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DUBAI

Last post 01 Mar 2007, 5:59 PM by yellow_bird. 455 replies.
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  •  25 Oct 2005, 8:57 PM 95762 in reply to 95530

    RE: DUBAI




    As Dubai continues to expand at a rapid pace, the latest chapter in the city’s incredible success story is starting to unfold with the creation of Dubai Waterfront - an entire new city-within-a-city spanning 81 million square metres between the Jebel Ali Hotel and the Abu Dhabi border.

    The massive project, which is bigger than Manhattan in size, was announced earlier this year by Dubai Crown Prince and UAE Defence Minister, HH General Sheikh Mohammed bin Rashid Al Maktoum, who said Dubai Waterfront is destined to become an international landmark on the last remaining coastal waterfront of the emirate.

    “Dubai Waterfront centres around water, something we consider perpetually valuable and precious,” Sheikh Mohammed said. “It is an unprecedented advancement and a world-class addition to Dubai, one which will create long term growth and investment for the UAE and the wider region.”

    Dubai Waterfront forms the first phase of a larger project, the Arabian Canal - a 75 km development envisioned by Sheikh Mohammed – and forms the primary entrance and ‘gateway’ to the canal, which will ultimately provide further long-term waterfront investment opportunities.

    The whole Dubai Waterfront site has been master planned by Nakheel, which has already begun selling plots to select investors and property developers in its first phase, Madinat Al Arab - a thriving urban downtown metropolis, which will include one of the world’s tallest buildings, Al Burj, and forms the ‘heart and soul’ of the development.

    Khaled Issa Al Huraimel, general manager of the Madinat Al Arab component of Dubai Waterfront, said the project has already caught the attention of investors, with the whole of phase one snapped up within five days of going on sale in mid-July.

    “The demand was much higher than we could actually supply,” he explained. “At this stage we are only selling land, with Dh 13 billion worth of plots sold in five days to select investors and major developers, mostly from the UAE and GCC.

    “Basically, we have released a proportion of the prime land in phase one as it is all sea facing. We will be releasing the other phases for sale later on in the year, and early next year.“

    Once complete, Dubai Waterfront is expected to become home to up to 750,000 people and will be a completely self-sustained city, complete with shops, offices, residences, schools, mosques, parks, hospitals, police stations, resorts, a marina, public beaches and golf courses.

    “The first phase has residential, resort, commercial and retail components, so it is mixed-use with different densities - from 10-storey buildings up to 50-plus,” Mr Al Huraimel said. “The first phase also has a harbour, a marina and Al Burj, which will be located facing the harbour in Madinat Al Arab.”

    Dubai’s real estate sector has boomed since it was announced that expatriates can now own freehold property in the emirate, but Dubai Waterfront holds extra appeal for investors.



    “This is the last natural waterfront in Dubai,” Mr Al Huraimel explained. “It is one of the last opportunities to own natural land facing the sea.”

    Nakheel employed a consortium of the world’s best architects, planners and urban developers to ensure the project becomes an international landmark. Utilising mostly empty land, the site is essentially a blank canvas for one of the world’s largest waterfront developments.

    “We are creating a new city in Dubai and have the opportunity to lay down the infrastructure from day one – to have it properly planned and create one of the world’s best cities to live in, to work in, and to visit,” Mr Al Huraimel said. “We have worked with many leading architects, with people from the marine side, and from the transportation side, so everything was fully co-ordinated in producing the master plan.

    Sometimes projects are launched at the concept stage and the detail comes later on. The difference with Dubai Waterfront is that we have been master planning this for the past two years and had the detail available to investors right from day one of the launch. They were very impressed by the amount of information and detail made available at such an early stage, which is another of the reasons why demand has been so high.

    “For example, we have done proper planning in terms of the placement and height of buildings to maximise the sea view, and you are looking at 500,000-750,000 people living in the Dubai Waterfront, so we had to look very carefully at the traffic and road system. We will be introducing a one-way system to ease the traffic flow, which I don’t think has been done in Dubai before.”

    The construction of a new international airport at Jebel Ali, the forthcoming opening of The Palm Jebel Ali, and now the Dubai Waterfront project, means a whole new dimension is being added to the emirate of Dubai. Consequently, Mr Al Huraimel does not believe it will be a hard sell to encourage people to live 35km to the south west of the existing city.

    “That’s what people used to say a few years ago when projects started happening around the Dubai Media City and Dubai Internet City area,” he said. “But you can see business is moving forward and the city is expanding to meet the demand of what is expected in Dubai. If you look at the population growth and tourist increases there is not enough supply in the market, so we are looking at meeting that supply later on.”

