Latest News From Emaar Properties

Emaar Properties has come to symbolize the fierce ambition and drive of Dubai to succeed in all circumstances! A world-class company, Emaar Properties has come to be known for innovative, high quality real estate development. Emaar Properties is indeed contributing towards the growth of Dubai as a tourist destination!

Established in 1997, Emaar Properties has set its sight on creating new architectural benchmarks for global property developers! Emaar Properties currently have ten major real estate projects under various stages of development. These developments include Dubai Marina, Arabian Ranches, Emirates Hills, The Meadows, The Springs, The Lakes, The Greens and Emaar Towers in downtown Dubai. Additionally, the company also owns the Gold and Diamond Park! It has also begun construction of Burj Dubai - the tallest tower in the world and The Dubai Mall, which is the largest shopping center in the world.

In its portfolio of real estate projects, Emaar is building affordable apartments to exclusive estates.

Emirates Living, for instance, is a collection of neighboring Emaar properties that includes Emirates Hills, The Lakes, The Meadows, The Springs and The Greens. They have provided the community with beautiful homes to be proud of in the tranquil, scenic landscapes! Dubai Marina, world-class project built at the centre of Jumeirah, presents beautiful homes along with resort hotels, upper class shopping, beautiful beaches, and a scenic marina.

Burj Dubai, slated to be the world's tallest tower, will be a landmark not just in the region but in the world as well! Burj Dubai, the world's most prestigious address, will position Dubai among the leading cities of the world, driving tourists to the landmark architecture each year that will encompass residential, commercial, hotel, entertainment, and the world largest shopping mall. Petronas Towers in Malaysia is 452 metres tall while Chicago's Sears Tower is 442 meters tall. Currently, these are the world's tallest buildings. While other cities have announced plans to surpass these two buildings in their height, Burj Dubai's height will remain a closely-guarded secret for sometime but be assured it will beat all records - announcing the arrival of Dubai irreversibly on the world stage!

The Old Town with its unique architecture strives to relive the ambience of erstwhile Arabia. Old Town will stand out for its sheer beauty with five-star dining and outdoor cafes overlooking parks and waterways. The Dubai Mall will set new benchmarks in mega-mall retailing with nine million square foot Dubai Mall. Largest mall in the world, Dubai Mall will be apt company for Burj Dubai – the world's tallest tower. Dubai Mall will reportedly be larger than 50 international soccer pitches! Phew!

The Old Town will feature low-rise three storey apartment buildings and some mid-rise towers with penthouses. The Residences will comprises 6 exclusive towers over 20 acres of land embracing a dramatic man-made lake, Burj Dubai and Dubai Mall.

These are only some of the projects currently underway at Emaar! To push the growth of its core business, it has diversified into associated businesses that support its core business - Dubai Bank, Amlak Finance, Emrill Services, and Sahm Technologies.

Strategiy

The good life on the cheap, a reason to buy in Dubai

Long-term Dubai residents often forget how lucky they are compared with citizens in other major cities around the world. Many aspects of living in Dubai are still quite amazingly cheap.

After accommodation owning a car is probably the biggest expense for many people. One hidden advantage of living in Dubai is that car ownership is quite incredibly inexpensive.

First, vehicles cost the lowest global price, tax free. Second, insurance is inexpensive compared with other countries. Thirdly, petrol is $1.09 a gallon. Fourth, service and maintenance prices are low due to low labour costs and efficient management. Fifth, there are no congestion charges.

Now if you are a home owner, what about the other costs of living in Dubai?

Need to get your garden landscaped, and to employ a gardener? Expect to pay around $3,000 upwards inclusive of labour and materials for landscaping, and then $80 a month for a daily gardener.

Maid service required? Maids cost from $4 an hour and a live-in maid will expect not more than $400 a month plus her $1,650 annual sponsorship fee. This can make having small children a pleasure rather than one of life's rites of passage.

Perhaps you would like to eat out in a hotel restaurant? Recent guests tell me this is around 50% of the current cost of eating out in London. Supermarket bills seem on a par with European levels these days.

However, if you need to call out an electrician there is a big difference. In London the BBC has been paying $100 to change a light bulb, according to a recent internal memo leak, while in Dubai $15 would be considered expensive.

The same low-cost labour is handy if you want to decorate your house or install a gazebo. Note that 'Do-It-Yourself' is not very popular in Dubai.

