Multi-cultural society: Over 200 nationalities are living and working together in Dubai.
Young and dynamic population: More than 90% of the population in Dubai is less than 50 years of age.
Safety: The UAE are ranked second safest country in the world by the World Economic Forum (WEF), up one position from 2016.
Attractive tax regime: No income tax. VAT of max 5% to be introduced in 2018.
Tourism: More than 15 million international visitors in Dubai in 2016. 20 million mark expected to be reached before 2020.
Source: www.numbeo.com Q4 2016
2002 Property market opens up for foreigners.
2006 Law 7: Real Property Registration. Allows foreigners to own real estate in designated areas.
2010 Decree 4: Ownership of Land granted for industrial and commercial purposes. The decree allows holders of commercial granted lands to convert them into freehold payment of fees and market prices enabling them to use land to raise capital or sell it in open market.
2013 Investor Protection Law (TANWEER): Not yet released. Allows investors to get full refund in case of developer failure to deliver/complete property in specified time frame or alters specifications of flats without permission. Allows for compensation for breach of any warranty in a contract or misrepresentation by the developer or broker.
2013 In July 2013, the Government of Dubai announced the establishment of a special legal committee to settle the disputes between property developers and investors over the cancellation of projects. The decisions of this legal committee can not be challenged by any Dubai Court.
2013 In October 2013, the Central Bank issued new rules governing bank lending. The new rules will limit home loans for expatriates to 75% of property's value for investments less than AED5 million and 80% for UAE nationals. In case of second property, expatriates will be allowed 60% of property value and 65% for UAE nationals. Loans will be limited to a maximum of 25 years. Maximum age for last repayment is 65 for expatriates and 70 for UAE nationals.
2013 In October 2013, Dubai Land Department doubled transfer fees on each sale to 4% of property's value, in order to prevent excessive amount of speculation.
RERA Regulations That Protect Investor Interest