    The whole Dubai Waterfront project is expected to take around 10 years to complete, but Madinat Al Arab should be ready in 3-5 years with Nakheel providing the infrastructure, in the form of serviced land, to developers, as well as constructing its own projects within the development, such as Al Burj.

    “Madinat Al Arab will be anchored by Al Burj, one of the world’s tallest buildings, that will spiral towards the sky forming a centrepiece that embodies the ambition, vision and magnitude of the development,” Mr Al Huraimel said. “Al Burj is not just one of the towers in Madinat Al Arab - it will be an iconic building for Dubai and the Dubai Waterfront.”
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  •  27 Oct 2005, 4:13 PM 95763 in reply to 95530

    RE: DUBAI

    Any body interested in purchasing a TORCH TOWER 2 bed apartment with GREAT MARINA VIEW at pre launch price please contact me on arfanl@dubailuxuryhomes.com
     
    70% finance available automatic. Completion MID 2008.
  •  30 Oct 2005, 1:45 PM 95764 in reply to 95530

    RE: DUBAI

    The average rental for a Dubai apartment is up by 23% in the year to October, according to local real estate agents Asteco. The firm noted that an average annual rental for a two-bedroom apartment on the Sheikh Zayed Road was up from Dhs80,000 to Dhs98,000.
  •  30 Oct 2005, 1:51 PM 95765 in reply to 95530

    RE: DUBAI

    Dubai's drive towards global acclaim has taken a wrong turn.

    This tiny Gulf city once boasted about its world class facilities linked by smooth-running highways, but now gridlock is making things miserable for residents who came here in search of an affluent and comfortable lifestyle.

    Economists and experts say the congestion that jams the streets for several hours a day could also dent Dubai's aspirations to transform itself from being the star of the wealthy Gulf region into a global business hub.

    "This is going to affect the nice, shiny gloss on everything that is in Dubai," said Londoner Davyd Farrell of online newsletter Gulf Traffic (www.gulftraffic.com).

    "This horrendous traffic is a waste of time, a waste of energy. One of the reasons I moved to Dubai, having spent a lot of time on commuting in London, is to get away from this," he added. "If I was to think about opening an office in Dubai, I would think very carefully about its location."

    With a total area of just under 3,900 square km (1,500 square miles), Dubai is a bit bigger than Luxembourg and boasts wide, U.S.-style highways and interchanges.

    About 1.4 million people live in Dubai, which is part of the United Arab Emirates and the Gulf region's trade and tourism hub. Officials estimate the population is rising by at least 120,000 a year.

    Eighty percent of residents are foreigners, lured by tax-free jobs that pay better than those back home. Dubai's liberal atmosphere and high-quality lifestyle add to the attraction for bankers, business people and other professionals.

    But out on the streets, buses crammed with construction workers battle for road space with armadas of Toyota sedans, sleek Ferraris and hulking sports utility vehicles.

    Seemingly perpetual road works and construction projects add to the chaos that some residents say reminds them of a miniature Manhattan -- at least as far as traffic problems go.

    But unlike many of the global cities it is striving to emulate, Dubai has a public transport system that is limited to a few buses that residents say hardly run to schedule.

    High temperatures and stifling humidity rule out walking and the absence of dedicated lanes makes cycling extremely dangerous. With taxis seen as expensive, residents say they have no real alternative to their cars.

    "The whole idea of migrating here was to achieve a peaceful, comfortable and good life," said Indian financial analyst Sanjay Kamath, whose 46 km (29 mile) commute to work takes more than 1-1/2 hours. "But this traffic is damaging the Dubai dream."

    Alistair Barley, operations manager for a major British retailer who has been in Dubai for seven years, said the traffic puts a damper on doing business here.

    "It eats a lot of my productive working day," he said. "I spend a lot of time sitting in the car instead of visiting stores. My staff already work nine hour days and if you add two hours a day to and from, half their day is gone."

    GROWING PAINS

    Steve Brice, chief economist at Standard Chartered Bank, said gridlock was one of the "growing pains" of Dubai's economy, which expanded at a rate of 17 percent last year.

    "We're going to have to live with congestion," he said. "It is a factor businesses look at, but it's only one factor."

    Government officials acknowledge that traffic congestion has grown at the same breakneck speed as the city, gripped by a construction frenzy fuelled by a booming local economy.

    Municipality figures show the number of cars registered in Dubai will exceed 368,000 by year end. An extra 60,000 vehicles enter the city from other emirates every day.

    "Dubai is one of the fastest growing cities in the world, so this is a natural consequence," said Brigadier Nasser Al Sayed Abdul Razzak, head of the city's Supreme Traffic Committee.

    "We know traffic is an inconvenience but one that is necessary to make Dubai the great city that we envision."

