# Dubai Real Estate for foreigners



## Guest

I was wondering if anybody was aware of the current real estate market for foreigners in Dubai? What are prices like right now? I hear foreigners can only buy property on the man-made islands such as the Palms or the World...


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## AltinD

No they can buy inland also:

Condos: in Dubai Marina, Jumeirah Lake Towers, Dubai International Finance Center, The New Downtown (Burj Dubai complex), Dubai Business Bay

Vilas: There are several projects compleated or still u/c.

Prices are going up, but still seams to be much cheaper than in Europe and/or North America.


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## SkylineTurbo

Yes, like the Emirates Hills, where I am, there are English football players in Dubai I think purchasing property on 'the world' or something.


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## smussuw

UAE and GCC citizens can buy lands anywhere in the country. other countries's citizens cannot buy lands and houses in the UAE except in Dubai in major projects and free zones as Altind_Carnut mentioned.


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## SkylineTurbo

Best time for buying in Dubai is now, as Altind mentioned the prices are rising.


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## juiced

blackadder did you get my private message? if you did do reply to it by PM as well, thanks


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## DUBAI

blackadder said:


> Best time for buying in Dubai is now, as Altind mentioned the prices are rising.



or the bubble could burst as the wave of freehold projects are completed!


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## arfie

Yeap good time to buy now. Prices are gonna keep going up and up for sure. Estate agents telephones are constantly ringing. I anticipate 30-40% rise by the time of construction or maybe more for real good developments. After 2006 prices will keep going up as it wont be long before phase 1 of Dubailand is open in 2008.


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## DubaiDream

arfie said:


> Yeap good time to buy now. Prices are gonna keep going up and up for sure. Estate agents telephones are constantly ringing. I anticipate 30-40% rise by the time of construction or maybe more for real good developments. After 2006 prices will keep going up as it wont be long before phase 1 of Dubailand is open in 2008.


No bubble. This is structural growth.


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## DUBAI

DubaiDream said:


> No bubble. This is structural growth.


no, it is a bubble, it wont nececarly burst, but it is a property bubble, loads of new propertys entering the market in close succesion...


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## DUBAI

with rising property values, based on speculation!


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## DubaiDream

To say that the Dubai Property market is in a bubble, is to imply that prices will collapse in the short term, however there is nothing to indcate that prices are overvalued, just because they are rising and alot of property is coming on board.


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## arfie

Cant see the bubble bursting with there being so much demand in from around the world. One of my friends bought an apartment in goldcrest today worth 150k he got told by the agent that by time its complete they expect it to be worth 270k (maybe abit overexagerated) but anywhere near that capital appreciation is excellent.


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## DubaiDream

arfie said:


> Cant see the bubble bursting with there being so much demand in from around the world. One of my friends bought an apartment in goldcrest today worth 150k he got told by the agent that by time its complete they expect it to be worth 270k (maybe abit overexagerated) but anywhere near that capital appreciation is excellent.


Never trust an agent


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## DUBAI

well bubles dont always burst, they can just keep going and stablaiese long term. but there is a lot of property in dubai that has been bought up upon speculation, there would have to be a massive surge in %population growth to sustain it. but im sure there will by a gap between the mass commpletion of res developments, and commerical mass development completion. this could burst it.


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## DubaiDream

dxb_raptor said:


> well bubles dont always burst, they can just keep going and stablaiese long term. but there is a lot of property in dubai that has been bought up upon speculation, there would have to be a massive surge in %population growth to sustain it. but im sure there will by a gap between the mass commpletion of res developments, and commerical mass development completion. this could burst it.


Bubbles always burst...thats why they are called Bubbles.
Long term trend growth is not a bubble - its sustainable growth
Theres an element of bubble in Dubai property because of recent oil price growth and low interest rates, but in my opinion this is offset by more fundamental factors dxb.


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## DubaiDream

Whos to say where demand is going to be in 2-3 years time, its a difficult number to model


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## Imre

arfie said:


> Cant see the bubble bursting with there being so much demand in from around the world. One of my friends bought an apartment in goldcrest today worth 150k he got told by the agent that by time its complete they expect it to be worth 270k (maybe abit overexagerated) but anywhere near that capital appreciation is excellent.



It is possible.
After Palm Jumeira prices will 30-40 % higher , after Dubailand and Burj Dubai again 30-40 % or more.
Goldcrest 1 B/r now 150k , 270 k is not much , Miami Beach a similar minimum 350k now....


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## DubaiDream

Careful wenu compare Dubai Realty vs UK/US Realty. Those markets are due for a correction and Dubai Realty might not be as attractive after this.


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## DUBAI

DubaiDream said:


> Whos to say where demand is going to be in 2-3 years time, its a difficult number to model



good reason to keep my cash where its safer!


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