The Next Big Thing: Dubai

Scott Huggins and Jo Sinnott get to grips with the Dubai property market in their search for the next big thing. Once a desert outpost, Dubai is now one of the most exciting cities in the world for investment. Dubai is unusual in that its population comprises mainly of expatriates and is home to some 100,000 western newcomers. The government does not offer any form of naturalisation to expats but foreigners are permitted to purchase and own specifically-designated property. The decision to diversify from a trade-based but oil-reliant economy to one that is service and tourism oriented has made property more valuable resulting in a boom from 2004-2006. Construction on a large scale has also turned Dubai into one of the fastest growing cities in the world.