UK: Tuesday, August 31 - 2004

Dubai property finds fame abroad

The reputation of Dubai property is growing internationally as this correspondent found out when invited to meet one would-be buyer in the UK who turned out to be something of a real estate expert.

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The subject of this column would prefer to remain anonymous. This summer I borrowed a flat from an old friend in a major British seaside resort and was pleasantly surprise to receive an invite from the owner of the penthouse to discuss Dubai property.

'Go and see them, it is worth it just for the view!' said my friend. It was indeed a fine view. But I thought this also said a lot about international interest in Dubai property.

The owners of the flat turned out to be a retired couple in their late 50s who could boast a lifetime of experience in the property sector. Normally they did not bother with residential properties – too much hassle, and preferred commercial real estate having retired with a portfolio of 12 factory units in the South East of England.

'We love Dubai, it is safe and I just like everything about it,' reported the prospective buyer. 'We are definitely going to buy. It's the sun, shopping and it's so business-friendly.'

Their UK penthouse contained sufficient antiques to furnish several large apartments, and I wondered if modern Dubai would not be a disappointment. 'Not at all,' said the owner, pointing to a large perfume bottle that he acquired in Dubai on his last visit.

He was also well up-to-date on real estate prices in Dubai, and noted that even with recent price rises that Dubai apartments cost less than half a comparable unit in his seaside town. 'So should he go for the Palm Island or somewhere else?' he asked.

It was only fair to point out that the nearby Jumeirah Beach Residence offered similar apartments at a fraction of the cost but without the prestige address, and that Dubai Marina had many more similar developments.

'We will be over this autumn, and we are definitely going to buy'. These were his last words as my wife and I stepped into the penthouse lift and descended to life with the lesser folk below. It was an odd experience – meeting a Dubai property buyer in the UK – but probably very much a sign of things to come.

For Dubai is a great year-round sunshine destination for retirement and with such modest real estate prices, the cleverest UK property buyers are starting to pay attention.