The Dubai property market has been affected by the global economic downturn as much as the rest of the world.
As a result of the global economic downturn, Dubai property owners and developers have had to look into alternative ways in which to make money. Many Dubai apartments that a year or so ago would have been sold have now been turned into luxury rentals for either long term or holiday purposes.
Hotels in Dubai can often be beyond the budget of the average person and especially for families. Staying in a hotel room means paying 5 star prices but you can have those luxury facilities and services in the comfort and space of a luxurious 1,2,3 or 4 bedroom apartment or villa and all in Dubai’s best locations. With flight prices dropping this is the way to discover Dubai at affordable prices. Dubai rentals are ideal for families, groups, business travellers or anyone wanting that extra space whilst keeping a superb standard of luxury.
There is an excellent choice of Dubai holiday accommodation available now including luxury Dubai apartments and Dubai villas, and which are available at very competitive prices. A majority of Dubai rental accommodation is located in the Palm Jumeirah and Dubai Marina areas of Dubai, both areas being popular with tourists and business travellers alike. Shopping brings a high number of tourists to Dubai but other reasons for a vacation in Dubai are seeing the seeing the ancient sites and also the modern attractions and structures.
If it is Dubai holiday rentals required then there are many Dubai property venues located on a beach or within a minute’s walk of a beach for example Dubai’s prime beach location, Jumeirah. Dubai Marina is located just a minute from Jumeirah Beach where Palm Island offers its own unique coastline. These Dubai apartments as luxurious as you would expect, fully furnished and make great holiday rentals.
The Palm Jumeirah is an artificial island created using land reclamation. It is one of three islands called The Palm Islands which extend into the Persian Gulf. The Palm Jumeirah is the smallest and the original of three Palm Islands (Palm Jumeirah, Palm Jebel Ali and Palm Deira). It is located on the Jumeirah coastal area of the emirate of Dubai.
Dubai Marina is a district in the heart of what has recently become known as 'new Dubai'. It is located between Jebel Ali Port and the area which hosts Dubai Internet City, Dubai Media City and the American University in Dubai. The marina is entirely man-made and it is claimed to be the world's largest man-made marina. Unlike other parts of Dubai there is a publicly accessible foreshoreway around the marina with views to Palm Jumeriah.
To make a Dubai holiday even less stressful and more relaxing, Dubai apartments can be rented which are in close and convenient proximity to popular locations including Jumeirah Beach, Dubai shopping centres and stunning golf courses.
Dubai villas are mainly located around beaches and the added luxuries with these villas are that most have private swimming pools and gyms, an excellent choice of property for family holidays and large groups. Leisure and spa facilities located near the villas and apartments are often included in the rental price.
Monday, 17 August 2009
Tuesday, 6 January 2009
Hospitality and Leisure in Dubai
Dubai is continuing in its bid to become the world’s leading destination for the hospitality and leisure industry.
The tourism industry in Dubai accounts for a rapidly growing percentage contribution to its economy. Tourists visiting Dubai were estimated at 2.9 million in 2006 and it is evident this is a 6.5% year on year growth.
Shopping is a huge pull for Westerners visiting Dubai. Dubai has the seventh largest shopping mall in the World. The largest malls in the world re the South China Mall and Jin Yuan. The Dubai Mall is actually the largest in the Middle East and Europe. The Dubai Mall has 1200 shops at a size of 12.1 million square feet. To put that size in an easier context, it is the size of 50 football pitches. Quite simply, shop till you drop!
2007 recorded occupancy rates in Dubai hotels of 74% with the rates in 5 star hotels even higher at nearly 85%. This figure is predicted to rise for 2008. European guests staying in Dubai hotels accounted for 32% of the total number of hotel guests with American’s making up just 8%. The number of hotel rooms in Dubai is set to double with the construction of Bawadi by Tatweer in Dubailand. A state owned company are planning to build this site where it will hold 31 hotels, the highest concentration of leading hotels in the world. This, they say, is to cope with the 15 million tourists predicted to visit Dubai by 2010. Bawadi is also set to have over 100 theatres each showing live, cultural performances.
An interesting fact is that 30% of the total tourism visitors are those visiting for meetings, conferences and exhibitions. Dubai is becoming a popular area for businesses to exhibit, have offices and meet clients. There are endless exhibition halls and office space all of extremely high quality and with all facilities required.
