Did you know that oil revenues make up less than 1% of Dubai's GDP today? 

The city has been diversifying its economy since the 70’s to reduce its dependence on fossil fuels and it seems to be working very well indeed.

Dubai is now poised to be the growth leader among the six countries in the Gulf Cooperation Council, with GDP expanding three percent or more this year and in 2019.

Have you seen January’s Confessions of a Real Estate Agent?

Here is some of what I have been talking about with clients this week:

I am always on the lookout for interesting news articles and reports to share with you.

I'm an avid reader of anything to do with Dubai property, I learn lots in the process, and I am informed about the market and better equipped to help my clients.

With some articles, it's clear that the writer has their own agenda and I often don’t recognise the market that they are commenting on and does not reflect my experiences. I am confused by the difference of opinions so its no wonder that many people feel the same as they navigate through the piles of misinformation online when researching and considering an investment. I am here to help you find your way through the confusion and enable you to make better buying decisions.

To all my readers, I wish you a wonderful year ahead

On January 1, 2018, the UAE implemented a Valued Added Tax (VAT) at the rate of 5% on selected goods and services. 

Read how it affects real estate here 

We are all having to quickly learn what is exempt, what is zero-rated, when we need to add VAT or when we must pay, next step is how we can claim a refund, but we have a few months to learn that one. 

The UAE remains a predominately Tax-Free country with zero Income Tax, zero capital gains, zero inheritance tax and zero corporation tax (except for oil and gas entities and some banks), so a 5% tax is unlikely to have a dramatic effecton the way we spend our money. 

This week’s meetings and discussions have included the following

Happy New Year, to all my readers

2017 will be remembered as the year where the number of off-plan sales transactions exceeded those for the secondary market and agents, developers and pundits talked about affordable housing but couldn't agree on what was "affordable".  

Compliments of the Season to all my readers

Another record breaking December at the world’s busiest airport for international passengers. 

Dubai International expects as many as 8 million passengers, and over 250,000 on some days, to pass through its gates this month, a figure boosted by the growing number of tourists and the closure of schools in the UAE for the Christmas and New Year holidays.

Meanwhile, Emirates have announced that they will be flying to and from Essex in 2018.

This week’s discussions about property have included the following

Earlier this week, Dubai approved its biggest ever budget as the emirate ramps up infrastructure spending in 2018 to finance work for Expo 2020. Expenditure will surge 19.5 per cent to Dh56.56 billion and revenue will increase 12.5 percent to Dh50.36bn in 2018.

The IMF is projecting growth of 3.3 percent for Dubai’s economy this year, and 3.5 percent next year, up from 2.9 percent growth last year.

In other breaking news - rain is forecast for the weekend - read all about it here.

Did you know that know that the UAE and Saudi Arabia will be the first in the Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) in 2018 while other countries will follow in the coming years?

The introduction of VAT will help the UAE government to generate an estimated AED 2 billion (around 0.8 percent of GDP) worth of revenue in the first year, which will increase to AED 20 billion (approximately 1.2 percent of GDP) in 2019.

The United Arab Emirates was formed on the 2nd December 1971, just 46 years ago, and it is one of the most notable days in the calendar where the entire country comes together to celebrate and honour the historical moment when the seven emirates combined to form one nation. 

I arrived here in 2003 shortly after the government announced that overseas buyers were able to invest in Dubai’s freehold property and it still amazes me that every apartment, house and community that you can buy into today did not exist 14 years ago.  

Elsewhere in the world, it's Black Friday, but here in Dubai, we call it White Friday out of respect for the day of worship and the gathering of friends and family.

Today is also the start of the three Day Super Sale where retailers across the city will slash prices, with discounts of 30-90% off on in-demand items over the course of the weekend. 

The developers of Dubai have joined in, and many have announced launches and deals to coincide with the retail madness

Dubai is expected to welcome 17 million visitors in 2017 making it the 6th most visited city on the planet. Over a million of those visitors will come from the UK , I am amazed that Dubai receives more visitors than places like Paris, New York, Tokyo and Rome. The rate of growth is up there with Mumbai and Delhi, read more here

More visitors meansmore business for Dubai and higher numbers of people choosing to stay for longer and hopefully settle. This week's property discussions and site visits have included the following:

Did you know that overseas residents are able to obtain mortgages from UAE Banks to purchase property in Dubai? 

Dubai developers selling off-plan properties have payment plans of 30%, 40% or 50% due during construction and the final payment can be paid using part cash and/or a mortgage. 

Clients purchasing property can take full advantage of the developer's investor-friendly payment plan and in some cases will obtain the 50% LTV mortgage during construction and then re-mortgage once the property is completed and is rented, at which time they can obtain a Maximum 75% LTV based upon the property valuation and applicant circumstances. 

Read more here

The city of Dubai is rightly famous for the glitz and glamour of its architecture. There’s an abundant supply of majestic properties with sprawling gardens or swanky apartments overlooking its yacht-lined marinas. But despite all that opulence, the emirate remains one of the least costly places to own a home.