    Abdul Razzak said the government had set aside 6-7 billion dirhams ($1.6-1.9 billion) so far this year to expand the roads and bridges. Dubai is also building a 14 billion dirham metro, due to open in 2009, and Abdul Razzak said there were plans to improve the bus network and maybe introduce highway tolls.

    "The problem will not be solved immediately," he warned. "But we expect a revolution in road works in the next few years."

    Poor driving skills -- speed limits and lane discipline are largely ignored -- also snarl traffic and make car accidents a leading cause of death in the UAE.

    But residents and traffic experts say the main problem is the apparent lack of a master plan, and this allows major real estate projects to be built before access to them is sorted out.

    "There is a serious lack of strategic planning here," said university professor Erika Berner, an American who has driven in some of the biggest and busiest cities in the United States. "Dubai is a young city and should have figured it out. It's not an excuse that other cities have this problem."

    Investment bank EFG Hermes says residential projects worth at least $50 billion, and including 85,000 homes, will be built over the next four years.

    Brian Scudder of Oryx real estate advises customers to check out the road networks before buying a property. "The vast majority will be serviced appropriately," he said. "But it will get worse before it gets better, and it will get better." (Additional reporting by Richard Dean)

    Post Edited (yellow_bird) : 10/30/2005 1:54:59 PM GMT

  •  30 Oct 2005, 11:35 PM 95766 in reply to 95530

    RE: DUBAI

    Dubai labelled 'hippest' city in the world

    American News Channel Fox labelled Dubai as the ‘hippest city’ in the world on their news website.
    Dubai, which “many Americans can’t find on a map”, has gone from being a “sleepy desert town to the destination of some of the highest-profile names in the United States and Europe, and the fastest-growing city in the world,” the report said.

    Lauding Dubai's Crowne Prince Shaikh Mohammad’s achievements and Dubai’s attractiveness to foreign celebrities the report refers to Dubai as a “surreal juxtaposition of barren desert, 21st-century skyscrapers and extravagantly optimistic construction sites that extend as far as the eye can see.”

    "As a developer, it's an incredible place," billionaire business man Donald Trump, who has invested heavily in the area, said. "The stuff they're doing is amazing — they're limited purely by their imagination and the laws of physics. It's an area that's growing rapidly and it's where we want to be."

    "I'm able to say without hesitation that Dubai is the hippest place on the Earth," said Franko Vatterott, owner of the Human Interest Group, a sports management firm for the crown prince of Dubai. "Nothing there is good enough unless it's the best."
  •  03 Nov 2005, 12:25 AM 95767 in reply to 95530

    RE: DUBAI

    Dubai, the fastest growing city in the world
     
    Spot the difference!
     
    June 2004
     
     
    Just 16 months later, JBR appears which is sold out.
     
     
    ps. TV program on BBC2 next monday 7th Nov at 8pm about Dubai property boom.
     

    Post Edited (yellow_bird) : 11/6/2005 1:03:24 AM GMT

  •  04 Nov 2005, 11:17 PM 95768 in reply to 95530

    RE: DUBAI

    Some nice photos of the Palm Jumeirah under construction

  •  10 Nov 2005, 3:35 PM 95769 in reply to 95530

    RE: DUBAI

    Dubai Real Estate Crisis

    A new survey published by the Emirate newspaper Al-Bayan revealed that Dubai real estate market needs 750,000 new housing units until 2010 to put an end to the waiting lists, which contribute significantly to the high level of renting fees.

    Many real estate companies agreed that it is not sure that the introduction of 85,000 new housing units annually will be enough to reduce rental fees or to satisfy the demand in Dubai. The population of Dubai is expected to rise from 1.1 million to 2.1 million souls in 2010, while the number of tourists is expected to increase to 15 million in 2015. Many renting offices and companies agree that renting rates in the city will not decline or be corrected before 2007.

    Many of the middle-income earners are leaving Dubai to a cheaper city, or sending their families back to their mother-city and staying alone in Dubai to work.

    The real estate market in Dubai sees a growing demand for renting villas due to the severe shortage in housing apartments. Most of the real estate developers in the private sector tend to construct towers, aiming to gain fast and large profits.

    The market is also witnessing a tendency by several development companies which prefer to purchase large land plots to construct a group of villas on them. Market analysts assess that the market needs 150,000 housing units and not 85,000 annually, but the problem is that the contracting sector can not provide this number.

    Meanwhile, the number of housing units for renting in Dubai amount to approximately 300,000 apartments, but the market is in need to 150,000 new housing units to avoid the increasing rise of the renting fees, which increased by 200% during the last two years.

    Post Edited (yellow_bird) : 11/10/2005 7:18:41 PM GMT

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