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Dubai is back in the press for all the wrong reasons again. It seems that a British woman has been arrested and charged with indecency after being caught walking through a Dubai shopping mall wearing a bikini. The female holidaymaker is believed to have been arrested after a complaint from a local, that she was dressed indecently in ‘Dubai Mall’, which opened in 2009 and is the world’s largest shopping centre.

It is believed the British woman walked through the shopping mall wearing a rather revealing top, which sparked the complaint from a local woman. This is not the first time that one single complaint from a local Emirate has lead to Brits being arrested. Daily Mail reported that the woman apparently stripped down to a bikini, prompting her arrest. It is reported that The Foreign Office also confirmed the woman was arrested and charged, although the charges have since been dropped.

She said: “We are aware of the case. We have offered consular assistance.” But she said the charges have since been dropped.

A British couple received a three-month jail terms in 2008 after being convicted of having sex on a beach, while just earlier this year another young couple were jailed for a month after they were alleged to have been caught kissing in a restaurant, which was something the couple reported to be a peck on the cheek.

The advice for visitors wishing to travel to Dubai and the United Arab Emirates is posted on the Foreign Office website and reminds tourists that local laws reflect the fact it is an Islamic country, saying “You should respect local traditions, customs, laws and religions at all times, and be aware of your actions to ensure that they do not offend other cultures or religious beliefs. Women should dress modestly when in public areas, such as shopping malls. Clothes should cover the tops of the arms and legs, and underwear should not be visible.

Luxury villas in Dubai were in demand, but in 2008 Dubai’s economy fell off the edge of a cliff after the global crisis finally caught up with the middle east and investors pulled out of Dubai’s booming property market. Dubai has since struggled to get anywhere near the business that it previously had, and a return of the 2008 seem a long way off, although many visitors still come to enjoy the hotels and other holiday accommodation in Dubai.

However, Dubai offers a safe environment due to its strict laws, and also offer all year round sunshine and a luxury lifestyle. It does seem that Dubai is unable to shrug off the bad publicity, but is it acceptable for women to walk around shopping centres wearing bikini’s where you come from?

During economic slowdowns, the avid property investor rubs his or her hands with glee! This is because there are properties to be had for prices that are far cheaper than in normal circumstances. If you are planning a real estate investment then the question has to be why Cyprus? What make this Island the first choice of the knowledgeable property investor. How can property trends be predicted so far into the future? Lastly why should a person wishing to immigrate or purchase a holiday property choose this as their destination? There are some seriously good answers to these questions! Property prices here have risen more than anywhere else in the world over the last ten years by almost 280 % which is an astounding figure! The rental demand for houses here has been exceptional over the same period.

Cyprus without doubt, has now become one of the most popular holiday destinations in Europe due to its spectacular world class beaches, dramatic scenery and lastly its nightlife. The evening entertainment being second only to Ibiza. This mass exodus of tourism has resulted in an exceptional demand for properties on the island. Along with the fact that Cyprus has been voted the best place in the world to retire by expats living abroad in a Sunday Times survey! Coupled with some of the finest taxation systems on pensions and owning property worldwide, has made it such a popular destination! The crime rate here is amongst the lowest in the entire world and the medical care is exceptional! All in all along with the cost of living it is easy to see why the island has become so popular with house buyers an investors alike!

The popularity of Cyprus has been creating a demand for around 20,000 properties a month to be built in order to satisfy the needs of property purchasers here and with all of the projects occurring within the island the demand for properties here is sure to rise substantially well in to the next decade! Added to this the scarcity of prime building land for example: for building three golf courses means that any such property bought in these prime locations will determine a hefty return on your investment or a massive surge in the value of your purchase price. The single biggest reason to buy or invest here above many other destinations is the steady but impressive increase in value of property bought here, along with all of the projects that are already being built means the value and demand for property will be incredible in the next few years. It is also a fact that mass tourism has the greatest impact on house buying in any region and so with its popularity already assured as a leading tourist destination and retirement hot spot in the world, the addition of some of the projects listed below are sure to create the ideal circumstances for property investment and purchase for many years to come!

