Currently, Dubai is one of the World’s most dynamic countries, particularly in the property market, although some critics question whether the estimated £50 billion investment over the next few years will be enough to keep the tourists heading for the coastal country.
With so many new properties being built, property investment in Dubai is a risky game - your new property today could look old and past-it when a new building towers above yours in a few years time; when the shine comes off the property rush in Dubai, will buyers still be keen to buy, or will they head off to other near-by countries such as Qatar and Oman?
Many construction companies are turning to extreme construction in order to keep their buildings new and different, hoping to attract the tourists and buyers with their wealth of interesting, unique features. Identikit property is something most definitely not in the vocabulary of most property developers in Dubai.
One of the most ambitious and well-known Dubai developments is the cluster of 300 man-made islands, known simply as “The World.” Reachable only by helicopter or boat, it definitely offers something most other properties cannot. If you are in the market for luxury and beaches appeal to you, a five-star luxury resort is being built on ‘Thailand’ and is expected to open to the public in 2010. Designed around the theme of a Thai spa, 131 villas and apartments sit on the island. Thai inspiration is evident with wooden roofs and carvings throughout. Prices start from £268,000 for a studio suite, going up to around £1.5million for one of the villas.
Even with the wealth of new properties appearing on a near-daily basis, property sales in Dubai are not slowing. In fact, many people have bought off-plan and found a captial appreciation of 30% almost immediately. With most investments providing excellent returns already, it’s no wonder that the Dubai property market is as strong as ever.
With prices ranging from hundreds of thousands to millions, a little slice of luxury is affordable for most people. For those with a smaller budget, try to Dubai Mall hotel and luxury (serviced) apartments, due for completion in a little over a year. One-bedroom and studio flats are available from a reasonable £212,000; A two-bedroom apartment in the Torch, a 74-storey tower, will set you back around £168,000; A one-bedroomed apartment in Bay Central will cost around £161,000.
Not attracted to the idea of an tower? The Palisades may be for you. Inspired by a mix of Georgian, Regency and Victorian architecture, the scheme is a stark contrast to the towers that dominate most of Dubai. The Palisades vision is of a mix of villas, townhouses and apartments over 341 acres of parkland. Eventually housing around 55,000 people, there should be excellent choice whatever your budget may be.
While architects continue to invent wonderous, luxurious homes at a wide range of prices, people will still flock to Dubai to buy their little piece of luxury in the sun, leaving the property market in Dubai to remain strong for the foreseeable future.
