Yes, there is to be an Eiffel Tower in Dubai. It would be part of the Falcon city of Wonders, a $1.5 billion, 100 acre section of Dubailand. Believe it or not, the ‘Dubai Eiffel Tower’ is to be in true Dubai style, taller than the original Parisian version of Eiffel tower. It will be recreated with a spin – that is, as a hotel with glass right in the middle of the metal structure.
As Dubai developer’s, Emaar approach the completion of the construction world’s tallest building – the Burj Dubai, their chief competitor’s; Nakheel another Dubai based developer, announced plans on Sunday to build an even more ambitious skyscraper that is to soar a kilometre high.
Cityscape Dubai, the biggest real estate investment and development event in the world has opened its doors today as fears of a new kind strike this emirate. Not so long ago Dubai was celebrated as the golden child of real estate with fortunes being made and a mad building boom attracting thousands of overseas investors to take part in the property stakes.
As the US and European credit crunch turns more worrying by the day, fears are now circulating that Dubai might be next to suffer the consequences. Not much pointed investors to this new turn of events as in the first quarter, Dubai’s housing market was still a very strong performer with a 43% rise.
Sometimes it is just nice to know how the other half live. Since we hear so much about Dubai’s property boom we wanted to see whether celebrities agreed with the general population as they often scoop up the best deals in the process.
So we went on a celebrity Dubai property hunt and that is what we came up with.
Mr & Mrs Beckham in LA [credits: Nicholas Macgowan via flickr]
Aquitainia is the fusion of two islands, Spain and France located in the middle of Dubai’s The World. The new £750 million private island paradise project was announced on September 25th by British developers, Select Property. Select Property is teaming up with Dubai based developer Select Group to launch this exciting luxury development.
“The World” has already made waves around the world due to its stunning location just four kilometres off the coast of Dubai. The cluster of 300 man made islands will be representing the world and are set to be completed in 2012.
Following our Jebel Ali property market overview post, we have hand-picked these four off-plan property developments in Downtown Jebel Ali, Dubai. The first two are residential, followed by two commercial/office space developments.
Downtown Jebel Ali, is a 200 hectare urban development zone south of the Jebel Ali Port Trade Freezone (the world’s largest man-made harbour ), north of the soon to be largest airport in the world – Jebel Ali International Airport (JXB) and 11 kilometres along Sheikh Zayed Road (or E 11), the longest highway in the United Arab Emirates. With the current trend of property prices in Dubai, Jebel Ali’s relatively low prices and strategic location has put it on our property investment radar as a promising area to watch in Dubai. As construction in Downtown Jebel Ali continues, it is considered to be the heart and soul of logistics in Dubai as it is to be the residential district for workers in the trade freezone port & airport.
Ryan Mahoney is the Managing Director of Better Homes, one of the UAE’s most prominent real estate agencies that has been in operation in the region since 1986.
Better Homes has been through the thick and thin of the ever changing landscape of UAE’s property market, particularly in the Dubai market. This has earned Better Homes a solid reputation as well as given them an unprecedented operational know-how in the region.
We asked Ryan to share a few thoughts about the real estate scene in Dubai and the UAE at large with us, and he was kind enough to oblige.
Continued delays in the completion of residential property projects in Dubai this year will continue in 2008, while a price correction is most likely in 2009 when supply exceeds demand, according to a new market report. “We believe that the delay in property handovers seen in 2007 will likely continue over the next 12 to 18 months,” investment bank EFG Hermes said in its UAE outlook report for 2008.
EFG are forecasting prices to rise by between 5 and 10% next year but suggest they are likely to peak in the second half of the year when property supply rises. The gap in supply in 2007 was roughly 20,000 residential units worth Dh34 billion said housing finance firm Tamweel. They are also predicting about 50,000 units of supply, with a demand of 54,000 units in 2008, taking the aggregate shortage to 24,000 units.
Al-Dua’a Holdings, a, UAE-based property development, advisory and real estate investment company, has just announced the launch of The Plaza, a £68 million project. The Plaza, which we must admit is not the most original name, will be a mixed-use development with residential and retail elements alongside offices.
Toni Ashai, a celebrated architect from California designed the project. Ashai has gained recognition by designing high and luxury projects in Dubai. Consumer financing is available from Al-Noor Islamic Bank, which is one of the largest Islamic Banks in the world. They are offering up to 85% of the cost.
The Plaza will be situated in the heart of new Dubai, minutes away from Dubai Central Metro Station; within easy reach of world-class restaurants, five-star hotels, golf courses, beaches and luxury shopping centers. It is also nestled among the high-end residential developments in Dubai such as Emirates Hills, the Marina, Jumeirah Islands, Golf estates and Dubai-land.
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