LUXURY LIVING: (From above) View of the Jumeirah Beach Residence and The Palm

After living for 22 years in rented accommodation in Dubai, Madhu Sharma and wife Archie are eagerly looking forward to moving into their own villa at the Meadows next October. "We have spent almost all our working lives here," says Archie, a former senior manager at Dubai Duty Free. Even when the Emirates authorities allowed a 99-year lease on property in the Gulf, the couple could not think of taking the plunge.

But now, for Madhu, Archie and others like them, owning a home in Dubai is no longer a distant dream. In June this year, EMMAR-a property development and public joint stock company listed on the Dubai financial market-announced the sale of freehold property to expatriates. This triggered a run on the sales offices of EMMAR with demand for homes going through the roof. Private developers, with such projects as Jumeirah Beach Residence and The Palm, jumped in to contribute to the boom in Dubai's property market.

"Owning property gives you long-term commitment-either to work, to run your own business or to retire here," says Archie who, now secure in the thought of owning her own home, has opened a business consultancy with her husband. Madhu, who was marketing and sales director for a leading electronics distributor in the UAE, adds: "It also makes good business sense-a 10 per cent down payment and 90 long-term mortgage instalments at 6.5 per cent interest on reducing balance." With Madhu being a keen golfer, there is the added attraction of their new villa being ensconced between two world class golf courses-the Emirates Golf Club and the new Montgomery Course.

"Instead of paying rent, you can live in your home in a tax-free country." VIJAY MALHOTRA, Investing in a villa

For the Indian expatriates living and working in the Gulf, the luxurious lifestyle the country has to offer is difficult to give up. Add to it Dubai's other attractions: it is relatively close to India with modern buildings, vibrant commerce, a tax-free environment and western amenities with eastern comforts-in short the best of both worlds. With an estimated 35 per cent of the expat population being of Indian origin, it is no surprise that 40 per cent of the bookings is by Indians, be they businessmen or professionals.

Vijay Malhotra, who is international auditing firm KPMG's managing partner for the UAE and the Gulf, sees this as a great opportunity to invest. Having opted for a large villa himself, he says: "Allowing ownership of freehold homes removes a barrier for long-term investment. Now instead of paying rent, you can live in your own home in a tax-free country with hard currency and lots of opportunities for business and investment."

Home ownership in Dubai is attractive both for personal dwelling and for renting out. Rents are high in Dubai and demand has always outstripped supply. Other Business opportunities too are booming, particularly tourism, generating more business and employment, translating into more tenants.

"Owning property gives you long-term commitment to work here, to run a business or retire here." Archie and Madhu Sharma, Buying a villa at EMMAR's Meadows

While quite a few have plunged in, some NRIs are waiting and watching hoping that with the spurt in projects, property prices will fall. Some are awaiting further relaxation in property laws that could let them buy their now rented, centrally-located villas. Others remain concerned about residence visas not yet being a part of builders' contracts. Then there is the current uncertainty regarding laws such as the regulatory framework for mortgages, registration of property, resale of units and transfer of ownership on death of an owner. Though not yet formalised at the federal government level, the laws are expected to be in place by the end of next year. That, however, has not discouraged the rush to book. Three financial institutions are already offering mortgages with more expected to follow.

Property developers are in full steam. "The real estate market is on a high growth curve driven by huge customer demand," says Mohamed Alabbar, EMMAR chairman. His company targets investors across the world with different price points.

The company currently has six major projects under development including The Dubai Marina, a 50-million sq ft project which will house luxury residential and leisure facilities; The Meadows with 147 villas at prices ranging from Arab Emirates Dirhams(AED) 1.2 to 1.9 million and The Greens project with over 600 apartments from AED188,888 to 565,888.(AED3.67 = US$1).

Jumeirah Beach Residence (JBR) offers homes on the beach. The project is open both to UAE nationals as well as expatriates, says Hashim Al Dabal, CEO of JBR board. The 3,000 apartments here ranging from studios to four bedrooms, costs AED199,000 to 949,000 depending on the size, view and floor level.

Another private project, The Palm, is already been referred to as the eighth wonder of the world, and like the Great Wall of China, is visible from outer space. This ambitious project involves the creation of two man-made islands-The Palm Jumeirah and The Palm Jebel Ali-each in the shape of a palm tree consisting of a trunk, a crown with 17 fronds and a surrounding crescent island. Each island will support 50 luxury hotels, 2,500 beach-side villas and up to 2,400 shore-line apartments as also marinas, water theme parks, restaurants, shopping malls, sporting facilities, health spas and cinemas.

Saif Sultan Al Shamsi, managing director, commercial of The Palm, says: "Full ownership option for foreign investors on The Palm will play a key role in raising awareness of Dubai worldwide as an ideal residential option." He confirms: "Visas will be issued to expatriate occupants, their dependents and staff every three years for as long as they hold title to a property at The Palm."

Meanwhile, word of mouth is getting around and expats in the Gulf are taking the plunge. "One evening, we met with friends who are buying a home," says medical doctor Indra George, who has been living in the Gulf for 14 years with husband Duleep, a senior manager with a newspaper. She adds: "We also went and had a look and decided to buy. It was a decision like buying a new microwave-very quick!" A reflection of the boom.