Where is it?

Dubai is one of seven emirates which constitute the United Arab Emirates (UAE) and is located at the tip of the southeast Arabian Peninsula in the Persian Gulf.

What's so special about it?

Dubai is the most westernised and liberal emirate in the most liberal state in the Middle East. It has marketed itself as a place where everything is bigger, taller and better and its developments are world famous. The iconic Burj al Arab is the world's tallest hotel. The Palm Jumeirah is the world's largest man-made island. The Burj Dubai will soon be the world's tallest building. The Mall of the Emirates, featuring an indoor ski slope, is the Middle East's largest shopping mall. The city is expanding at such a rate that it is estimated that it will be two-and-a-half times its current size by 2015.

Best kept secrets:

There are a number of issues arising from the Dubai success story. While growth has been strong it has been erratic at times.

Global Property Guide reports that there have been slumps and spurts ranging from -19% in 1986 to +16% in both 1989 and 1990.

Also, over 90% of those living in Dubai are not UAE nationals - many are workers brought in to fuel the property boom. There has been concern over working conditions and the Gulf News reports that real estate agents have admitted that landlords discriminate between nationalities when they lease out apartments and in most cases favour European tenants. The government has responded to these problems and made efforts to improve workers' lives but Dubai is still one of the least difficult places in the world to hire and fire workers.

What's the property market like?

It is estimated that around 70,000 new units are required every year to accommodate the influx of workers to the emirate. Currently, there are 200,000 mid- to high-end units under construction. Supply has yet to hit demand and thus the market remains strong, although prices have risen in recent years. A study by the Middle East Economic Digest (Meed) found demand for property would continue to outstrip supply until at least 2010. Meed estimated 175,000 new residential units would be available but demand is still set to outstrip it, with an estimated 181,000 units required by that year. However research by the Dubai-based businessman Fouad Bardawil predicts a drop in house prices in the coming years and the Egyptian investment firm EFG-Hermes predicted rents and property prices would begin falling in 2008.

In May the National Bank of Kuwait (NBK) also warned that Gulf Arab economies would be at risk should regional real-estate markets crash as investors and banks continued to inject petrodollars into booming property projects.

How do you go about buying property?

For information on property in the area reliable sources are the Gulf News and the Arabian Business website. When sourcing agents choose from those vetted by the Association of International Property Professionals or the Federation of Overseas Property Developers, Agents and Consultants.

A law of March 2006 has allowed expatriates to own property in designated areas of Dubai for the first time. This gives foreign buyers a freehold title, registered with the Dubai lands department, and allows them to sell or lease their property without restriction. It also entitles them to a three-year residency visa, which can be renewed after that period. Properties can be registered and foreigners can be granted land certificates by the Dubai lands department.

Where are the best places to buy?

While the March 2006 law allows for expatriates to own property, there are restrictions on where they can buy. This includes areas such as Sheikh Zayed Road, Dubailand, Jumeirah and Jebel Ali. The most luxurious properties in Dubai were those launched recently by developer Damac, who launched their Signature Apartments, targeted at the world's superrich, with a collection of apartments in Dubai Marina and in Business Bay starting from around Euro9m.

What's the rental market like?

Dubai is increasingly a buy-to-let market as there is a huge housing shortage for workers based in the city. Speculators who entered the market two years ago have made excellent profits: for example, apartments in Dubai Marina have risen in value from 40% to 55%. Rents have risen accordingly in the past five years, averaging annual increases in the region of 20%. However, apartment owners are reporting occupancy rates of 98%.

What's the resell market like?

As a new location, the secondhand property market is relatively untested at present, however demand for property is still strong.

What type of property is available?

Apartments dominate the market in Dubai, ranging from one-, two- and three-bed apartments to full-floor penthouses. One recent significant development was the launch of the Euro200m Island of Ireland in Dubai project, which is part of 'The World' man-made complex.

The project, located 4kms off the coast, was purchased on St Patrick's Day by a group of Irish buyers and is scheduled for completion in 2010. It will include Irish landmarks such as the Giant's Causeway, Georgian Squares and the world's largest Irish bar.

Average property prices?

Prices in Dubai vary wildly, starting from Euro76,000 for a studio apartment up to Euro9m in the 'Signature Apartments'.

What are the tax breaks with Ireland?

There are no direct taxes in Dubai: no capital gains tax and no stamp duty either.

However there are rumours Dubai may introduce stamp duty.

FAST FACTS
Getting there: Aer Lingus began a direct service to Dubai in March 2007.
Population: 1.5 million Currency: Dirham (roughly Euro1 to AED4.95)
Weather: Temperatures routinely hit 40�C in summer, with little rainfall.
Transport: Dubai International Airport is the hub for Emirates Airlines, with regular flights serving major cities in the Middle East and beyond.
Going out: Dubai is among the most liberal Arab cities, thus there is a thriving and cosmopolitan nightlife there. The annual Dubai Desert Rock Festival is the only event of its kind in the Middle East. The new Culture Village development promises amphitheatres for live performances and cultural festivals, in addition to exhibition halls and museums.
Eating out: Dubai is a cosmopolitan city and restaurants reflect this ethnic diversity, offering traditional Arabic and Lebanese fare, as well as Thai, Chinese, Indian, Italian eateries, alongside the obligatory American franchises.
Shopping: Like many Gulf states, Dubai has many large malls filled with well-known western brands. It also has regular and spectacular shopping festivals.

USEFUL CONTACTS
� Irish Embassy in Saudi Arabia (handles Dubai): 00966-1488 2300; www. embassyoffreland-riyadh. com
� Emirates Airlines: www. emirates. com
� Property advice: www. propertyadvicedubai. com
� Dubai Government: www. dubai. ae
� Department of Tourism: www. dubaitourism. ae
� Nakheel [developer]: www. nakheel. com
� Gulf News: www. gulfnews. com
� Leading daily newspaper in UAE: www. khaleejtimes. com
� Arabian Business : www. arabianbusiness. com
� Association of International Property Professionals: www. aipp. org. uk
� Federation of Overseas Property Developers, Agents and Consultants: www. fopdac. com
� MyOverseasProperty: www. myoverseasproperty. ie
� Overseas List: www. overseaslist. com