But what about paying local council tax or community charges? There are presently no taxes on home owners, but the community service charge on an Emaar villa is presently $163 per month; for this you get an efficient dustbin service, maintenance of lakes, lawns and other community facilities such as swimming pools, and 24-hour security.

Now does this not all add up to a pretty good life at a very modest cost? These are certainly living costs that would be the envy of anyone in London, Hong Kong or Singapore. Dubai residents should realize how lucky they are, and the traffic problems are not yet remotely on the same scale as in most major cities.

Ameinfo

Is Dubai Property in For A Long Hot Summer?

United Arab Emirates: Sunday, April 24 - 2005 at 16:38
Estate agents in Dubai report that the re-sale market has sparked back to life after several dormant months. Possibly the sharp increases in local rental costs are forcing potential buyers to reconsider, and this is still the best reason to take the plunge for any long term Dubai resident.

If you are renting a villa in Dubai, how much rent did you pay last year? $32,000? How much will you be paying this year? $45,000?

Spare a thought for one-bedroom apartment tenants in The Greens. They paid around $11,000 last year and this year $16,000 is the going rate for annual rent.

One way to fix your accommodation cost is simply to buy in Dubai. Hopefully in time your salary will move higher and your property valuation will also rise. What is the downside risk?

First, interest rates may increase although long-term US interest rates are not likely to vary very much from present levels. Second, you could want to move abroad, but then you could take advantage of the high rental costs of Dubai by renting out your property.

Or the market could collapse. But how much would you actually loose then? If you kept your property, rather than selling it at a cheap price, then you would not loose anything as you would just wait for the price to recover in due course.

You would, of course stand to loose even more if you continue to rent - and that loss is guaranteed. In the villa example given above, with rental inflation, we are talking about a guaranteed $300,000 thrown out of the window over five years.

On the one-bedroom apartment in The Greens renting will cost you about $120,000 in lost savings. Unless you are an eccentric millionaire, that is a lot of money.

For buying a house is somewhat akin to a savings policy and rolling up your mortgage payments into an account for a rainy day. If you carry on renting you can be sure of one thing, you will have nothing after years of paying high rents except your happy memories!

This is an investment nightmare, and those who are sitting on the sidelines in Dubai do seem to have started to wake up. Rental increases have been a nasty alarm clock, and this is just the start. For the UAE is a rapidly growing, booming economy and the pressure on existing accommodation is becoming acute.

The pain and anguish of those who have already missed out on the first three years of freehold Dubai property will be nothing compared with the abject despair that they will suffer in the next three years or so.

For the re-sale market is only really just beginning to get going in this city, and the forces of supply and demand could take prices much higher before the inevitable market correction. That means higher rental costs as well as higher house prices.

Ameinfo.com

Location, location, location!

Agents report that the Dubai property market has slowed down over the past month or two, with prices no longer rising by very much. However, the best locations and some particular developments remain far more popular than others.


It is hard to gauge exactly why sales in the Dubai secondary market have slowed down over the past couple of months. But higher US interest rates, slower global economic growth rates, and competition from the UAE stock market for speculative funds, are mentioned as possible causes in the market place.

Not that Dubai home re-sales have hit the buffers. The hottest locations at present are the Arabian Ranches, Greens, Meadows and Springs; while in the Dubai Marina the Marinascape complex is in demand.

Sales of off-plan property continue at a pace, but there is stronger competition for buyers these days. The Lakepoint tower at the Jumeirah Lake Towers from Lai General trading, for example, which was launched this week, is offering just a 5% down payment and a fixed three-year maintenance fee.

This suggests that developers are having to offer better deals to lure speculators who were queuing up with their cheques earlier in the year. It could also be that the supply of off-plan properties is now finally beginning to exceed demand.

Yet agents reckon this situation may turn around very fast. They are the eternal optimists. But there is a good argument that the speculative money currently going into the sky-high UAE stock market is likely to come out very soon, and will need to find a new home, literally in this case.

It is a phenomenon noted around the world that stock market busts tend to fuel a real estate bubble for the following 12-18 months. This could be the final climatic phase of the Dubai property boom before its own inevitable market correction.

Now buyers sat on the sidelines need to ask: do I want to wait and see prices rise even higher before buying? The danger in the UAE is that most buyers are cash buyers and thus a future downturn in the market will not result in a lot of forced sales. People will simply sit on their property and refuse to sell.

This is what happened in Dubai during the 1999-2000 real estate slow down when landlords preferred to leave apartments vacant for a period rather than take lower rents; and it worked, rents did not fall.