There are many reasons why this trend looks set to continue well into the next decade! Firstly there is a Disney World being built in the new heart of the region, the planning application has already being passed. For someone of this stature to invest heavily is testament to the potential of the island. Secondly there is a massive world class tennis academy being built already, to provide for training facilities and presumably even tournaments eventually. this project is costing many hundreds of millions. The airports have up until now only catered mainly for tourists from Europe, but with the expansion of the biggest airport to accommodate many more international flights this is bound to have an effect on the demand for properties. these are the signs any property investor dreams of, and most will understand the implications of these massive projects in pushing up the demand for property in a region and more importantly the demand for property in the most coveted locations on the island! These will see the greatest return without doubt. The golfing property will encompass a world class hotel which will bring in a greater influx of wealthy people and will guarantee that a purchase on one or more of these properties will be a brilliant investment, the prices are truly special! The other biggest investment opportunity is a 5* massive lifestyle and fitness complex which encompasses a development of unparalleled luxury and facilities for the price of a cheap apartment anywhere! this will prove to be one of the best real estate deals on the planet once the project has been widely publicized! This development has been done in conjunction with a world famous sports personality and one of the very best developers in Cyprus! It does not take foresight to see the potential of a purchase on these kinds of properties! And lastly there are some luxury villas being built on the Ayia thekla coastline (right next to Ayia Napa) these villas enjoy being right on the beach and are also built by one of the three most trusted and best developers on the island. This is along the most desired residential strip in Cyprus, along with the value for money and quality of these properties the demand will make them another very shrewd investment!

There are some truly spectacular beach front villas being built at the moment in Cyprus right on the sea protection line and these prices, reflect the current mild slowdown in the property market here. Added to this there is the most exclusive development of luxury villas in the islands history, in a unique modern style but on the absolute most coveted piece of land in the whole of Cyprus. There is a hotel being built here along with the ultra top spec luxury homes, which is set to cater to the worlds elite earners and attract wealthy clientele from around the globe. A few of the property investment portals on the web that are aware of this project are tipping it to be one of the top three investment tips worldwide at present!

Another little known fact is that Cyprus has been developing some of the finest golf courses around Europe for some time. The most famous being the secret valley courses. There are plans underway for one of the finest golfing destinations in the world. This whole development is being constructed on the most prized piece of land in the whole of the Cyprus suitable for a golf courses. They have spectacular features and vistas. The properties have magnificent views over the Mediterranean sea as well as the truly unique and spectacular golf courses. An avid golfer myself, I can state with certainty that these golf courses rival anything out there in the world. Having seen the detail this appears to be a gem which is bound to attract major demand for these properties. Each are set in a truly majestic setting. The courses have been designed by a world renowned golfer and the last one is awaiting final planning approval! The properties here are truly top spec and provide extraordinary value for money! At the moment there are some truly exceptional opportunities for buying some prime investment property or grabbing yourself a lovely luxury prime location property in Cyprus for prices you would not believe!

Dubai was touted as the Middle East El Dorado. But the present recession has hit Dubai hard with particular reference to Mortgage finance. Mortgage means owning a property by paying for it over an extended period of time in installments. This contrasts with a normal property purchase where in price of the property is paid in one lump sum. The property boom in Dubai led to sky rocketing prices with the result owning a piece of property through mortgage finance became a favored option.

In a mortgage the title of the property vests with the creditor till the loan and interest due is liquidated. In the event of a default and nonpayment of the loan the creditor can take over the property for his own use.

In Dubai mortgages have a slightly different connotation. As Dubai is a Muslim country the Shariat law cannot be completely bypassed. Amlak Finance and Tamweel are two of the biggest mortgage companies and have 60% share of the market. However both work within the confines of the shariat law.

As the majority of the population of Dubai is Muslim, loans are so tailored that they are shariat compliant. One of the principles of shariat loans is no interest to be charged. The result is that a bigger amount as down payment has to be paid as compared to a conventional mortgage. But it follows that that the repayment terms will always be better. Thus in a lot many cases non Muslims sometimes have exercised their option for Islamic mortgages.

However the construction recession has ushered in a negative effect on mortgages as Dubai is gripped by recession. Figures given out by the government and the Dubai land department show that the Dubai mortgage market slid down by 73 percent last year. The New Year may not bring substantial improvement on the real estate front.

The down slide in real estate values with some of the properties selling at a discount of 50% in value has affected a lot many people. There has been loss of jobs and income and for some payment of the mortgages is a problem. Some of the foreign expats who had taken out mortgages earlier when the going was good are feeling particularly vulnerable. This is because of the law in Dubai where non payment of debts can land you in jail. Mortgage is a debt and it is a worrisome scene.

