Property prices in the emirate of Dubai have soared over the last few years, and recent developments mean that it is still possible to pick up a bargain in this luxury destination.

One company which is exploiting the demand for cheaper property in Dubai is Principle International. Its Director, Paul Cooper, says: "Speculation is rife about the future of the Dubai property market and the anticipated levels of housing coming onto the market in 2008, but our prices offer alternative opportunities for investors looking to attract the everyday residents and not just the high earning expats and locals.

"Our investors are still keen to buy in Dubai and we are advising them not to lose confidence, there is no evidence of the housing market subsiding - not with the enormous shortage of property available to buy at the moment."

Principle International is currently marketing apartments in the Jumeirah Lake Towers development in Dubai. Prices start at £160,000 for a one-bedroom apartment. However, the company hopes to make Dubai property available soon for as little as £57,000 for an apartment.

Dubai isn't the only emirate with a burgeoning property market. Ras Al Khaimah is one of the destinations to have recently lifted a ban on foreign ownership of properties. This, coupled with a planned investment of 381.2 million dollars in real estate this year, has led to a price-hike in the area. 

Rak Properties is the major contender in Ras Al Khaimah's property market. The company is currently constructing Julfar Towers, a 1.1-million-dollar project which will offer a range of apartment units. The Towers will benefit from a business centre, parking, fitness centre and kindergarten, and is close to both a beach and a golf club.

If you're passionate about culture, then the plans for Abu Dhabi's new Saadiyat Island cultural district (pictured) should attract you to the Emirates' capital. The Abu Dhabi Tourism Authority has announced plans to construct four major venues in the new districts, based on designs by famous architects such as Frank Gehry and Zaha Hadid. If you fancy enjoying the cultural opportunities that Saadiyat Island will offer in the future, then you could invest in a nearby property development, such as the new Manazel real Estate Al Reef Villas project. The development will include both villas and apartments, with prices starting at £73,000.

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Article first published 24 May 2007