|
Dubai property sector remains positive despite global credit crunch – Dubai Marina
 The UAE business sector, including the property industry has stood solid despite the credit crunch afflicting the Western and Asian markets. The region, especially Dubai and Abu Dhabi are in the midst of a developmental phase that has fostered a growing demand for space, both residential and commercial. As part of our ongoing feature on the various freehold segments across Dubai, we present to you an in-depth analysis of residential property prices at Dubai Marina.
Our studies reveal that prices at the master development have risen by over 110% in the last 4 years.
One of Dubai's earliest freehold communities, Dubai Marina is an extremely popular residential and recreational hub. Spread over 4.9 million square meter, this sprawling development accommodates more than 200 high-rises including skyscrapers and Jumeirah Beach Residence. With an 11 km long promenade, this is the largest man-made marina in the world. As marina living grows in vogue, the Dubai Marina properties are increasingly sought-after by residents and investors. Unlike other parts of Dubai, the marina has a publicly accessible foreshore way and some sections along the beach that provide excellent views of Palm Jumeirah.
|
 |
A majority of buildings at Dubai Marina were completed in 2007 and have already been handed over. Its excellent infrastructure and connectivity to important city centers make the marina extremely attractive to well-heeled professionals residing in Dubai.
Dubai Marina is located near Interchange 5 on Sheikh Zayed Road and is close to Internet City, Business Bay, Media City, Knowledge Village and the Emirates Golf Club. We note an unprecedented high demand for properties at Dubai Marina, especially studios, 1 and 2 bedroom apartments, which has accelerated prices.
Prices for studio units at Dubai Marina in 2005 averaged USD 2669 per square meter and currently as of Oct 2008, they have touched USD 5585 per square meter. The rates for 1 bedroom and 2 bedroom units also have risen sharply during the afore-mentioned period, indicating high demand.
An interesting fact, worth noting is that while studio prices have
remained steady for the last 2 years, prices for 1 and 2 bedroom
apartments have risen steeply, signaling a pent-up demand for high-end
properties, particularly those adjacent to prominent commercial
quarters.
|
|
(*Compiled by
Gowealthy Research Team. Sources include in-house data, newspapers and online
classifieds. The prices quoted are average rates and apply to various projects
within Dubai Marina.)
|
|
|
|
Did you know that Dubai’s first skyscraper is the 149 meter Dubai World Trade Center which, at the time of its completion, was the tallest building in the Middle East?
Zero in to 2008, Dubai is home to over 352 completed high-rises. With another 302 high-rises in various stages of construction and an additional 350 approved tall buildings, the emirate is expected to have more buildings with 100 floors (or above!) than any other city in the world by 2015.
Below, we have listed the 10 tallest buildings in Dubai: (Kindly note that Burj Dubai will not officially gain the title of the tallest building in the world until its completion in 2009)
|
|
Marina properties are unique in that they ensure a
comfortable contemporary lifestyle in spite of being in the vicinity of
the most happening spots in Dubai, including Palm Jumeirah .The high rate of per capita affluence along with the modernization in legislations and laws are drawing businesses to Dubai and, the UAE in general. Consequently, we expect the demand for marina properties to hold strong in the coming years, more so, as mega projects like Dubai Industrial City, Dubai World Central and Downtown Jebel Ali take shape. The developments, when they become operational, will generate additional requirement for housing and related amenities, notwithstanding the current demand for available space in the emirate.
|
| (Watch this space next week as we analyze the property prices within another freehold community in Dubai) |
|
| Rank |
Name |
Height (in mt) |
Floors |
Type |
Status |
| 1 |
Al Mas Tower |
360 |
74 |
Office |
15 th tallest building in the world |
| 2 |
Emirates Office Tower |
355 |
54 |
Office |
16 th tallest building in the world |
| 3 |
Rose Tower |
333 |
72 |
Hotel |
21 st tallest building in the world |
| 4 |
Burj Al Arab |
321 |
60 |
Hotel |
27 th tallest building in the world (Tallest completed building in the world used exclusively as a hotel) |
| 5 |
Jumeirah Emirates Towers Hotel |
309 |
56 |
Hotel |
34 th tallest building in the world |
| 6 |
The Address Downtown Burj Dubai |
306 |
63 |
Residential |
6 th tallest building in Dubai |
| 7 |
Emirates Crown |
296 |
63 |
Residential |
48 th tallest building in the world |
| 8 |
Millennium Tower |
285 |
60 |
Residential |
56 th tallest building in the world |
| 9 |
21 st Century Tower |
269 |
55 |
Residential |
76 th tallest building in the world |
| 10 |
Al Kazim Tower 1 |
265 |
53 |
Office - Residential |
79 th tallest building in the world |
| 10 |
Al Kazim Tower 2 |
265 |
53 |
Office - Residential |
79 th tallest building in the world |
|
|
Live Chat