For the past few years Dubai has proven itself to be the darling of the property investment world both within the Middle East and beyond, it continues to offer high rental yields and a very good capital growth rate of near 10% which we see today.

Yet Dubai’s development has not just been restricted to the real estate sector, the tourism sector has grown by leaps and bounds in the past 3 years alone. With tourists staying in Dubai hotels numbering 5.4 million in 2004, whilst in 2006 tourist staying in Dubai hotels grew significantly to 6.5 million people. With the number of hotel rooms and flats numbering 40,862 in 2006 and the government of Dubai aiming to reach a target of 8-10 million tourists by 2010 shows that there is at present a significant gap between growing demand and availability of supply for tourist accommodation which may be increasingly felt as major future attractions such as Dubai land and Dubai Sports City open for business.

This level of growth in the tourism industry in Dubai has led to a very high occupancy rate for hotel rooms and apartments for example the occupancy rate stood at 85% in January 2007 alone. This has presented Dubai and UAE property investors as a whole with a splendid potential to capitalise on this growing market, the traditional method of property investment in such as buy to lets in Dubai may offer investors around 8% rental yield per annum. Yet short term letting tenants are charged hotel rates per night which depending on location and quality of properties, landlords can stand to make 10-15% rental yield per annum at today’s hotel rates.

This is a situation which is not solely confined to Dubai, it is also very much applicable in other Emirates such as Ras Al Khaimah especially in established resorts such as Al Hamra Village , where hotel accommodation does not suffice to meet demand.
A common question asked by many investors is what is the best way take advantage of accommodation supply gap in Dubai?

There are two main routes which buyers can take with regards to this:

• The 1st method is to purchase an apartment or villas and utilise a high quality property management company which will take care of an investors property. Normally the management charge will be 20-25% of an apartments rent per annum. It may also be necessary to buy a furniture package from property management company which may vary in cost between £2-£5K.

• The second option available to investors is to purchase a hotel apartment in one of the key future tourist locations such as Sports City in Dubai, such as The Cube [http://www.miragerealestate.co.uk/Property.php?pageNum_rsMaster=3totalRows_rsMaster=40&&PropertyID=53]. These developments are often managed by 5* hotel companies which will in many some occasions give investors rental guarantees and 30 days complimentary stay within the hotel. These are developments in a majority of cases will be fully managed, maintained and furnished with no additional cost to yourself.

Those property investors looking for long term investments who do not intend to move into their properties should consider the hotel apartments as their ideal investment solution. It is a type of property which does not require any significant effort on behalf of investors in terms of finding a capable property management firm to maximise property rental turnover, which saves both time and money. Short term holiday letting is the ideal form of buy to let for the savvy Dubai investor, with rumours of rental stabilisation in the traditional buy to let market, holiday home letting presents one the best potentials for sustained high rental yields.

By

Hamid Shah
Director of Mirage Real Estate Ltd [http://www.miragerealestate.co.uk/] [ad_2]
Source by Hamid Shah

In the past the Dubai Real Estate Development Business has been an oasis for any new coming want to be Real Estate Developer. If someone wanted to develop a Real Estate project in Dubai all they had to have was: enough money to buy their license, rent an office, buy a plot, pay an architect and hire some staff. The ministries didn’t find it necessary to demand and research the new coming developer’s company history or their professional experience. Unlike in western countries, where a track record is mandatory, in Dubai the government even allowed a developer to launch several projects at the same time. No ministries were there to double check and bring to a halt all the happy-go-lucky developers which were launching one project after another.

With so many developments that have been speedily launched in Dubai we are still left with the uncertainty with the actual ongoing development and developer’s final commitment. RERA is now the Regulatory Agency which has been appointed end of 2007 to look out for the Development coordination in Dubai. Nevertheless, still many investors have been left worrying about their previous investment in Dubai Properties. RERA should help investors gain more clarity of the ongoing situation of all the developments. Many questions need to be answered like: Which Dubai Property Development is being canceled? Which development is on hold? Which project is overdue? For example what happened to Dubai Waterfront, Jebel Ali Downtown, Jumeirah Village, Cultural Village, Palm Deira and The World Dubai? Dubai Land and Falcon City seems far from happening. Several projects in Business Bay have been put on hold.