Dubai as a buying destination has indeed shot to the top of the international market, in tandem with its full-on pursuit of a 15 million-visitors-per-year tourist trade. And if this goal sounds a little far-fetched, that is only because you are not factoring in the quite staggering self-belief that this jewel of the United Arab Emirates has.
Peter Riddoch, CEO of major developer DAMAC Properties, says, ‘It’s grown at an exponential level; it’s not stopping. They do say “Build and they will come” – and that’s true.’
Crucially, he says, infrastructure is keeping pace – and a far-sighted approach to ensuring the best possible air connections is also set to pay off. The forthcoming Dubai World Central International Airport in Jebal Ali will, on its completion in 2020, be able to cope with 125 million passengers a year. ‘They’re making Dubai a regional hub,’ he says.
When the 15 million people arrive, there will be no shortage of things to do. There is the world class golf course at Arabian Ranches Golf Club, camel racing, horse racing, polo, water sports of all descriptions, 70 kilometres of beautiful sandy beaches, incredible shopping – even snow skiing and tobogganing at a fabulous indoor winter sports centre at the Mall of the Emirates. There is, in short, everything. And it’s an extremely high-quality everything – and however crazy Dubai can sometimes seem, the components also make a strange kind of sense.
Buyers face a wide choice of properties, from smart apartments to roomy family villas. A new development seems to be announced daily, each exhibiting the astonishing ambition that Dubai is quickly becoming known for.
The world has seen several markets open up to foreign ownership in the past decade or so: India has become quite a force within the world property scene, while others such as Egypt and Cape Verde are also attracting buyers. Dubai remains the destination, however, Riddock says. ‘The reason Dubai will always be at the front of this is it has marketed itself so well. It’s not the only place that allows non-residents to buy but it’s the one that when people do buy there, they know that everything will be fine.
Certainly, those who invest will know that every marketing muscle will be strained to make sure that there are tourists to fill the investment properties. Its year-round appeal makes it perfect for those who want all-season occupancy.
‘We don’t have seasons in Dubai,’ says Abdullah bin Suwaidan, deputy manager of missions for Dubai’s Department of Tourism and Commerce Marketing. ‘We have high season and very high season.’
But where to buy? The prospective investor is by no means deprived of choice. And that is not set to change anytime soon, if DAMAC Properties has anything to do with it. Riddoch has announced plans by the company to triple the company’s annual output, from 3,000 to 9,000 by the year 2010. He says, ‘DAMAC Properties will continue to develop in Dubai across the residential and leisure sectors.’
DAMAC Heights is a 90-storey tower in Dubai Marina which features exclusive penthouses, duplexes, and one-, two- and three-bedroom apartments. Designed by world-class architects Aedas, the tower offers world-class amenities such as men’s and women’s health clubs, steam and sauna facilities, gymnasium, swimming pools, nursery and day-care centres, barbecue area, banquet area, golf simulator and games room.
Owners of the penthouses and duplex apartments will have access to a luxury yacht maintained by DAMAC Properties, a private cinema, personal gymnasium, indoor swimming pool, jet spa and sauna. Prices at DAMAC Heights start from £254,000 for a one-bedroom apartment.
For further information about DAMAC Properties visit damacproperties.com or call 0207 499 9001.
Meanwhile, another iconic Dubai location is The World, where Landmark International is
selling property. The World is a master development made up of a collection of 300 man-made islands in the shape of the world, just off the coast of Dubai. In keeping with Dubai’s can-do attitude, The World can be seen from space.
Also from Landmark International is Pentominium, located in Dubai Marina. The development, which will be the tallest all residential building in the world, will promote a new concept of unabashed luxury, with a stylish penthouse apartment on each floor measuring over 6,000 sq ft. The views of the Palm Jumeirah will be absolutely stunning.
This project is already drawing buyers from the world of the hyper-rich, and is expected to be completed at the end of 2011.
For further information on any of Landmark International’s developments call 0207 377 9889 or visit landmarkint.co.uk.