UAE gave its nod to freehold residential property and the go ahead for foreigners to own in 2002. Since then, foreigners have been allowed to buy Dubai residential property. This caused Dubai real estate prices to skyrocket, as locals and foreigners scrambled to get a piece of the property pie. Add to the mix investors eager to cash in on the market trend. That year was followed by a property market explosion, where impressive projects began showing up. Dubai got the world's attention as a hot property market spot then.

Rental rates of Dubai properties have also gone up. Statistics from EFG-Hermes, an Arab investment company provide further evidence of this, with rent increases of 25 to 40 percent observed until 2008. Recently, however, sell prices have dipped due in part to property price corrections, which were inevitable because of dramatic increases experienced over the past six years, and the overall economic decline.

Project completion is slow. This is a key factor that has kept the Dubai residential property market afloat for extended periods because it pretty much allowed just an acceptable number of properties into the market at a given time. In this way, the market avoided getting flooded with all sorts of projects and ended up maintaining stable, high prices.

EFG-Hermes estimated 100,000 residential units (apartments, townhomes, luxury villas, etc.) to invade the market come 2008. However, only a tiny portion of this forecast figure had been finished due to various reasons including rising construction cost, tighter government regulations on Dubai residential property developers, and inadequate labor supply. Some speculate that developers might have had a hand in the slowdown, seeing it as a way of sustaining the success achieved in the property market in the region.

Rapid expansion is taking place all over the emirate of Dubai. From a one-million population in 2001, applying current growth rates, it is expected to reach four million by end of 2010. The bulk of this number is seen as representing expatriates. Population growth like this translates into greater demand on properties, hence the 2002 call to legalize real estate ownership among non-UAE citizens.

People who want to rent or purchase Dubai residential property has the Dubai Property Portal to help them out. It offers an exhaustive listing of properties that are up for grabs in the market. The company staff provides up-to-date info on various properties in Dubai that are available. Their exceptional knowledge of the area's property market is useful in searching for investment and residential real estate.

The Dubai Property Portal website guides prospective buyers and investors to the right Dubai residential property for them. It contains Dubai property lists that are classified as for rent or for sale on property markets. The company also throws in details concerning recent development projects, informing people of any that are still available for off-plan property purchasing.