Hence not buying today and waiting for a market crash to correct prices to a lower level is not a formula that will necessarily work in Dubai. The owners may just decide not to sell. And if you live here you do have to carry on paying horrendously high rents in the meantime.

Ameinfo.com

Lakepoint, only 5 percent deposit

Officials behind Lakepoint in Jumeirah Lake Towers have announced a three-year fixed maintenance fee and 5% deposit only. Lakepoint is a 45 storey residential tower from LAI General Trading and sold exclusively by Better Homes. Lakepoint is the only property to offer 5% deposit where standard practice is 10%. LAI General Trading was formed from a partnership between Al Yousuf Group and Gulf General Investment Co., with S.S. Lootah Group acting as contractors, and architects NEB.

Lakepoint inhabits a corner position in JLT and offers unrestricted views of the surrounding lakeside. Lakepoint tower offers a total of 414 one, two and three bedroom freehold apartments. It is located off Sheikh Zayed Road close to Burj Dubai, American University in Dubai and Montgomerie Golf Course. Lakepoint has a range of facilities that include three swimming pools, separate gym and sauna for lades and men, as well as world renowned kitchen appliances. Apartments in Better Homes, the exclusive agents for the project announced that financing is available from Tamweel.

The first 100 buyers of apartments were entered into a draw to win a Chevrolet Corvette convertible, which was donated by Al Yousuf Group.

Gowealthy.com

One-third of The World sold

Nakheel Executive Chairman Sultan bin Sulayem has announced that one-third of The World project has been sold. Speaking to the media, he announced that these were buyers who had paid 15% down and had had their development plans approved. The World is an archepelago of articial islands shaped like a map of the globe. Located between the Palm Jumeirah and Palm Deira, The World is an exclusive community which will be connected to Dubai via ferry and speed boats. It is 4km away from the Dubai shoreline. The chairman also stated that plans for other parts of the World were also being considered.

Meanwhile Nakheel has also created a model villa on one of the completed islands of The World. Officials announced that 60-70% of the reclamation work was done, and that hydrocompaction techniques meant that building could follow quickly.

Go Wealthy.com

Unique Homes : The Palm’s Water Homes

Unique waterhomes Palm Jebel Ali 

The Palm’s Water Homes crest the wave of exclusive island retreats. These unique four-bedroom chalets are built on pillars, supported by concrete foundations and come equipped with private moorings for personal boats, individual decks alongside a wide boardwalk which leads to these surprisingly spacious extravaganzas. The Water Homes will be cocooned by state-of-the-art security and will feature every imaginable modern convenience.

More info at Waterhomes.ae

Emaar offers lifestyle tips to homeowners

Dubai, March 8, 2005: As part of its popular “Celebrating Lifestyles” programme, Emaar will host yet another fun-filled session featuring exclusive workshops on landscaping and painting to be held at the Street of Dreams on March 10 & 11.

Bruce Pendersen from Dubai Garden Centre will present the landscaping event while workshops on painting will be conducted by Eirik Kristensen and Linda Al Tarifi from Jotun Paints. The workshops will commence daily at 8:30am and conclude at 4:30pm.

Ahmad Al Falasi, Senior Manager, Property Management Emaar, said: “Our “Celebrating Lifestyles” initiatives received extremely good response last year. A majority of homeowners have since expressed their interest in receiving greater tips on landscaping and painting, as both constitute important elements of home décor and design. By organising these workshops, Emaar is fulfilling the event’s overall objective- to provide dream homes which offer a truly world-class lifestyle to our homeowners.”

A range of key landscaping and painting elements will be highlighted through audio-visual presentations and interactive workshops. Participants will be able to submit their feedback by completing a response form which will be available at the venue.

“Emaar believes in creating customers for life. This is why we continuously innovate to devise unique community-oriented programmes that generate an ambience and feeling of community. “Celebrating Lifestyles” is an example of one such initiative,” Al Falasi added.

A sustained programme of family and community events, Emaar’s “Celebrating Lifestyles” concept has been very well received by residents of its communities. The upcoming workshops follow on the heels of a series of lifestyle workshops held last year on landscaping, feng-shui and interior design.

“With every successive “Celebrating Lifestyles” activity, we have witnessed a greater participation from our homeowners, reflecting the popularity of our pioneering community initiative. We welcome our homeowners once again, and look forward to their support in making the upcoming event a greater success,” concluded Al Falasi.

