Upcoming Real Estate Projects in Dubai

The upcoming real estate projects are a sure indication of growing interest of people in the living conditions of the Gulf. The values of many real estate projects in Dubai have increased. Some of the latest development focuses on luxury residences- focal point of real estate in Dubai. A local developer commenced the ambitious Maimoon twin tower project in Jumeirah village south. Announcing this venture’s estimated completion date to be 2010, it will have two towers of 45 and 30 storeys. This real estate in Dubai is being made at a cost of nearly 327 million USD. So much prestige is involved in developing the real estate in Dubai that some companies are launching their projects in a big way. In November 2007, ETA Star group got tennis queen Maria Shararpova for the launch of Dubai life style city, a USD 645 million project in Dubailand. This grand real estate in Dubai will have 68 Tuscan style villas and 120 smaller villas. The other upcoming projects touted to become landmarks of real estate in Dubai include launch of hotels and offices.

Architects find the Gulf to be an oasis of creative work as designing projects of real estate in Dubai is challenging. It is estimated that with multinationals coming to the region, development of commercial space of real estate in Dubai is the largest in the world. This makes commercial real estate in Dubai in short supply. Many offices are located in villas as building is underway. In construction areas of real estate in Dubai, builders have started ambitious projects. Many properties of real estate in Dubai have attracted the initial investment but will it affect completion of these projects? The rule of the land concerning real estate in Dubai still does not favor outright purchase of property by foreigners. The number of labor involved has remained static despite considerable rise in real estate in Dubai. Some investors having larger interests in upcoming projects will have to meet demands of the creditors and customers. Keeping this in mind, investments in real estate in Dubai have to be cautious.

The government is not likely to encourage expatriates to overtake local interests. Most of the real estate in Dubai is being constructed with foreign interests in mind. Colliers international, an agency monitoring growing real estate in Dubai, is still upbeat about the success of Dubai real estate. Even Proleads, a Dubai based Research Company, mentions nearly 885 buildings currently under construction as part of growing real estate in Dubai and surrounding areas. Current projects of real estate in Dubai are believed to be worth about 1 trillion USD. Participating in the Cityscape real estate Dubai exhibition in 2007, UAE had maximum under-construction projects to showcase. Other iconic projects include Al Nakheel’s island project, Palm Jebel Ali and Palm Jumeirah. Nearly 60% of the islands is already sold out. The property can be reached by boats and sea planes and this make it an exotic real estate in Dubai region.