Dubai,
Dubai,
Dubai,
Dubai,
The Dubai property market has seen a lot of changes recently, and not all positive, so what better time to give you an update of all the goings on in the Dubai real estate market. The Dubai property market has always been quick to change and that has certainly been the case recently, especially now with the world economic problems finally coming to bear in Dubai. But whilst prices are on the way down, building work on developments is for the most part continuing as per schedule, although recently there have been a few noticeable and high profile projects to start to feel the effect of the market down turn. Nakheel has lately been making headlines by ‘slowing down’ the rate of development and building work in some of its flagship projects, but its not all doom and gloom. So lets start with the building which has already obtained a cult internet following, the Burj Dubai!
Whilst cladding work was stopped on the world’s tallest building at the end of November, it has just as quickly recommenced, and the steel level has continued to soar. The Tower now stands at just under 740 meters and still looks to have some way to go before it stops its assault up into the sky! And developer Emaar has announced a new hand over date to those lucky enough to own a property here! Whist original handover was scheduled for mid 2009; owners have now been told the 20th of December will be the date. An early Christmas present if that is that case, but as is the nature of these things, it is more of a general guide, I wouldn’t hold your breath for that to be the exact date.
Nakheel have been making the headlines quite a lot of lately for real estate in Dubai, for both good and bad reasons. The good reasons definitely include the announcement of a new super tower, set to dwarf even the Burj Dubai! Nakheel believe the ground breaking and record breaking nature of the tower should make it interesting even in hard economic times, and with an anticipated completion time of around a decade, they make a fair point of saying the world economy will be a very different place by the time it reaches completion. With an ever changing name, currently Nakheel Tower, not a huge amount is known of the project. However what we do know is that it will be over 1000 meters, be over 200 floors, and include around 150 lifts. The mixed use tower is especially clever, as it is in fact 4 towers connected together, which will allow for air to pass through the towers, thus enabling it to reach such a height! This is certainly one impressive piece of freehold real estate that will certainly bring a lot of attention to Dubai.
However recently Dubai Property giant Nakheel has been attracting the wrong kind of attention with its announcement of it’s intent to lay off 500 workers. This follows hot on the heals of the news that work on the Palm Jebel Ali, The Dubai Waterfront and the Palm Deria are to be ‘slowed’, as is work on the Trump Tower at the Palm Jumeirah. Nakheel believes slowing the rate of building on these long dated projects will allow for it to effectively combat the present economic problems, and will allow for the more intensive work to be carried out at a time when there is less of a liquidity problem.
Dubai Sports City, located in the vast Dubailand, continues to progress. Infrastructure here is well underway, and with the inauguration of the Els golf club already having taken place earlier this year, things are looking positive for the world’s first integrated sports city. With the fifth and final building release at Canal Residence West, the Mediterranean styled development is now all up for grabs, and if the final building at the project proves as popular as the other four, then apartments here won’t hang around for long, whatever the financial environment. Sports City has certainly been a resounding success, and has rarely been out of the news.
There is a lot going on here and with stars from a wide variety of sports recently giving the project the thumbs up, it looks to remain one of Dubai properties most sought after areas. A number of buildings are already well underway here, so it should not be too long before the freehold property here starts to take shape. Nothing on the scale of Dubai Sports City has ever been attempted before but the combination of property, sports academies and golf courses really seems to have hit the spot with buyers.
So that is most of the current goings on in the Dubai freehold property market. So whilst things are not as bright as they once were, life in the property world still goes on. With things changing so quickly here, we will be sure to update you again in a month or two.