Nakheel Properties, Dubai Real Estate - Latest News

Nakheel Properties is a premier developer in the Dubai real estate market. Nakheel Properties' portfolio in the Dubai properties market includes a range of landmark properties from distinctive homes - villas and apartments - to unparalled entertainment / shopping / recreational destinations.

This has also created unique invesment opportunities that are driving the Dubai real estate market to unprecedented growth! The iconic projects of Nakheel Properties are drawing residents, businesses and visitors from all over the world! Nakheel Properties is indeed transforming Dubai into an international destination of choice

Nakheel Properties has already invested $12 billion in the real estate projects of Dubai! Headed by Sultan Ahmed Bin Sulayem, Nakheel Properties is developing The Palm, The World, International City, The Gardens, Ibn Batuta Shopping Malls, Jumeirah Islands, Jumeirah Lake Towers and Discovery Gardens! These projects are so large and extra-ordinary in themselves that it requires fierce ambition and a drive to excel beyond what is seemingly or ordinarily possible to bring them to fruition!

Nakheel Properties has driven the real estate and property market of Dubai so bullish that projects worth over Dhs. 100 billion are slated to be launched over the next few years. These are above and beyond the projects already announced, according to officials from Dubai Chamber of Commerce and Industry.

In fact, Dubai is growing so fast in various sectors that it is experiencing a lack of housing projects for all its residents! Various developmental projects will be launched once the lack of housing projects is taken care of. This only shows the extent to which the real estate market in Dubai will remain buoyant! Government estimates forecast continuous growth for the next 8 to 10 years. The market is not expected to soften up till then after which it is expected to stabilize! Surely, there is enough room for new real estate projects in Dubai.

The unprecedented growth of the real estate market will reportedly continue for some time due to the balanced and healthy growth taking place in the emirate. The growth taking place parallely in industry, civil aviation, road transportation, logistics and tourism is perking the entire business environment. The sentiment is bullish!

To keep a watch on the latest business news and developments, visit us regularly or register to subscribe to NewsAlerts so we can keep you updated on the latest developments as they happen, once each day or once each week! Click here to register for NewsAlerts!

Premiums decline on new property launches

Perhaps inevitably the re-sale premiums on new property in Dubai have started to decline. This is going to have quite a substantial impact on the market as speculators find their profits squeezed.

When the Dubai property freehold property market began almost three years ago, the ability to trade 'on the margin' became apparent.

Basically you put 10% down on a new property and then could trade in on within a few weeks. By then the full-price was 10% higher and you had doubled your initial down payment.

Since then at each new project launch the developers have adjusted prices upwards. But such is the enthusiasm for Dubai property – and some would argue such was its undervaluation – that returns for speculators have continued to be spectacularly good.

But this pattern of easy money now looks to be coming to an end. For one thing far too many people are now trying to take this easy path to riches. For another the supply of new developments is now so large that the emergence of an immediate final buyer is not so readily apparent.

It is therefore somewhat sobering that apartments on the iconic Burj Dubai which sold-out overnight during its launch last autumn, are now being offered at the wafer-thin premium of 6%. By the time transfer charges and agents fees are paid there will be almost nothing left for the speculator.

This does suggest that this particularly investment party is now over. Instant investment profits will now have to give way to a more sober analysis of potential rental incomes.

With Dubai rental yields presently in the 7-9% range this should not give real investors too many sleepless nights. However, the day of the speculator is almost over and this will now become a market driven by more fundamental forces.

Such factors as supply and demand, and the cost and availability of mortgages will now matter far more in Dubai.

What the era of the speculator has left behind is a market much more fairly valued in comparison to major international markets. This has been a vital step in moving from a closed to a far more open property sector, and it will be interesting to see how the market develops from here.

But the lesson from around the world is that real estate is a long-term investment, and that taking the long-view works best. The danger of the short-term trading mentality is that you don't know when to stop and always risk being caught out at the top of the market along with every one else.

A long-term property investor can sit out the peaks and troughs and see his or her property rise in value over the years thanks to rental inflation and domestic economic conditions. And in the case of Dubai an individual long-term investor also saves his or her large rental payments by paying off a mortgage.


Courtesy Ameinfo

What is the outlook for Dubai mortgages?

How will interest rates behave in the emerging Dubai mortgage market? Will the range of products change? And how will this impact on the broader property market?