Another lure to Dubai which is growing year on year is for the sporting facilities and events in Dubai. Dubai Sports City is a sprawling area of Dubai offering 50 million square feet of sporting venues which includes academies, football pitches and golf courses. Ernie Els has designed and constructed a championship standard golf course within Dubai Sports City whilst Manchester United and David Lloyd have built academies. As this is a self contained mini city, Dubai Sports City has exceptional Dubai property available, many apartments having views of the sporting developments. Also within the city are retail developments and many cultural activities.
As there is so much to see and do, visitors keep coming back and back. Many tourists are wanting to purchase their own piece of Dubai in the form of one the many exceptional Dubai properties. Dubai Sports City alone contains luxury developments including the Eagle Heights and Elite Sport Residences. Luxury Dubai property can be found throughout Dubai, even within shopping malls!
Monday, 1 December 2008
Economic Highlights Of The Dubai Property Market
Dubai continues to grow despite the recent world economic crisis. The opening of the 1.5 billion dollar Atlantis, the Palm Hotel let the whole world know Dubai is not letting these tough times effect them.
The economy in Dubai is staggering. In 2007 GDP was registered at 54.3 billion US dollars and over the past 7 years, the economic growth was 18% Compounded Annual Growth Rate. Amazingly, the tourism, real estate and finance sectors are taking over as the main economic areas which used to be oil.
Growth of the population is detrimental to the growth of the economy. Between 2003 and 2007, the population created an 8% Compounded Annual Growth Rate which is sure to be logged down as higher as there are now an estimated 1.6 billion inhabitants in Dubai. This is predicted to increase to 2.2 billion by the year 2010. The Dubai properties boom is going to be required with an increase in population such as that although it has been said that this should be capped to avoid saturation which is all too common in a situation like this.
It is the diversification of the economic sectors and their growth that has created a strong economy in Dubai. This diversification has attracted Westerners to move to Dubai especially to the finance and tourism businesses. Dubai is becoming a world centre for finance institutions due to its specially designated business communities. These purpose-built mini cities such as Business Bay are making Dubai a recognized global commercial and business center. Business Bay for example is spread over an area of 64 million square feet with numerous landmark towers within.
To entice white collar workers and tourism specialists into Dubai, the regulations for entry have been changed. They have been reduced making it easier to live and work in Dubai. This has then affected the Dubai property market in a way that there are now a greater number of investors selling houses on the owner occupier basis and not for rent. This of course suits Westerners who are very keen on purchase and not rent. The stature of the workers entering Dubai is also shown by the high numbers of luxury Dubai properties. The high-income section of Dubai is most definitely the largest. The developers of the higher end Dubai property structures are seeing a greater occupancy rate too.
So, to conclude, it appears that in terms of the Dubai property market, luxury is the way forward in the current economic crisis.
The economy in Dubai is staggering. In 2007 GDP was registered at 54.3 billion US dollars and over the past 7 years, the economic growth was 18% Compounded Annual Growth Rate. Amazingly, the tourism, real estate and finance sectors are taking over as the main economic areas which used to be oil.
Growth of the population is detrimental to the growth of the economy. Between 2003 and 2007, the population created an 8% Compounded Annual Growth Rate which is sure to be logged down as higher as there are now an estimated 1.6 billion inhabitants in Dubai. This is predicted to increase to 2.2 billion by the year 2010. The Dubai properties boom is going to be required with an increase in population such as that although it has been said that this should be capped to avoid saturation which is all too common in a situation like this.
It is the diversification of the economic sectors and their growth that has created a strong economy in Dubai. This diversification has attracted Westerners to move to Dubai especially to the finance and tourism businesses. Dubai is becoming a world centre for finance institutions due to its specially designated business communities. These purpose-built mini cities such as Business Bay are making Dubai a recognized global commercial and business center. Business Bay for example is spread over an area of 64 million square feet with numerous landmark towers within.
To entice white collar workers and tourism specialists into Dubai, the regulations for entry have been changed. They have been reduced making it easier to live and work in Dubai. This has then affected the Dubai property market in a way that there are now a greater number of investors selling houses on the owner occupier basis and not for rent. This of course suits Westerners who are very keen on purchase and not rent. The stature of the workers entering Dubai is also shown by the high numbers of luxury Dubai properties. The high-income section of Dubai is most definitely the largest. The developers of the higher end Dubai property structures are seeing a greater occupancy rate too.
So, to conclude, it appears that in terms of the Dubai property market, luxury is the way forward in the current economic crisis.
Friday, 7 November 2008
Strength of the Dubai Property Market
Dubai has a 20-year track record of strong economic growth, infrastructure development and political stability. In the recent years, the city has been a continuous attraction for foreign investors.
