Dubai Real Estate
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By Number 1 Geek in General Published: Thursday, 20 September 07 - 08:27 AM (GMT -06:00) Last Updated: Monday, 22 October 07 - 08:46 AM (GMT -06:00) |
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From Mark J -
We get asked a lot about Dubai and why we invest in India versus a place like Dubai. I don't have any great business or financial reason to give you. Honestly, the answer is that when we first started looking offshore, India was one of the places we were familiar with. Steven's old business had a recruting and sales office there as well as a couple of small development centers. So he was familiar with the market and more importantly saw first hand the rate at which property appreciates over there.
Regarding Dubai, our main concern is that private ownership is very new. With all it's problems, India follows the rule of law and private owndership has been around for centuries. Even now, Dubai is still working out how to give actual ownship to individuals and also how this fits in with immigration, since there is no such thing as a "permanent resident".
I've just got back from a trip over there, and the stories are true. They are building like crazy - on land, on islands, right in the water - everywhere. The development of the buildings are mostly funded directly or indirectly by the Sheik, which is to say, the government. I still have not figured out who all are buying all these properties. I can see all the expats from all different countries who live there in rental homes may be interested in purchasing, but there are only so many of them. Most of the buying has got to come from outside the country.
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