Dubai is a property hotspot with thousands of ambitious projects rising up overnight. Here the demand for property exceeds supply. Residential properties-both apartments as well as villas covering serviced villas, furnished villas, and holiday villas are going strong in terms of sales and rentals depending on the location value of the properties.
While thinking of a property for sale in Dubai, the milestone legislation, Dubai Freehold Law introduced in 2006 cannot be forgotten. It gave foreigners the option of 99 year leasehold or freehold ownership of land in designated areas.
This year, 2013, has started on a positive note and Dubai property market is brimming with a new confidence. Real estate consulting, Cluttons, views this as the power of fresh projects. The prices for high end villas have jumped 9 percent in the past 6 months.
Apartment rental values have also shot up especially at the lower and middle range segments by 12 and 8 percent respectively. The rising rents have started driving tenants towards lower budget options in secondary and tertiary locations where new demand is quite evident. It may be worth looking at the property options around Dubai Internet City.
Prime Locations Near Internet City
For those looking for property in and around Dubai Internet City the following locations would give many options depending on their budgets and lifestyles.
Dubai Marina in the vicinity of Dubai Internet City is a beautiful canal city created along a two mile stretch of the Persian Gulf shore. It houses more than 100,000 residents in villas and towers. This high-end residential area in Dubai desired by many people looking for long term rental accommodation. This fashionable address has some of the prominent names in the real estate industry such as Marina Park and Marina Promenade.
It is a quiet area with large villas dotted by Sheikh Zayed road and the Mall of the Emirates in the near vicinity. Al Barsha has a number of apartments and great a place for Dubai Media and Internet City. The presence of the Emirates Mall nearby and Marina, Madinat Jumeirah and Umm Suqeim, The Greens and Emaar have made it a prime address. The traveling time to Airport : Media City and Trade Center are only less than half an hour.
It is the paradise of the middle class with its wider options for rentals. The apartments vary from studios to four-bedroom facilities similar to Karama of Oud Metha. Here most expats prefer a night out at nearby Deira. You can reach the Airport, Media City and Trade Center in 35 minutes.
The supply side is set for boost as many shelved projects are back in action including the Mohammed Bin Rashi City. That is good news. The demand for short-term rentals giving yields of 10 percent is high. That Dubai does not levy tax on income from rentals or capital gains tax are very big attractions for an investor in putting money into property that go into the rental market.
Prospects of putting property for rent in Dubai are always bright as there is no dearth for buyers and the residential real estate will stay booming with steady demand for purchase and rentals.