Luxury Insider

Dubai’s history is connected to the vast ocean – in early times Venetians worked here diving for pearls. This is the second-largest of the United Arab Emirates and is one of the fastest growing tourist destinations in the world. It has a stable economy based on the oil industry, state-of-the-art infrastructure, and high living standards. However, some attention has been drawn to the state of human rights in this area because of the workforce consisting mainly of immigrants.

Despite this, many people are choosing Dubai as their home because of the abundance of opportunities available to them here as well as the fact that it is seen to be relatively stable in its political climate. The city is kept clean and very safe and was the first in the region to introduce foreign ownership of land. Dubai boasts amazing beaches and superb desert scenery, as well as virtually guaranteed year-round sunshine. There is currently a property boom in the area, and new developments are springing up everywhere. There are a large number of luxury apartment developments currently under construction, with many already sold out. The fact that luxury property here is (at present) relatively well-priced compared to that in the UK makes it the ideal place in which to invest.

One of the fifteen states that make up the so-called “Cradle of Humanity”, Oman consists mostly of desert-covered areas and has a hot, humid climate. Copper mining, dating back to ancient history of the region, is still one of the main industries of the area. Oman was, up until the 1970’s, one of the most isolated places in the Gulf region. It has also been mostly spared of the violence that has reigned in most of its neighboring regions.

The area is surrounded by impressive mountain ranges and has a number of historical sites. However, it is also caught in constant political and social turmoil. While the political environment has slowly become more stable, human trafficking is an issue that overshadows this beautiful region. Despite this, Oman has been actively involved in peace-keeping initiatives in the Middle East and has kept good relations with other countries. This region has also recently signed agreements for new developments, encompassing mostly luxury villas and townhouses. Gulf News recently reported that there has been a 40% increase in land values in this region. Most of the new proposed developments are located in Muscat, the capital of Oman, but it is projected that luxury housing projects will be constructed throughout the region. Oman has a slower pace than that of the larger cities such as Dubai, which is part of the appeal to certain holidaymakers and investors. This city is still considered by many as one of the largely undiscovered gems of the Middle East. Although very modern, Western influences are restricted in Oman.

This region is in a state of rebuilding after being ravaged by war between 1975 and 1990. However, recent political events have caused it once more to be in a highly fragile state. It is starting to generate a lot of interest in its reemerging property market, which used to be a highly successful sector. A large amount of investment is flooding into the region, creating further investment opportunities. The attention is currently focused on Beirut, where developers are looking to create a vibrant city with lots of new residential and retail areas. In June 2006, Damac Properties launched La Residence by Ivana Trump which is to be a 27-story luxury residential tower in Beirut. Sales figures have been low as investors are hesitant about this area and it is unsure whether construction will continue. This country has recently been caught in further political strife which has had a negative impact on the market. While Beirut has been deemed as a reasonably safe city, the effects of the recent war are still to be seen in neighboring cities, making this a potential investment risk.

The Middle East is a region that has long been plagued by political strife and instability. However, it would seem that certain regions are stabilizing and that there are certainly good investment opportunities. There remain, though, some regions such as Lebanon, in which it is too early to safely judge how the political situation will change. Cities such as Bahrain and Dubai, by contrast, seem to be showing stable conditions and good relations with neighboring countries. Overall, then, there is certainly a lot of promise in this region and it seems that luxury living is something that is ever-growing in demand here.