Dubai property landscape rises vertically with the property boom

Property developers in Dubai are aiming to reach newer heights of Dubai skyline. Property units are selling like hot cakes in Dubai even before construction gets completed. Residential property prices in Dubai have faced a rise of 20 to 100 percent in comparison to last year’s figures. In fact, this has been the trend in Dubai since the turn of the century.

Anyone with some money to spare in Dubai is investing in its ever-widening property market. Buying and selling of property in Dubai has become a trend. Even those not directly involved with property or in need of it are purchasing residential property to gain profits by selling it later on.

Dubai property landscape is rising vertically everyday. With every passing day, property developers in the emirate are coming up with still more ambitious projects. Dubai has acquired a Manhattan look, thanks to the towering buildings, rather towering ambitions of property developers in the city.

The prices of apartments in Dubai have gone up by 125 percent since last year in areas surrounding Burj Dubai. At the beginning of this year, new laws stating the ownership of residential property by foreigners have acted as a catalyst to the property price boom.

High-rise luxury apartment towers mushroom all over Dubai and dozens more are under construction. Dubai property market is dominated by world-renowned names such as Nakheel, Emaar, Dubai Properties and Damac Holding. The ruler of Dubai aspires to transform the city into a throbbing financial trading centre.

Last week, Dubai saw the completion of 155th floor of the much speculated Burj Dubai and this week saw 156th floor in shape. Already the world’s tallest, the Burj stands tall at 585.7m (1922ft). And still growing! Ultimately the tower will have 164 floors and scope to have more if it faces competition from anywhere in the world.