Prestigious projects under way

Dubai is not the only emirate that is enjoying the property boom.

The UAE property market is still enjoying the international media frenzy that surrounds the many ambitious development projects that have been announced.
Mega-schemes such as the Burj Dubai, Palm Islands, The World and, most recently The Universe, are bringing the UAE to the forefront of the global property market. These are exciting times for developers and investors and, according to plans that have already been announced this year, these times are set to continue.

Industry experts stress that reports of an imminent crash in the market are exaggerated, and that investing in the UAE is still a smart and viable option.

Eng Salwa Malhas, executive vice president for projects and business development, Al Mazaya Holding, says, "The property market in the UAE is still thriving despite the negative effects from outside forces. Sale and resale opportunities abound, and talk of an impending bubble burst are somewhat exaggerated," he says.

"For the time being, with demand for both residential and commercial property being so high, it is still a good time to spend money in this growing market."

This view is shared by Peter Riddoch, CEO, Damac Properties. "The market is growing on a daily basis, and the investment opportunities are still here. As per the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, Dubai will continue to grow and develop over the years.

"The growth we've experienced has been incredible. The confidence in the real estate market is also high," he explains.

Despite being the focus of the media's attention, Dubai is not the only emirate that is enjoying the property boom. Many of the other emirates are announcing ambitious projects and investment opportunities.

"Across the GCC and even in the wider Middle East, many nations are following the Dubai model for development. Within the UAE, the success of this is apparent with Abu Dhabi already being touted as the next Dubai," explains Malhas.

Ambitious projects

Here are a few of the many ambitious commercial and residential property projects announced for 2008:

Al Osaimi has announced an investment of Dh1 billion towards the development of two luxury hotels and an upscale residential complex located on the crescent of The Palm Jumeirah in Dubai.

Damac has announced the 'Marina Bay' development in Abu Dhabi; and Amber Residence in the heart of the Dubai World Central Residential City.

Deyaar recently announced the 'Bristol Towers' development that is set to be a uniquely designed Dh1.5 billion twin tower project at Business Bay. Al Mazaya holding has announced the development of a Dh600 million worth of residential properties in Dubailand.

Al Hanoo Holding Company recently unveiled plans for the development of Nujoom Islands in Sharjah. The Nujoom Islands project consists of 10 islands separated by large water channels, surrounded by a water front mainland offering over 35 km of white sandy beaches.

Al Fara'a Properties has announced the launch of the Dh95 million 'Mulberry Mansions', which is a part of the developer's planned projects worth Dh6.5 billion for 2008.

The residential development, which will be located within Jumeirah Village, will include 23 luxury town homes. Each of the Victorian-styled two-storey homes will include four bedrooms, a two-car garage, maid's room with separate access, and a small private garden.