The fundamental attributes – geographic, economic and socio-political – provide the drivers for Dubai property demand. A pro-active government continues to offer economic catalysts (i.e. free zones) to corporations to stimulate enterprise, investment and trade as well as continued diversification of economic sectors towards transport & logistics, manufacturing, tourism, healthcare ,media production, construction and finance.
Once regarded as the business hub of the Middle East, Dubai is now known as the international business, and re-export centre. With the increasing number of businesses and multinational companies starting operations in Dubai, the inward migration of professionals and their families is also mounting. The tax-free salary in Dubai is one major attraction for professionals from the world over to relocate to this city. Additionally, it is the wealth of job opportunities and leisure activities that attract foreigners to purchase Dubai properties.
Dubai is politically stable and has a forward-looking, responsive Government with a progressive, pro-business attitude and a highly developed commitment to the private sector. The business friendly regulations and highly favorable tax and customs framework have played a key role in attracting business investment from all over the world in practically every sphere of economic activity. Moreover, consistently strong economic indicators and a relatively low cost work environment have contributed to Dubai’s rapid development and prosperity.
Dubai enjoys truly global connectivity. Its ultra modern airport handles 13.5 million passengers to over 140 destinations annually and its deepwater port has one of the largest throughputs in the world making Dubai, now, the third largest re-export centre in the world serving a massive regional market. Dubai is a modern, safe, multicultural city with state-of-the-art medical, education, entertainment, shopping and sports facilities, and an overabundance of amenities that make for a very high quality of life, Dubai is a city of choice for the modern professional and an ideal location for multinationals to establish a regional presence.
Significant regulatory and structural changes throughout the emirates offer more than sufficient justification for today’s Dubai real estate valuations. The strong fundamental economic environment, the induction of freehold rights, population growth, rapidly growing tourism and hospitality markets and substantial consumer and mortgage loan expansion all support a continuous rise in real estate prices. Without adjusting for the 0% income tax regime in the UAE, which significantly impacts the affordability of real estate, real estate prices per square meter relative to per capita GDP throughout the world prove that the UAE is currently at the low end of the range for real estate prices in countries of similar income levels. The implied trend value for UAE residential Dubai real estate is roughly US $7,200/ sq.m. or 2,500AED/SF average throughout the emirates.
The fundamental attributes – geographic, economic and socio-political – provide the drivers for Dubai property demand. A pro-active government continues to offer economic catalysts (i.e. free zones) to corporations to stimulate enterprise, investment and trade as well as continued diversification of economic sectors towards transport & logistics, manufacturing, tourism, healthcare ,media production, construction and finance.
Once regarded as the business hub of the Middle East, Dubai is now known as the international business, and re-export centre. With the increasing number of businesses and multinational companies starting operations in Dubai, the inward migration of professionals and their families is also mounting. The tax-free salary in Dubai is one major attraction for professionals from the world over to relocate to this city. Additionally, it is the wealth of job opportunities and leisure activities that attract foreigners to purchase Dubai properties.
Dubai is politically stable and has a forward-looking, responsive Government with a progressive, pro-business attitude and a highly developed commitment to the private sector. The business friendly regulations and highly favorable tax and customs framework have played a key role in attracting business investment from all over the world in practically every sphere of economic activity. Moreover, consistently strong economic indicators and a relatively low cost work environment have contributed to Dubai’s rapid development and prosperity.
Dubai enjoys truly global connectivity. Its ultra modern airport handles 13.5 million passengers to over 140 destinations annually and its deepwater port has one of the largest throughputs in the world making Dubai, now, the third largest re-export centre in the world serving a massive regional market. Dubai is a modern, safe, multicultural city with state-of-the-art medical, education, entertainment, shopping and sports facilities, and an overabundance of amenities that make for a very high quality of life, Dubai is a city of choice for the modern professional and an ideal location for multinationals to establish a regional presence.
Significant regulatory and structural changes throughout the emirates offer more than sufficient justification for today’s Dubai real estate valuations. The strong fundamental economic environment, the induction of freehold rights, population growth, rapidly growing tourism and hospitality markets and substantial consumer and mortgage loan expansion all support a continuous rise in real estate prices. Without adjusting for the 0% income tax regime in the UAE, which significantly impacts the affordability of real estate, real estate prices per square meter relative to per capita GDP throughout the world prove that the UAE is currently at the low end of the range for real estate prices in countries of similar income levels. The implied trend value for UAE residential Dubai real estate is roughly US $7,200/ sq.m. or 2,500AED/SF average throughout the emirates.
