One region in the world that has been particularly adept at shifting its economic focus to property is Dubai, in the United Arab Emirates. Previously, like the rest of the Arab states, its wealth was built on a foundation of oil and gas. Now, however, the emphasis has moved to attracting foreign money into the area with international property investment and tourism.

Today the city boasts more than 272 hotels with 30,000 rooms, over 47 shopping malls and approximately six million foreign visitors a year with figures expected to rise to 15 million by 2010.

In 2004 for the first time the tourism industry accounted for 18% of GDP, which was greater than oil and gas revenues. In the property world Dubai has spawned many renowned developments, such as The Palm, The World and of course the seven-star hotel the Burj al-Arab.

Dubai also has plans to build a theme park twice the size of Disneyworld Florida, the Mall of Arabia (the world's biggest shopping mall) and the Restless Planet (which will house over 150 animatronic dinosaurs and even an indoor ski slope. ) Would-be investors will also benefit from the new Dubai property law which is about to be ratified. Dubai residents will be entitled to outright ownership of both the property and the land. Local media who have seen drafts of the law report say it is set to spark huge interest in people buying property in the city.

Property revolution For the first time it will allow foreigners to register their properties under their names in the Dubai Land Department. Up until now, a contract with the developer is an expatriate's only guarantee of ownership rights in Dubai's freehold developments.

"The property revolution in Dubai was going on in a legal vacuum, " said Omar Momany, a Dubai legal consultant, specialising in property law. "We have something now that talks about real estate and outlines the ownership rules."

Dubai's population has grown by more than 20% in the last two years. The population was predicted to be 1.4 million by 2010 but it already hit that in 2005, and is now predicted to be between three and five million when 2010 does arrive.

Even in area, the city has grown phenomenally; since 1993, Dubai's urbanized land mass has grown 63%, and it is estimated that the city will be nearly two and half times the size it is today by 2015. On top of that, annual tourism growth of 17% in Dubai outperforms the global average of 3%, and by 2015 it is expected 20 million tourists will visit the city annually.

At the forefront of the charge into Dubai . . . where everything is bigger, faster and more expensive . . . are the Irish.

Over the next number of weeks, the profile of Dubai in Ireland will rise, especially with Aer Lingus commencing direct flights there from Dublin on 28 March. This is on top of direct flights already available from Gulf Air out of Dublin to Bahrain. Capitalising on this, a number of Dubai property exhibitions will be held around the country promoting the merits of investing in the Arabian city.

International organisers DSL Exhibitions will be bringing together Dubai property developers and agents at the Dubai Property Show from 24 to 26 March, the first exhibition of its kind to come to Ireland, at the RDS Irish International Exhibition and Convention Centre, Dublin.

"This will be the first time that well-known Dubai agents and developers will be showing en masse, exclusively under one roof in an Irish venue, " says Mike Bridge, regional sales director of DSL Exhibitions.

Bridge believes the Aer Lingus direct flights are "likely to spark a further influx of Irish investors to the Emirate, which has already proved a very popular destination since the market opened up three years ago.

"Huge investment has been ploughed into Dubai and it is constantly introducing worldclass projects in a city that offers unlimited opportunities, strong population growth, high rental returns and new real-estate laws designed to protect the investor."

Prices in Dubai compared with other international resorts are still very competitive, with studio apartments starting from as little as 65,000, and villas from only 295,000.

At the exhibition there will be an array of different developments, such as the worldrenowned Palm Jumeirah, where prices start at 367,000 for apartments and 1,150,000 for villas. At International City studio, one- and two-bed apartments start at 66,000, while at Jumeirah Beach Residence beach-front properties start at 220,000. An array of lenders will be offering mortgages of up to 80% of the purchase price.

Another major development is Dubai Sports City, which is being exhibited at The Marriot Johnstown House Hotel, Enfield, Co Meath this weekend. "We deal with a broader spectrum of developers and we're the only Irish property company that's developing its own sites in Dubai . . . the only company that's genuinely investing alongside our clients, " said Ray Norton, managing director of Larionovo, a fully bonded Irish estate agent and developer specialising in overseas property investment opportunities which has offices in Dublin, Ennis, Co Clare, Spain, the UK and Dubai.

Together with Vision East, an independent selling agent, and Property Team Carey, an independent auctioneer based in Co Meath, Larionovo has teamed up to promote Dubai Sports City . . . the city's next biggest development.

On top of the 240 residential units, which consist of studio, one- and two-bed apartments from 90,000 to 245,000, a guaranteed rental income of 6% per annum for the first three years, the development due for completion in January 2008 also has a vast array of first-class branded sports facilities.

Man Utd soccer school These include a Manchester United Soccer School . . . the first outside Europe, a Butch Harmon [Tiger Woods's trainer] School of Golf . . . the first academy outside North America, an Ernie Els Signature Golf Course, a David Lloyd tennis school and leisure club, an ICC Global Cricket Academy, a cricket stadium and an Olympic Stadium . . . a 65,000 seater stadium for football, rugby and track and field events, with a firm eye on attracting the Olympic Games.

"There is an acute shortage of residential space in Dubai, " Gulf News reported in April 2005. "Being cautious, we predict rental returns of 12% plus, though they may well be higher by completion. Capital appreciation is also projected to be very healthy, given that our building in Sports City will be one of the first of its kind to come on stream within the Dubailand megatourism development, " says Norton.

Further Information: DSL Exhibition: RDS, Dublin, Friday 24 to Sunday 26 March www. dubaishows. com Tel: 046 954 1064 or e-mail visioneast@ntlworld. ie.

Luxury Hotel Homes: Five-star hotel apartments from 140,000 Tel: 087 121 5264