The creation of artificial islands has made it possible to increase the coastline of Dubai many times, that is, the territory that is most valued by developers. "The Dubai government has decided to create a world tourism center here with luxury hotels and luxury real estate, that is, a world luxury center," says Zhanna Huseyn, head of the foreign real estate department of Prestige Property, part of the Peresvet Group of companies.
According to a report by the Dubai Statistical Center, foreign investors invested $11.6 billion in this Arab fairy tale in 2006, realizing that stable economic growth serves as a guarantee of investment security. Here we can also talk about the safety of home buyers themselves: Dubai has almost zero crime rate, which in most countries can only be dreamed of, as Marina Golomedova, vice president of the Start-CBS concern and executive director of Sunmarina Realty, notes.
At a height
An investor hoping to buy luxury real estate in Dubai has a lot to choose from. So, on the island of The Palm Jumeirah, created by Nakheel, there are mainly elite objects, the cost of which is growing by an average of 70-120% per year, in some cases this figure reached 500%.
"In the zones of elite construction, all apartments are rented with finishing, built–in kitchen, doors, lamps, but the client can choose furnished residences, or he can choose the situation on his own," Zhanna Huseyn notes. As for office space, they are located in modern centers and equipped with high-tech equipment, including the smart home system. It is important to note that the infrastructure of each project also meets the highest standards. Nearby shopping centers, supermarkets, spas, golf courses allow you to make the life of the inhabitants of the complexes comfortable and pleasant.
The construction of housing and hotel complexes in the emirate continues. "There are a lot of great projects on offer here at different stages of construction," says Aaron Richardson. – Among the best is the Trump International Hotel project & Tower, a tower that will become one of the main verticals of the city. The masterpiece of glass and steel architecture will be completed by the summer of 2011. Donald Trump has already reserved apartments in the tower for himself, the announced cost of housing is about $10,000 per 1 sq. m."
The high demand for real estate allows us to put forward new bold proposals. "Each new object has some unique characteristics and is a kind of attraction," adds Marina Golomedova. And this is not surprising: discerning buyers are attracted by one-of-a-kind projects. One of the most striking examples is the Dubai Pearl complex on the coast, directly opposite The Palm Jumeirah.
Dubai Pearl is being built in the heart of the "New Dubai" district, within the Dubai Media Free Economic Zone & Technology Free Zone, where it is allowed to open companies with 100% foreign capital. The office real estate in the project belongs to the premium class and will undoubtedly be in great demand among the representative offices of major global companies due to its prestigious location and excellent technical equipment. Dubai Pearl will also host 5-star hotels with 2,000 rooms, as well as luxury apartments, penthouses and individual villas.
A scattering of offers
Earlier this year, Nakheel announced plans to develop the Port Rashid area. Residential facilities, offices and commercial centers will be built on a plot of 1,360 hectares along 17.5 km of the coast, the project is designed for 225,000 residents. Dubai is also being built towards Abu Dhabi: the Dubai Waterfront project will occupy part of the desert and 7 bulk islands and will host 1.5 million people.
Recently, another project of the company was sold at auction – Nakheel Villas settlement: the highest price for a villa was about $ 7 million. Nakheel Villas, which will be completed by 2009, include five bedrooms, six living rooms and a swimming pool.
Most of the most expensive housing under construction is located on the coast: for example, in the very center of Dubai, next to The Palm Deira, two towers of the Verde Residences & Offices complex are being built on the man-made Dubai Maritime City peninsula. Offices will be located on 33 floors of one of them, apartments on 48 floors of the other. The lower floors will be given over to infrastructure facilities necessary for a comfortable life and work, such as spa and fitness centers, a business center, swimming pools, a children's center, shops and restaurants.
This project, as the most environmentally friendly building with an efficient energy system, has been awarded the LEED (Leadership in Energy and Environmental Design) gold certificate. Luxury apartments with two and three bedrooms, penthouses with three and four bedrooms and duplex apartments with four bedrooms are for sale. All residences are equipped with a smart home system integrated into the local network of the building, so that the owners have the opportunity to fully remotely control their homes by phone or via the Internet.
The company IFA H&R, as Varvara Osokova, advertising manager of MMD, says, is currently conducting several projects. Among them is the Fairmont Palm Hotel & Resort – a 5-star hotel with 400 rooms in the center of Dubai; The Palm Golden Mile – a project with more than 860 luxury apartments, as well as office space, boutiques and restaurants; Kingdom of Sheba – a 1,000–room hotel, spa and indoor club; Laguna Tower - a 40-storey tower near the marina Dubai, where private apartments and a hotel are located.
New Palaces of Dubai
Thanks to the widest selection of luxury real estate in Dubai, you can list unique projects for a long time and without repeating yourself. Marina Chikurova, Customer Service Manager at Columbus PRCo, notes Dubai World Trade Centre Residence, which is designed for those who are really looking for the best.
It will be located in the city center, next to the Dubai World Trade Centre and financial and business complexes. Advanced technologies and the flight of design ideas are reflected in the exterior of the building and interiors. Comfortable and spacious residences are equipped with the latest security systems.
"The owner of an apartment in Dubai World Trade Centre Residence can start his day with a workout in the fitness center or in the 25-meter pool with a wonderful view of the city. Sound, light and color – everything in the complex is chosen so as to fill a person with energy or help him relax," says Marina Chikurova. Jumeirah Living Management Company will pay attention to every detail and create all conditions for a carefree life. Buyers are offered apartments with one, two, three and four bedrooms ranging from 90 to 386 sq. m. m with a unique layout and a wonderful view of the city.
The exclusive Palazzo Versace Dubai hotel and residential complex is being built in the historical part of Dubai and, according to Marina Golomedova, is currently the most expensive project. This is the second Palazzo Versace project in the world: the first hotel for the elite is located on the Gold Coast of Australia. Its main feature is the exclusive design from the Versace House of all design elements, equipment and furniture.
"The Dubai Palace is built on water, the decoration of each apartment in it is unique," adds Zhanna Huseyn. – Tiles, mosaics, moldings, niches – everything is designed in the style in which Versace designed his villa." The expert compares Palazzo Versace Dubai with the project of the Burj Dubai tower, which will house the 16-storey luxury Armani Hotel.
The owners of apartments in Palazzo Versace have a unique opportunity to rent them out through the Emirates Sunland Group management company. The company also manages the nearby 80-storey residential tower D1. Only in the Palazzo Versace complex and in the D1 Tower, apartment owners in Dubai can purchase a parking space for yachts.
The scale of construction in the heart of the Middle East attracts buyers from all over the world who can afford a lot. The Emirate is becoming an international business center with excellent working and living conditions. The scale of commercial development also determines the class of housing: the tallest, largest and boldest projects become the most expensive, comfortable and modern, and when viewed from old Europe, they are perceived as a new oriental fairy tale.