Wednesday, 22 October 2008
Extraordinary Dubai Property Structures
The city of Dubai is pioneering the modern architecture and advanced construction techniques possible with present day materials and machinery. “Whatever will they do next?” is a phrase continually uttered regarding this subject.
Dubai is the most popular of the emirates of which there are a further six that make up the United Arab Emirates. Its main revenues come from real estate, financial services and trade. The highest of which is real estate and construction accounting for 22.6% of the global economy in Dubai. Through the construction of free economic zones, Dubai has attracted many high profile companies. Dubai has the most free zones in the world ranging from Dubai Internet City and Dubai Media City to the Dubai Healthcare City. Dubai Media City keeps on growing and now has 84 towers.
Property appreciation grew rapidly between 2004 and 2006 due to the government deciding to change from the trade based economy to a services and tourism based economy. This had led to huge and groundbreaking skyscrapers so synonymous with Dubai today. Dubai property is so innovative. They have the tallest building in the world that is used solely as a hotel, the Burj Al Arab. This crown is soon to be taken from this iconic building with the completion of The Rose Tower. This tower was completed in 2007 but is yet to open as a hotel. Vying for the tallest building in the world is being undertaken by a number of developments which are still in construction and due to be completed around 2009. Approximately 50km away is a proposed 200 storey tower with a projected height on 1,200 metres!
Dubai properties are not always constructed with height as their USP. Another groundbreaking string of sites are cropping up in the form of manmade islands. The Universe, The World and the Palm islands are all under construction. The sites are positioned off the Dubai coast and the Palm Islands alone will add 520km of beaches to the city. These islands will have a large number of beach fronted residential properties along with leisure and entertainment centres.
One of the latest groundbreaking Dubai property developments is the much publicised rotating tower. Each floor will have the ability to rotate 360 degrees independently so the tower is an ever changing structure in terms of shape and the views are ever changing for the residents. The speed of which it will rotate is anticipated to be around 6 metres per minute so that the residents will not feel the motion. Something which isn’t always associated with Dubai are eco friendly issues but the revolving tower is changing that. In between each floor are 48 wind turbines which will produce enough energy for the tower and surrounding buildings. Solar panels will also be fitted to the top of the building.
Dubai is the most popular of the emirates of which there are a further six that make up the United Arab Emirates. Its main revenues come from real estate, financial services and trade. The highest of which is real estate and construction accounting for 22.6% of the global economy in Dubai. Through the construction of free economic zones, Dubai has attracted many high profile companies. Dubai has the most free zones in the world ranging from Dubai Internet City and Dubai Media City to the Dubai Healthcare City. Dubai Media City keeps on growing and now has 84 towers.
Property appreciation grew rapidly between 2004 and 2006 due to the government deciding to change from the trade based economy to a services and tourism based economy. This had led to huge and groundbreaking skyscrapers so synonymous with Dubai today. Dubai property is so innovative. They have the tallest building in the world that is used solely as a hotel, the Burj Al Arab. This crown is soon to be taken from this iconic building with the completion of The Rose Tower. This tower was completed in 2007 but is yet to open as a hotel. Vying for the tallest building in the world is being undertaken by a number of developments which are still in construction and due to be completed around 2009. Approximately 50km away is a proposed 200 storey tower with a projected height on 1,200 metres!
Dubai properties are not always constructed with height as their USP. Another groundbreaking string of sites are cropping up in the form of manmade islands. The Universe, The World and the Palm islands are all under construction. The sites are positioned off the Dubai coast and the Palm Islands alone will add 520km of beaches to the city. These islands will have a large number of beach fronted residential properties along with leisure and entertainment centres.
One of the latest groundbreaking Dubai property developments is the much publicised rotating tower. Each floor will have the ability to rotate 360 degrees independently so the tower is an ever changing structure in terms of shape and the views are ever changing for the residents. The speed of which it will rotate is anticipated to be around 6 metres per minute so that the residents will not feel the motion. Something which isn’t always associated with Dubai are eco friendly issues but the revolving tower is changing that. In between each floor are 48 wind turbines which will produce enough energy for the tower and surrounding buildings. Solar panels will also be fitted to the top of the building.
Tuesday, 30 September 2008
Life In Dubai
Many people are fascinated and often puzzled at the thought of life in Dubai. From looking at the images of the architecture of the spectacular buildings and the length the developers in Dubai go to achieve them, it really is beyond belief.
