What used to be desert a few years ago has turned into an unrecognizing landscape of man-made miracle here, in Dubai. Cranes are raising their heights everywhere in this part of the United Arab Emirates. A vast number of big projects now have been completed, but works are still continueing on other, no less impressive projects.
We have to but mention Burj Dubai, which at its 800 meters becomes the world's tallest tower linked to the world's biggest shopping mall. The Dubai International Financial Center, announcing its figures at 45-hectare (or 110-acre), point intendeds to bring to reality this city's long-held ambition to become the Gulf's financial heart. Another daring challenge is Dubailand, a huge theme park, which is said to be completed in 2010.
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It is of no surprise that within just a few years Dubai already managed to have spread north into the neighbouring emirate, Sharjah, and is continuously growing southwards, through the fashionable seaside suburb of Jumeirah, towards Jebel Ali. Approval has been granted for a $3.9 billion light-rail project, which has the purpose of connecting Jebel Ali with Sharjah, due to an ever increasing demand to ease Dubai’s worsening traffic problem.
From the moment when Dubai allowed investors from all over the world to come in with the investment schemes on attractive and exclusive property developments, the outcome of Dubai success has never been under any doubt. The stability in Dubai’s property market can be perceived from the fact that projects worth over US$ 30 billion have been effectively carried out. US$5.5 billion of new projects have been tendered since the beginning of 2004. Between 2004 and 2010, the total investment in the real estate sector is estimated to be in the range of US$ 50 billion.
The real estate sector sometimes struggles to keep up with the pace of developments in Dubai. The properties get snapped up and sold as soon as they are released (normal practice: before they are completed).
The prices of villas on The Palm Jumeirah have doubled since the first sales were documented. Shrewd buyers there have enjoyed remarkable capital gains with a down payment of only 10%. Early buyers of The Meadows villas have experienced healthy 30% to 50% price gains with just a 20% down payment.
The construction of the Dubai Marina, a $10 billion residential project that attributes to luxury homes for 150, 000 residents and the equally luxurious Emirates Hill, makes Dubai even more attractive and reasonable for foreign and local investors.
Example: two-bedroom Springs Town Houses at Emirates Hills with 1, 690 square feet/ 150 m2, were sold by the developer for about AED 500, 000($136, 000) in 2002; they now are priced at AED 700, 000.
4 bedroom (3, 578 square-foot) villas and 6 bedroom (4, 924 square-foot) villas were normally on the market for AED 1.23 million and AED 1.75 million coordinately. Nowadays, if they are available, they are sold at AED 1.7 million and AED 2.5 million.
Take Arabian Ranches (for golf and equestrian orientated customers) development. In September 2004, 100 new dwellings were released. Hundreds of would-be buyers were queuing up in a 45 degrees Celsius heat to deposit their money there and then. Most of the estate's houses already bringing in as much as 30% more than their original selling price of AED 1.55 million.
To increase the popularity of Dubai as the top tourist destination in the world, US$5bn project aimed to give the Middle East its own version of Disneyland's family entertainment is being constructed.
The "Dubailand" theme park is being built on a 2 billion square feet (185 million m2 metre) strip of desert and consists of 45 different developments, such as Aviation World, Motor Racing World, Arabian Theme Park, Pharaohs Theme Park, Snow World and Dinosaur World.
Investors both inside and outside the UAE, together with the Dubai government, have invested a figure of AED 18bn (US$5bn) for the realization of this project.
Global, local and regional interest in buying Dubai property is getting stronger not weaker. The new, local buyers are coming out on the scene now, who have been waiting for the right moment and don’t want to miss out. Dubai is attracting young, eager entrepreneurs, businessmen and professionals, looking to set up businesses or homes in this city.
Dubai is one of those multinational cities that embrace nearly 170 nationalities, benefiting from different cultures, languages and cuisines.
Dubai never lacked attention from other Gulf countries also, with oil-rich house hunters and investors from Kuwait and Saudi Arabia, fascinated by the emirate's relaxed lifestyle. Buyers from India, Pakistan, Britain and the Continent are numerous.
Western buyers/customers are mostly drawn to Dubai's year-round sunny climate, and are most involved in the beachfront property in the Jumeirah district. Buyers from the Indian subcontinent happen to locate themselves in areas closer to Dubai's historic centre, Deira and Bur Dubai.
House prices are still at very reasonable judging by international standards. The Meadows villas in Phase 4, for example, currently are sold at around $143 per sq. foot compared with $91 per sq. foot on handover. A home like this in a top location in London would be around ten times as much.
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Burj Dubai - Dubai Airport - Dubai Apartments - Dubai Islands - Dubai Marina - Dubai Property - Dubai RealEstate - Dubai Shopping - Dubai Sports City - Dubai Towers - Dubai Travel - Palm Island Dubai - The World Dubai - Hotels In Dubai - Dubai