Quote:
Originally Posted by abhi
Mate, you got some more advantages here:
1.Great Geographic location
2.More money making opportunities.
3.No income tax at all.
4.Higher returns on Real Estate investment than many other countries.
5.Spet free trade zones for business
6.Regarded as the most sophisticated, futuristic and cosmopolitan cities in the world
7.Unsurpassed safety and security.
|
Geographic location - yes, if you want to do business, it is the fulcrum between Asia, Africa and Europe. Most African companies use Dubai as a respectable place to locate their offices since most western companies won't deal directly with African locations ...
Income Tax? Well, the Emirate charges you so high for every service that it becomes an alternate tax on you. This is called expenditure tax and is another face of income tax.
But owning property only gives you residence status and not work permit. So, many of these advantages related to business and work can be done even if you rent in Dubai ...
Also, warning!!! Once you get locked into a purchase, I have heard that some of the leading builders have diverted funds into a lavish lifestyle and have run out of funds due to this slowdown. Some of them are forcing buyers to fork out the full payment even when the construction is at nascent stages. Protesters are locked up. Media has been blanketed out and warned. And if you do not pay you get to be guest of the Govt at Dubai's infamous jails!!! This is probably the most important issue. There is rule of law only for you and me. When it comes to the ruling family what they say is law ... even when they resort to looting you.
Dubai is a great place ... for a couple of weeks. Then it slowly turns into a dry, boring desert city which tries to cover it by pouring on the glitz and glamor - all at a high price!
Under that glitz (which happens in good times) is a lot of sleaze (which comes out in bad times) and puts you in a very difficult position if you get in the middle. Not like DLF where 200 of you can gt together and force the company to get in line!
This is why London will always remain a cool destination as the real old money destination with a rich heritage and a rule of law that treats everyone equally (but for the occassional racism) - show me where in Dubai can you stand upon a podium and criticise the Royal Family like you can do the Queen?; and NY will be the tolerant megapolis where you can just about do anything you want, including mix with the richest people in the world and at the same time have a world of cultural things to do, if you so desire.
Property growth will happen in all three cities equally ... And all are in decline right now!
cheers