Dubai Property For Sale

Dubai Real-Estate & Property

The government's decision to diversify from a trade-based but oil-reliant economy to one that is service- and tourism-oriented has made real estate more valuable, and corporations such as Emaar Properties and Nakheel have benefited. Corporate office enclaves on Sheikh Zayed Road were developed to shift Dubai's traditional business area from the Dubai creek to the western parts of the city.

Dubai's land-reclamation projects — the three Palm Islands of Jumeira, Jebel Ali and Deira; The World archipelago; and the Dubai Waterfront — will be the largest man-made offshore structures in the world, housing villas, hotels, shops and holiday resorts.

The first villa freehold properties that were occupied by non-UAE nationals were The Meadows, The Springs, and The Lakes (upper-class neighborhoods designed by Emaar Properties, collectively called Emirates Hills). Somewhere from 2005 to 2006, most of the freehold skyscrapers and other residential projects will be ready for occupancy.

The city has modern skyscrapers such as Emirates Towers, which are the 12th and 24th tallest buildings in the world [3], and the Burj al-Arab located on the Persian Gulf and is currently the tallest hotel in the world.

Emaar Properties is currently constructing what will become the world's tallest building, the Burj Dubai. It is expected to be completed in 2008.

In February 2005, the construction of Dubai Waterfront was announced [4], it will be 2½ times the size of Washington D.C., roughly seven times the size of the island of Manhattan. Dubai Waterfront will be a mix of canals and islands full of hotels and residential areas that will add 500 miles of man-made waterfront. It will also contain Al Burj, another one of the tallest buildings in the world.

Dubai has also launched Dubiotech. This is a new park to be targeted at Biotech companies working in pharma, medical fields, genetic research and even biodefense. The aim of this park is to foster the growth of this sector in Dubai and to utilize the region's talent in addressing this rapidly growing sector.

The International Media Production Zone is a project targeted at creating a hub for printers, publishers, media production companies, and related industry segments. This project was launched in 2003 and is estimated to be completed by 2006.

Immigrants have been pouring capital into Dubai in the past several years, greatly contributing to the city's prosperity. Iranian expatriates alone are estimated to have invested up to US $200 Billion in Dubai.

Dubai interests have also purchased large amounts of real estate in foreign countries, in particular snapping up trophy properties in global centers like New York and London; a typical purchase in 2005 was New York's 230 Park Avenue (formerly known as the New York Central Building or the Helmsley Building) and Essex House on Central Park South.

See the Dubai Department of Tourism and Commerce Marketing's list of developments in Dubai for more information.

Construction

Since 2000, Dubai's municipality has initiated a plethora of construction phases and plans across the entire city of Dubai, predominantly in the Mina Seyahi area, located further from Jumeirah, towards Jebel Ali. In many areas, it is not easy to see Dubai's sky without at least one crane in your view; some say 16% of the world's large construction cranes reside in Dubai. Construction in Dubai and the UAE in general is a much faster process than in any Western country. This is partly because labourers from the Indian subcontinent accept lower wages than those from other countries.

One of the main reasons for the boom in construction in Dubai is its drive to diversify the economy. The Dubai government does not want to depend on its oil reserves which are largely believed to become exhausted by 2010 and, as such, has diversified its economy to attract revenues in the form of expanding commercial and corporate activity. Tourism is also being promoted at a staggering rate with the construction of Dubailand and other projects that include the making of mammoth shopping malls, theme parks, resorts, stadiums and other various tourist attractions.

One of the other reasons for the boom in construction is the recent reversal of a law in 2002 that allows non-nationals of the UAE to own property (not land) in Dubai (albeit freehold and 99 year leases are actually sold to people with ownership still remaining with private companies). The larger of the property tycoons are Al Nakheel and Emaar Properties. In Dubai, demand is currently outstripping supply by a significant margin and is showing no signs of slowing in the near future. Rents have also skyrocketed with the recent inflow of professionals and companies from around the world who are attracted by Dubai's no-tax benefits although rises have been capped to 15% per annum up to 2006 under a directive from Sheikh Mohammad. This cap demonstrates the realisation that uncontrolled rents can hamper development. Legislation in this area is still sketchy as the property market is a new one and rights of tenants and landowners are based on shaky principles borrowed mainly from European law. Most contracts and tenancy agreements do not stand up to the standards of international law and almost always grossly favour the lessor or the company selling property.

Dubai Waterfront Development

The Dubai Waterfront is the largest waterfront development in the world. The project is a conglomeration of canals and islands studded with luxury hotels and homes and will add 800 km of man-made waterfront. It is expected to house 400,000 people and transform the last stretch of Dubai's undeveloped Gulf seashore. New to Dubai real estate, the project is open to foreign investment with its developer, Nakheel, owning a 51% stake. It will consist of 440 km² of water and land developments, an area seven times the size of the island of Manhattan.

Run by the Dubai Waterfront Company which was launched early this year, it will be the largest waterfront complex in the world, occupying the last remaining coastal waterfront of the Emirate of Dubai. The 81 million square meter beachfront will be a mixed-use destination encompassing over 250 master planned communities and offerings.

Madinat Al Arab is the first phase and focal point of Dubai Waterfront, which has been carefully crafted and developed by an international consortium of highly regarded architects, planners and urban developers. Occupying the majority of sea facing land in Dubai Waterfront and designed to be the downtown and central business district, Madinat Al Arab will be anchored by Al Burj, one of the world’s tallest buildings that will spiral towards the sky, forming a centerpiece that embodies the ambition, vision and magnitude of the development.

The designers attribute the plan to the Heavy influences of water, the design features a canal flowing through it and a major harbour and marina, Madinat Al Arab will feature resorts, retail, commercial spaces, public spaces, a broad mix of residencies and an integrated transport system including light rail and a sophisticated road network. Located near to the new Jebel Ali Airport, and with direct access to Sheikh Zayed Road, Jebel Ali Freezone and Abu Dhabi, the city will be fully accessible on a local and international scale.

The first phase of Madinat Al Arab (30%) was unveiled to a select invited group of private property and investment institutions from the UAE and GCC in July 2005. Within five days it had been completely sold out, for over AED13 billion, demonstrating its appeal as one of the most exciting real estate developments in the world.

Dubai Property - Dubai Map - Dubai Property Forum - Dubai Real-Estate - Dubai Palm Islands - Dubai Info

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