UAE Property – The Lucrative Opportunities Await For You
The UAE has been through the rough days and it was never like the way it has been. It transformed from merely a desert to the highly advanced modern place and it took decades in this process. Now it is time when people are proud of having the UAE property. The United Arab Emirates is geologically situated in the Middle East near Persian Gulf and it is comprised of the seven states namely Dubai, Abu Dhabi, Ajman, Fujairah, Ras al Khaimah, Sharjah and Umm al-Quwain. It borders with Saudi Arabia and Oman.
The UAE is such a place where one can find the best of numerous apparently differing influences and cultures and all these elements make a balanced up to date place with fantastic features and activities for the groups of every age. The high tech advanced cities with top-notch hotels, magnificent shopping malls are intermixed with the conventional Bedouin way of life represents the traditionalist Islamic style as well as the Western freethinking life.
The UAE became become one of the cream of the crop of the globe in the property investment market as soon as it granted the freehold property rights to the foreigners because the foreigners had no right to purchases property earlier than the year 2002. The news of this amendment spread like a wild fire and the history witnessed the biggest boom in the real estate world. Earlier than 2002, the expatriates were allowed to have the 99-year lease or rental for UAE property. The major impact of this boom took place in Dubai and Dubai accommodation became a dream of every expatriate.
So this opening in Dubai real estate market caused a great stir and gathered drew the attention of the UAE as well as international investors. This trend of law modification was followed after two years and the Ras Al Khaimah was the first emirate among the ones that allowed the freehold property purchases for the expatriates and Ras Al Khaimah took this step in the year 2004. .
But it was not further followed by other emirates and they still had the same law of the lease and not the freehold ownership. Sharjah allows 99-year lease or 50-year lease while Abu Dhabi follows the tradition of Sharjah. This lease is renewable and it is the only way to have a hold over the property. Umm al-Quwain does permit the freehold ownership in particular areas.
Ajman is the smallest among all the estates and it occupies 260 square kilometers. The capital city is also named Ajman and it is often called Ajman city so as to avoid the recognition confusion between the estate and the city. It is situated at coast of Persian Gulf. Ajman became the third estate that permitted completely owned expatriate property rights and it triggered the interests of the investors just like other estates did.
The UAE property in overall will reap you benefits in the long run as well as Dubai property. The apartment in Dubai is like very hot product and people look for them for Dubai accommodation.
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