become the best known of the United Arab Emirates (UAE) and has achieved international acclaim for its real estate development, putting it firmly on the map. The second largest Emirate after Abu Dhabi, Dubai was well-situated geographically – between Europe and Asia – for business and property development, and the mere 7-8 hour flying time from the UK as well as having no capital gains or income tax, only enhanced its appeal.
This initial development of this once primarily Arab Emirate, now home to a fast-growing population of which 80% is from overseas, resulted in a shortage of rental properties and therefore a large number of people reaping large profits from the real estate market. Now, however, there are signs that this most well-known Emirate is moving into a new era, as is documented in Real Estate TV’s ‘Next Big Thing Dubai’ programme showing on 11th May on Sky channels 273 and 274 and on demand on Virgin TV and at www.realestatetv.tv.
The programme allows viewers to discover why Dubai can still be seen as the ‘Next Big Thing’, even following its huge development of recent years and will allow an insight into the future for this powerful Emirate. ‘Next Big Thing Dubai’ considers the effect of new transportation links that are under development, such as the new metro system due for completion in 2012 as well as new roads being developed, and also the effect of the new industry that has moved in, making the Dubai economy now around 94% non-oil related.
Dubai’s plans remain ambitious, and in looking towards the future, impressive developments are in planning or already taking place, in the ever-prevalent drive to attract tourism. Alongside this, recent legal changes have made it easier for foreign property investors, giving them greater protection in an uncertain world. Dubai’s constant evolution has kept it ahead of the game in terms of growth and development and it is this that could see it head towards an even brighter future. As Jo Sinnott, presenter of ‘Next Big Thing Dubai’ concludes ‘Dubai is growing even faster than before and for property investors, could once again be the ‘Next Big Thing’.
Tune in Sunday 11th May at 10pm to Real Estate TV on Sky Channels 273 and 274 and on demand on Virgin TV and at www.realestatetv.tv to watch ‘The Next Big Thing Dubai’.