The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Dramatic contrast

Middle East thrives on new rules of the game

The situation today is a dramatic contrast to the start of the decade when there was nothing that could be identified as a western-style property market. The trigger for the rapid development of a sector that has grown exponentially in the last five years and is set for further years of rapid expansion was the decision by the Dubai government to allow foreigners to buy freehold property. "The growth is amazing when you consider that the freehold property law was only passed by Dubai in 2001," says Blair Hagkull, chief executive of Jones Lang LaSalle in Dubai.

Even though some in the Emirate were doubtful about the legality of this step as it appeared to conflict with federal law (Dubai is one of the seven states that make up the United Arab Emirates), the ruling Makhtoum family pressed ahead with a massive construction programme that has already resulted in the completion of dozens of developments combining resorts, hotels, shopping malls, villas and flats.

As the success of this policy became clear, other emirates, headed by Abu Dhabi and Ras Al Khaimah, have followed suit – and today every country in the region is looking to attract investors into their projects and buyers for their properties from across the globe.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree