Being one of the most resonating economies of the world, the fluctuating Dubai economy has shaken up the whole infrastructure of Dubai also. Would it be the security of people or the development of communal projects, or the construction of commercial property or even the changes in law, almost every thing in Dubai has undergone changes along with the economic changes.
It is not only the oil of Dubai which has laid foundations of a prosperous economy. There are several other lineaments as well!
1. Strategic Economic Growth
The economy and industry of Dubai provides a basic 20 year long-term business plan in Dubai. The demographically divided Dubai connects the people of a similar industry with each other, which increases friendship growth and job growth chances simultaneously. For example; Dubai Media City connects the newspaper, electronic, social media, advertising and public relations representatives with each other.
2. Dubai Residency Plans
The U.A.E government is taking steps to improvise the residency plans in Dubai. A recent one includes that if a person buys some property belonging to a foreigner, he will be automatically granted a residency visa. This residency visa will allow the person to live in Dubai, however, he will require a work visa to work in Dubai. Such visas are valid for a period of 3 years, and are granted by U.A.E government only.
Some other flexibilities in residence visa include getting a residence on under process residence visa and opening a bank account for business along with a residence visa etc.
3. Flexible Property Law
The concept of freehold property market did not exist in Dubai before Dubai Marina project. In 1998, the opening of Dubai Marina brought this concept to Dubai. The introduction of freehold property law and the removal of leasehold property opened doors for many people (apart from investors) who wanted to ‘just own’ a family property in Dubai. Dynamic changes occurred when the U.A.E government started granting freehold property ownership and authority to the people, who were not Gulf Cooperation Council nationals.
Freehold property law allows the owner to own the property as a family property as long as he wants. The ownership is transferred on sale only, and no lease refreshing is required now. However, freehold property also brought some minor restrictions on resale and rental property issues. The freehold properties are included in the private properties and the owner is liable to abide by the laws of the government. These restrictions including that the owner can resale a property only after getting a permission letter from the three master property constructors of Dubai. These master constructors include Dubai properties, Al-Nakheel and Emaar.
5. Lifestyle Maintenance
To buy property in Dubai, it is important to consider that the people living in Dubai apartments are obliged to maintain the standards of a particular lifestyle as they share some common elements with the surrounding people. However, the people who buy a villa in Dubai are free of any such restriction.