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Dubai holiday homes increasing
Investment property in Dubai is booming thanks to tourism initiatives and large-scale development, according to one market expert.
Shahid Iqbal of Investors Provident said that while many overseas buyers do snap up properties for investment purposes, a number of new owners are in the market for a second home in the emirate.
The construction of stunning hotel developments, such as the renowned Palm Island and The World complex, (300 man-made islands designed to mirror a world map), has attracted scores of investors and tourists alike to the flourishing emirate.
Mr Iqbal said that the tourism sector was key to the Dubai property market.
"According to the Dubai government, they're trying to increase tourism by 10 million a year by 2010," he commented. "So it's astronomical figures there. More and more people are going there.
"Every time you go, the airports are absolutely chocabloc. I think it also has the highest hotel occupancy rate in the world, or one of the highest anyway. They're always full. If you don't book beforehand, you're not going to get a room."
He added: "A lot of enquiries that we get from clients are from clients who actually want to go out and live in Dubai. They probably want to get away from the weather – to get away from the UK and get to a better climate. It's definitely increasing."
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