Not yet at its third anniversary but the freehold Dubai property market has already spawned an active mortgage market with more than half a dozen players offering both fixed and variable rate products.

However, in the near future more banks are likely to enter the mortgage arena – after all this is where many banks make their money around the world. What is holding back the ilk of Emirates Bank Group and Standard Chartered Bank is the legal position in Dubai.

Once the law is clarified – and Emaar has openly said a Dubai law is highly probable in 2005 – the number of banks entering the mortgage market will increase. And greater competition should mean lower interest rates.

At present the standard monthly variable interest rate is 6.5% which compares to 4.1% in the USA. As the UAE's dirham is linked to the US dollar interest rates are closely pegged as well, and the current gap leaves some room to improve local mortgage rates.

Banks justify the higher figure today by citing the low volume of transactions – which is true enough, though becoming less of a factor day-by-day as the Dubai property market grows. Thus even if US interest rates move up by 1% this year, as many predict, Dubai mortgage rates should stay unchanged, or even fall, due to greater competition.

Alongside the maintenance of attractive short-term interest rates the cost of long-term Dubai fixed rate mortgages should also fall. At present these are high in relation to US Treasury Bond yields – and again there is room for a tightening of rates.

Now the availability and cost of funds is one of the crucial determinants of price levels in any property market. Therefore, it does not need much imagination to see that more lenders and lower, or at worst stable, interest rates will be good for the value of Dubai property.

Part of the reason for the gap between Dubai property prices, and say Singapore, is that the financing of property is less developed in Dubai. Once this factor is eliminated then there is little justification for such lower prices.

Indeed, it is interesting to note that rents are pretty much the same in the two cities, while property values are lower in Dubai. Given the free movement of capital and foreign ownership this gap should be closed quite quickly.

Courtesy Ameinfo

Introducing the top investor in Dubai property

Everybody wants to know where the money is coming from. The modest increase in UAE bank lending last year shows that domestic borrowing is not the source. So where is the investment in Dubai property coming from?


United Arab Emirates: Sunday, February 20 - 2005 at 08:33
Saudi Arabia: according to veteran Saudi financial consultant Motasher Al Murshed, speaking before the opening of the Jeddah Economic Forum.

He revealed to Arab News that the flight of capital from Saudi Arabia to Dubai last year was as high as $7 billion and a further $480 million in cash from the Kingdom ended up in the UAE stock market.

This helps to explain a conundrum that has been puzzling UAE analysts. Figures from the UAE Central Bank showed that total bank loans grew from $52.3 billion to $56.1 billion in 2004. This modest rise in borrowing was hardly enough to fuel the real estate boom we see today in Dubai.

So the huge inflow of foreign direct investment from Saudi Arabia looks a very important part of explaining what is going on. Now assuming other Gulf States such as Kuwait and Qatar, also with large oil surpluses, have been investing in Dubai - and they have been rather more public about it than the Saudis - and the picture becomes much clearer.

It has to be said that a real estate construction boom funded largely by equity is something of a novelty but not unknown in emerging economies. For example, the extensive infrastructure redevelopment of Chinese cities in recent years is down to the reinvestment of manufacturing income.

Most importantly such an equity-funded real estate boom is no financial bubble. It will not collapse due to funds drying up as so often happens in the industrialized world. What generally happens in such construction booms is that supply runs hugely ahead of demand.

Some people might suggest this is happening in Dubai but the figures do not support this conclusion as yet. The UAE population grew by 279,000 in 2004 to 4.3 million, and everyone knows that most of that growth was in Dubai resulting in a 20-25% hike in rentals and accommodation shortages.

By the time the high-rise construction projects now underway are completed the population of the city will have grown even bigger. Not everybody will want a high-rise condominium but there should be enough people who do to fill them up.

Of course the question is how long and how big the Dubai real estate sector can become before it becomes oversupplied. All the evidence from high growth economies suggests that we have not seen anything yet, and many of the recent project announcements that appear impossibly visionary will prove both attainable and economically viable.

When you look at Singapore and try to explain, how did a small town turn into a metropolis in less than 20 years this is also something beyond normal imagination. But it happened, and the same thing is happening to Dubai.


Coutesty of Ameinfo

How high can Dubai property prices go?

The many announcements of new massive property projects in recent weeks seem at least partly designed to put a ceiling on booming rental and capital values in Dubai. But is the promise of new supply in the future going to affect supply and demand today?

United Arab Emirates: Saturday, March 05 - 2005 at 10:12
The Dubai Government seems to have been pulling out all the stops to keep the local property boom from getting out of hand.

