After Shanghai, Dubai is the planet’s biggest building site, an emerging dreamworld. With its great climate and wonderful beaches, Dubai confidently predicts that its enchanted forest of 600 skyscrapers and malls will attract 15 million overseas visitors a year by 2010, three times as many as New York City. Over 800,000 Brits enjoyed a break in Dubai in 2005, and these figures are likely to increase dramatically now that Virgin Atlantic are flying daily flights to the Gulf along with Emirates who have 91 flights a week from the UK to Dubai. Budding investors will be able to see the dozens of outstanding mega-projects that Dubai has already under construction, or about to leave the drawing board at the Dubai & Gulf Property Show on the 20-21 January 2007 at the Novotel Hotel in Hammersmith, London.
Mike Bridge, Director of Dubai Shows Ltd, organisers of the Dubai & Gulf Property Show comments, “Dubbed as the Las Vegas of the Persian Gulf, Dubai is constantly introducing world class projects in a city that offers unlimited opportunities, strong population growth, high rental returns and new real estate laws designed to protect the investor. We are delighted that so many well known Dubai and Gulf agents and developers will be showing en masse, exclusively under one roof in London for the second time.
The show has doubled in size since last year, featuring Dubai’s world famous mega projects as well as those of its neighbouring Emirates, in particular its capital city which has the highest per capita income in the world. Dubbed as ‘the sleeping giant’, Abu Dhabi has been slow to join the regional real estate boom, but with new property ownership laws in place since summer of 2005, the emirate has already launched several huge projects in the property hot spots of Al Raha Beach and Al Reem Island. For UK buyers, the emerging short term rental market, could be the way to go, enabling you to enjoy a few weeks in the sun while still retaining excellent rental returns.”
Dubai’s mega projects being showcased at the exhibition include the World (where Rod Stewart has reportedly spent $33 million to buy ‘Britain’), the earth’s tallest building (Burj Dubai), the domed ski resort, Dubailand, a mega theme park twice the size of Disney World Florida, Mall of Arabia - the worlds biggest shopping mall, Dubai Sports City with it’s Ernie Els golf course and Manchester United’s soccer academy, the Restless Planet which will house over 150 animatronic dinosaurs and much more. According to the finance director of the Natural History Museum, the Restless Planet ‘will have the full stamp of authority of the Museum in London, and will demonstrate that education and science can be fun’.
The real estate sector in Dubai & the Gulf is outstanding in its diversity. There is an array of projects being built which are without a doubt, the best in the world. Prices compared with other international resorts are still very competitive, with studio apartments starting from as little as £45,000 and villas from only £200,000.
Although tourist development generate most of the ‘buzz’ in Dubai, the city has extraordinary ambitions to capture as much value added as possible through a series of specialised free zones and high tech clusters. There are free trade zones where 100 per cent ownership is allowed, with no individual or corporate taxes or import/export duties whatsoever. The largest of these zones is Internet City, already the Arab world’s principal internet hub with local subsidiaries of Dell, HP, Microsoft and others. Media City is home to various international news organisations such as Reuters and the BBC. Dubai’s International Financial Centre is hoped to grow into the largest stock exchange between Europe and East Asia as foreign investors rush to tap the Gulf’s vast reservoir of oil earnings. Commercial office space continues to experience healthy demand with both regional and multinational companies finding it strategically important to be situated in Dubai.
By the end of 2007 it is estimated that approximately 7.3 million sq. ft of office space will be ready for handover. With occupancy levels close to 100%, developers will be scrambling to bring product to the market, that will both satisfy this demand as well as supply that is expected make Dubai the premier business hub in the Middle East. One office development in particular is Jumeriah Lake Towers (JLT), a mixed use development that is available on a freehold basis with an estimated 5.6 million sq. ft net leasable area of office space. JLT is particularly unique as it is the one free zone in Dubai that is not restricted to a specific industry.
At the Dubai & Gulf Property Show in January, visitors will be able to see for themselves the abundant lifestyle opportunities available, as well as meet the experts with information about living and buying real estate in Dubai & the Gulf. This will be an event that budding property investors cannot afford to miss.
There will be a number of free daily workshops at the show, covering lifestyle, commercial investments and short term rental opportunities presented by a number of experts, plus films on Dubai and all its latest attractions.
The show will be held at the Novotel Hotel, Hammersmith, London which will be open daily from 10.30-18.00hrs. Entry is free. For further information please call Dubai Shows Ltd on 07733 298 367 or visit www.dubaishows.com