One such ground breaking example is the Ski Dubai, 400 metre indoor ski slope constructed at a cost of 272 million US dollars. The artificial ski slope holds over 6000 tonnes of artificial snow which is made through revolutionary methods. Due to the amount of sunshine, Dubai is becoming a centre for sports. Dubai Sports City is growing by the day with high profile developments within it such an Ernie Els designed golf championship golf course called,"The Els Club”. Launched in January 2008, the course was opened by the creator and golfer himself, Ernie Els, ranked 5th in the world and the former Open and US Open champion. "The Els Club" was the first completed venue at Dubai Sports City and also the first in The Els Club brand in the world. This course has then led to residential developments being built with the focus on golf with many properties having views of the golf course.
Further major sports choosing Dubai for large tournaments if Cricket. The ICC will be moving their headquarters to Dubai with planned projects such as a global cricket academy at an expected cost of 25 million US dollars.
All these high profile sports and subsequent sports and related people are then creating an even more cosmopolitan community and not just at Dubai Sports City. With the diverse range of Dubai property on offer, it is not just celebrities or the rich that are purchasing Dubai properties. Of course, the land mark towers such as the very highly anticipated revolving tower, will be of top most exclusivity but there is so much more to offer in Dubai. For example, many very well equipped apartment at Dubai Sports City, such as Eagle Heights and the Elite Sports Residence collection are beyond comprehension for most people compared with the investment property in the UK.
Buying off-plan in Dubai property couldn’t be easier which is another plus point for the consumer. The discounts available are hard to say no too with many being sold in a matter of days. The downward turn in the property markets in the UK and USA looks not to have made any difference to the market in Dubai.
One such ground breaking example is the Ski Dubai, 400 metre indoor ski slope constructed at a cost of 272 million US dollars. The artificial ski slope holds over 6000 tonnes of artificial snow which is made through revolutionary methods. Due to the amount of sunshine, Dubai is becoming a centre for sports. Dubai Sports City is growing by the day with high profile developments within it such an Ernie Els designed golf championship golf course called,"The Els Club”. Launched in January 2008, the course was opened by the creator and golfer himself, Ernie Els, ranked 5th in the world and the former Open and US Open champion. "The Els Club" was the first completed venue at Dubai Sports City and also the first in The Els Club brand in the world. This course has then led to residential developments being built with the focus on golf with many properties having views of the golf course.
Further major sports choosing Dubai for large tournaments if Cricket. The ICC will be moving their headquarters to Dubai with planned projects such as a global cricket academy at an expected cost of 25 million US dollars.
All these high profile sports and subsequent sports and related people are then creating an even more cosmopolitan community and not just at Dubai Sports City. With the diverse range of Dubai property on offer, it is not just celebrities or the rich that are purchasing Dubai properties. Of course, the land mark towers such as the very highly anticipated revolving tower, will be of top most exclusivity but there is so much more to offer in Dubai. For example, many very well equipped apartment at Dubai Sports City, such as Eagle Heights and the Elite Sports Residence collection are beyond comprehension for most people compared with the investment property in the UK.
Buying off-plan in Dubai property couldn’t be easier which is another plus point for the consumer. The discounts available are hard to say no too with many being sold in a matter of days. The downward turn in the property markets in the UK and USA looks not to have made any difference to the market in Dubai.
Wednesday, 23 July 2008
Eagle Heights at Dubai Sports City
Eagle Heights – ‘The Golfers Dream’
Eagle Heights is located in the very heart of Dubai Sports City, Dubai. This state of the art apartment building provides every possible facility you may require, including a superb golf course on your door step.
DUBAI SPORTS CITY AMENITIES INCLUDE:
Ernie Els signature golf course
Butch Harman school of golf
Manchester United soccer school
David Lloyd tennis academy
Olympic Stadiums
Shopping Malls
5 Star Hotels
5 Star restaurants
Multiplex Cinemas
Eagle Heights provides a fantastic opportunity for not only golfing enthusiasts as the perfect golfing destination but also intelligent investors who can appreciate the benefits of golf related real estate investment ie, souring capital appreciation and excellent high rental returns!
With both the Butch Harman golfing academy and Ernie Els Championship Dunes Golf Course just a stones throw away, this amazing Dubai residence is easily the number 1 choice for golfing enthusiasts.
EAGLE HEIGHTS APARTMENTS – DUBAI SPORTS CITY
Eagle Heights Residence, Dubai Sports City includes studio, 1 and 2 bedroom apartment, all complete with modern design and state of the art amenities – all designed to exacting standards.
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