The property market in Dubai is joining in with the ‘all you can handle finance options’ and banks are competing to offer the best deals. With more and more people looking to purchase property in Dubai, the country has certainly done its research and found that most people, especially foreigners who are not familiar with the country, easily and willingly get themselves into debt.
A quick look at how the UK property market operates is enough to give Dubai plenty of ideas as more and more people are diving in to get mortgages. It does not matter how much the prices rise by as people want to get onto the property ladder and mortgage lenders take full advantage of this. However, Dubai doesn’t want to get finance from there, they get it from elsewhere as it is usually cheaper. People who are moving to Dubai should really get advice from a broker beforehand as otherwise they could end up being conned out of a lot of money. So, ensure that if you do want to invest in property over there, that you get a reasonable rate for any loan that you agree to.
Moving abroad can always be an adventure but it will not be much of one if you get stuck with a high mortgage!
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Dubai is all set to open its new Outsource Free Zone in December, 2006. More than 70 companies, including ABN Amro and AXA Insurance, have registered to operate at the new development, adjacent to the Academic City in South Dubai. Some 55 companies are expected to commence operations before the year is out. The companies at the free zone will provide business process outsourcing (BPO) services, mainly in banking and financial services, information technology, insurance and the healthcare industries.
The park has tie-ups with top recruitment firms in India, Jordan and Turkey and work visas would be approved in 24 hours.
Employees will not be allowed to shift jobs within a year of joining a company.
Mr Mohamed Ali Alabbar, Emaar Chairman and Mr Amr Enany, Jeddah Economic Forum Chairman at the recent signing of Emaar as Partner Sponsor for the 2006 and 2007 Forum.
Dubai property, the Dubai based real estate properties, and the world's premier property developer in terms of market capitalization, is certain that the real estate market would grow with the completion of King Abdullah City in Saudi Arabia. Emaar has announced its plans to sponsor the Jeddah Economic Forum to be held from 11 to 13 February at the Jeddah Hilton Hotel, Saudi Arabia.
Chairman of Emaar Properties, Mr Mohamed Ali Alabbar and Jeddah Economic Forum Chairman Mr Amr Enany recently signed the agreement. Along with its Saudi partners, Emaar's sponsorship of the high profile Forum will commence at this year's Forum and will continue for the 2007 forum.
"Mr. Mohamed said, we think with that the completion of our project which is at an estimated cost of US$26.6 billion will continue to contribute the growth of real estate market in Saudi Arabia."
Emaar's largest international development - King Abdullah Economic City - is a mixed use development covering 55 million square metres. As the single largest private sector investment in the Kingdom of US$26.6 billion, the City will create six distinct components - a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area and up to 500,000 employment opportunities.
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