Is now the best time to buy in Dubai?
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Dubai is one of the most interesting destinations for tourism, businesses leisure and those who fancy living in the Middle East. It offers a very high quality of life and job salaries, all without imposing any income tax to your hard earned money. Dubai is considered the 6th best city in the world for working expatriates. But how does this all affect the housing market? Many go to Dubai with the idea of working hard, playing hard, earning and saving their tax free salaries, then eventually moving back to their native land. This means one thing for the housing market in Dubai – people prefer to rent than buy. Commitment to a 20 or 30 year mortgage for non-natives is something very rare, despite a majority of Dubai’s population being non-natives. New development projects in Dubai have sky rocketed over the past few years, eventually getting to the point where there has been an oversupply. New buildings for apartments or hotels without the relevant interest from either the housing or tourism market. These are a number of reasons why the prices of property have gone down in Dubai.