Wednesday, December 20, 2006

Real Estate Scene in Dubai, UAE




Dubai Real estate is a booming industry; offering a treasure to investors, expatriates and locals in terms of residential, commercial, luxury, and premium property. Dubai offers a unique opportunity for investment, with the presence of free-trade zones, rising tourism (over 50 four and five star hotels) and a GDP that increases at an average of 7.5% per year.The reasons are countless for an entrepreneur or an investor to consider Dubai for solid investment. During last three years Dubai has emerged as the ultimate destination for international and local property investors. This boom was triggered by the ‘freehold property scheme’, unveiled in 2003 by Dubai government, allowing foreigners to own property for life, with the right to sell, lease or rent it at their own will. Along with this, the increase in population, flourishing tourism and readily available mortgage facilities from banks and financial institutions have given vent to an extraordinary real estate boom in Dubai.

Real estate projects of almost $30 billion are currently under development in Dubai.These projects include some of the world’s most spectacular and awe-inspiring architectural wonders. The world’s tallest building; being developed by Emaar Properties and called ‘The Burj Dubai’ is scheduled for completion in December 2008. Although the final height is a secret but it is said that when complete it will be close to 800 meters tall (around 2600 feet). Based on this height, the total number of habitable floors is expected to be around 162. However it is rumored that the final height is now increased to 916 meters as of a posting on September 28th, 2006. Upon its completion in 2008 the Burj Dubai will likely become the tallest building in the world. It will beat out the current title holder, Taipei 101 in Taiwan, as well as numerous other proposals including the Freedom Tower at New York City's World Trade Center, the Shanghai World Financial Center and the Fordham Spire. In addition, it will assume the title of the world's tallest structure, surpassing the tallest freestanding structure (on land), Toronto's CN Tower, as well as the guyed KVLY-TV mast in North Dakota, the latter setting a minimum height for the tower at almost 630 m. The lead architect of Burj Dubai is Adrian Smith of the Chicago office of Skidmore, Owings and Merrill. The interior of the building will be decorated by Giorgio Armani. It will also feature the world's fastest elevator, at 18 m/s (65 km/h, 40 mph). The world's current fastest elevator is in the Taipei 101 office tower, Taipei, Taiwan, at 16.83 m/s (60.6 km/h, 37.5 mph). Burj Dubai is being constructed on Sheikh Zayed Road, just after the first interchange and it will be surrounded by a man-made lake. It will also be surrounded by a combination of residential, commercial, hotel, entertainment and leisure outlets, along with open green spaces, water features, and pedestrian boulevards.The world’s largest shopping mall which will be called the ‘Dubai Mall’ will cover a total of 12 million square feet. The biggest theme park and an indoor ski resort are also coming up. The mall is being built by Emaar Properties and was scheduled to be completed in 2006, claiming to be the size of 50 "international-sized soccer pitches". It is now expected to be completed in 2008. Currently, the largest mall in the world is believed to be the South China Mall in Dongguan, China, spreading over 9.6 million ft².Al Nakheel properties is developing the ‘The Palm’ and ‘The World’ which are two colossal man-made island projects, visible from space, and the most expensive square kilometer of real estate on the earth. Emaar Properties has developed several properties like the The Greens, The Meadows, The Springs, Dubai Marina, Arabian Ranches, Jumeirah Beach Residence, The New Dubai, International City, are other wonderful projects in the list of Dubai mega real estate projects.As a good long-term investment, investors are increasingly tending to view housing and real estate in Dubai. This interest has been prompted by some efficient and flexible factors, such as comparatively affordable real estate price options, excellent quality of life, an open and tax free society, ultra-modern infrastructure, political stability, cosmopolitan lifestyle, world-class entertainment events, international sporting events and above all an extreme sense of security (a virtually crime-free environment).And Dubai is still sailing towards further growth; the government is concentrating on creating job opportunities and bringing in skilled workers and professionals, as well as tourists to support its people-based economy. The current construction and real estate boom is expected to continue for years to come.No wonder, Dubai has become the synonym for comfort and extravagant living with a wide array of new properties flourishing in the region. Dubai is no more a parched dry land but luxuriant with many amazing parks, brilliantly landscaped lawns and lush greenery. Experience the most modern and debonair life style without compromising on the old traditions and customs of the Arab World. The new properties promise the most exhilarating and thrilling living experiences within an environment-friendly habitat.Living in Dubai within an eco-friendly ambiance and experiencing the absolute luxury life style is no more a dream. Life in Dubai is no more arid but wonderful and fascinating with all its new magnificent residential structures. You can live your life in style within the verdant foliage, amazing parks and the landscaped lawns.

1 comment:

Property Guide Dubai said...

A top executive at Damac properties is of the opinion that the increase in demand in the Dubai Real Estate Sector will surpass the supply by the end of 2008. This statement was made while disputing the EFG-Hermes report which said that oversupply could result in a fall in prices by 2008.