A slew of major project announcements - from the Dubai Waterfront mini-city near Jebel Ali to the 250-tower Dubai Business Bay in the downtown - appear to be aimed at keeping the market well supplied and therefore to prevent rentals and capital values getting out of hand.

The last thing Dubai wants to become is an expensive place to do business. The emirate grew by being a highly competitive, low-cost business location and would not want to become overpriced like certain Asian markets.

Indeed, there are some signs that price increases are now more muted and that the re-sale market is cooling down. From the rental cost perspective there has been some market resistance to price increases, though often people are accepting smaller accommodation to meet their budget.

However, there is still a time-lag between these massive new developments and the demand for property. The supply is coming tomorrow. The demand is there today.

With this supply and demand position it is impossible not to conclude that the cost of buying property and the cost of rentals will both continue to rise at least until this new supply begins to become available.

Of course, by then the demand for property may be bigger again, and the whole supply/demand equation will have shifted in the direction of permanently higher prices.

This has already happened. Some top local estate agents thought the Jumeirah Beach Residence project might flood the market with apartments, but few hold that view today and prices for the original buyers are three times what they paid. Now the argument has shifted to the tertiary tower developers. But will that be proven wrong too?

Eventually the supply and demand position in Dubai will top out, and then the market will undergo a correction. But with rental and capital values rising at the same time, as they are currently there is nothing immediate to worry about.

Only when rental yields collapse, as the have done in the UK over the past few years, should buyers start to become concerned. We are just not there yet!


Courtesy of Ameinfo

Burj Dubai reaches defining moment as world's tallest building begins to rise

Burj Dubai, Emaar Properties' iconic building symbolizing modernity and engineering prowess, has reached a defining moment in its history as the world's tallest tower rises, making the surrounding district the most prestigious square kilometre in the world.

Emaar Properties Executive Director Robert Booth.
The important second stage of this world-class project follows the completion of complex foundation work on the tower slated for completion in 2008. Emaar had earlier announced that South Korea based-Samsung Corporation has won a global bid for US$900 million (AED 3.285 billion) for the construction of the tower.

Speaking to the media during a hard-hat tour of the Burj Dubai construction site, Emaar Properties Executive Director Robert Booth informed that the foundation work, completed in record 12 months at a cost of US$15 million, (AED 54 million) involved some critical measures taken to ensure that the tallest man-made structure sits on a strong steel and concrete podium.

The tower's 192 piles have been constructed to depths of more than 50 metres and are bound together by a 3.7 metre thick concrete raft across 8,000 square metres, encompassing the tower's entire footprint.

Nearly 18,000 cubic metres (cbm) of cement concrete was poured for the tower piles while 15,000 cbm of concrete was used for the podium piles. The raft, in addition, comprise of 12,300 cbm of concrete, bringing the total concrete poured into the foundation to over 45,000 cbm weighing more than 110,000 tonnes.

'We now embark on the exciting part of the development where the world can witness our promise of 'History Rising' coming to fruition,' said Booth. 'The tower is composed of three elements arranged around a central core. As the tower rises from the foundation raft, setbacks occur at each element in an upward-spiraling pattern, decreasing the mass of the tower as it reaches towards the sky.

'The tower design created by celebrity architect Adrian Smith for Chicago-based Skidmore, Owings and Merrill (SOM) is inspired from the geometrics of the desert flower and the patterning systems employed in Islamic architecture. It combines these historical and cultural influences with cutting-edge technology to achieve a high performance building which will set the new standard for development in the Middle East and become the model for the future of the city of Dubai.

Read on at Ameinfo.com

Dubai already have their eye on even more spectacular and affordable developments

As if the Palm and the World projects weren't inventive and ambitious enough, Dubai is set to create a new man made private waterfront development, Dream City. When finished, Dream City will form the shape of an eye, with the residential element on giant eyelashes extending out into the Persian Gulf. Villas at Dream City start at €425,000 for around 371 sq m (4,000 sq ft) of accommodation. Townhouses start at €200,000, while one and two-bedroom apartments start at €150,000.

Amenities will include five-star hotels, a sports park, race-track, equestrian centre, polo and flying clubs, a marine and yacht club. Shopping malls and facilities for children are also planned. A limousine service will ferry owners from the airport to the complex and plans are afoot to set up a ferry service to and from Dubai.

For more details visit the Capital Eyes website.