Sky-High Dubai
Drive down Sheikh Zayed Road, the futuristic 12-lane express highway that slices through the heart of Dubai and the drill and hum of construction work is hard to ignore. It’s a scene repeated across most of the Emirate’s Downtown district at present with tower cranes cranking up activity once again – many in the footprints of mothballed development projects that have lain abandoned since the 2008 crash. “The global spotlight is on Dubai again,” says property analyst Mario Volpi. “It’s hard to take in given the battering it took during the crisis, but seeing is believing.”
Much has been made of late of improving economic conditions across the Gulf, and in Dubai’s reawakening in particular. The emirate’s diversified economy has proven more resilient than the wider global economy had anticipated,” explains Volpi. “Residential rents are up 17%, hotel occupancy is booming. But real estate activity is pepping up proceedings too – with more than 23,000 permits for new constructions issued in the emirate since January – among them Mohammed Bin Rashid City, the brand new district named after Dubai’s ruler which will feature the world’s largest shopping mall and gardens bigger than London’s Hyde Park. High profile residential projects, among them, Trump International Golf Resort, are also breaking ground on the back of rising house values.
Eleven years have passed since legislation was passed allowing foreigners to purchase property on a freehold basis. Ownership still remains restricted to designated zones, principally prime real estate locations centred around Sheikh Zayed Road and covering about 30% of Dubai’s total property stock. The emerging freehold developments out of town however, look set to dilute buyers’ dominant interest in both Downtown and the high-rise apartment clusters on the stretch leading up to Jebel Ali Free Zone, suggests Craig Mitchinson of international property consultants Mirage, although buyers should “proceed with caution”.
“Buying in a new neighbourhood has its price attractions but established developments are arguably the better option long-term, not least because this tranche of real estate is likely to hold its value given the dual demand from both domestic and expat markets.”
Will McKintosh of Jones Lang La Salle adds: “New laws pending set to further regulate the market include the percentage of completion of a development project before homes can be sold. It’s what’s needed to make the emirate a mature investment prospect. Learning from experience has its upsides.”
Just a short drive from Downtown Dubai, 80% of “desert oasis” Al Barari’s 14.2 million square feet is made up of green, lush space. 34 themed gardens and over 16 kilometres of naturally landscaped lakes, freshwater streams, cascades and waterways envelop this 189 luxury-villa development, making it one of the lowest density urban communities in the United Arab Emirates (UAE).
Secreted away in the estate’s secluded enclave of Nad Al Sheba, The Reserve at Al Barari comprises just 28 villas, with a further 14 in development.
Plot sizes range from 21,000 square feet to 75,000 square feet, each property having a minimum floor area for six spacious bedrooms, all with en suites and walk in wardrobes, study with en suite, formal and family living areas, two fully equipped kitchens, basement, roof terraces, garage space for four cars and a separate self-contained guest annexe.
Residents can take their pick from an extensive selection of on-site amenities, including a fully equipped gym and fitness centre with sauna and steam room, communal pool and two tennis courts. A signature spa and health club are scheduled to open at the end of the year. Prices start from £2.5m. www.thereserve.ae
Palazzo Versace
Occupying a prime waterfront location on Dubai Creek – when built out, Palazzo Versace Dubai Resort will sport a glamorous 217 suite hotel, together with two exclusive residential wings Ala Destra and Ala Sinistra comprising 169 luxury residences with access to the hotel’s full complement of services and amenities including fine-dining restaurants, cocktail bars, a Versace boutique, spa and gymnasium.
Homes range from one to six bedrooms and include single-storey, split-level and spacious penthouse units, offering stunning waterfront views, with wraparound balconies and terraces. Ground floor duplex and upper level units come with private pools. Prices start from £1.01m for a full-furnished one-bedroom apartment. www.palazzoversace.ae
Much has been made of late of improving economic conditions across the Gulf, and in Dubai’s reawakening in particular. The emirate’s diversified economy has proven more resilient than the wider global economy had anticipated,” explains Volpi. “Residential rents are up 17%, hotel occupancy is booming. But real estate activity is pepping up proceedings too – with more than 23,000 permits for new constructions issued in the emirate since January – among them Mohammed Bin Rashid City, the brand new district named after Dubai’s ruler which will feature the world’s largest shopping mall and gardens bigger than London’s Hyde Park. High profile residential projects, among them, Trump International Golf Resort, are also breaking ground on the back of rising house values.
Eleven years have passed since legislation was passed allowing foreigners to purchase property on a freehold basis. Ownership still remains restricted to designated zones, principally prime real estate locations centred around Sheikh Zayed Road and covering about 30% of Dubai’s total property stock. The emerging freehold developments out of town however, look set to dilute buyers’ dominant interest in both Downtown and the high-rise apartment clusters on the stretch leading up to Jebel Ali Free Zone, suggests Craig Mitchinson of international property consultants Mirage, although buyers should “proceed with caution”.
“Buying in a new neighbourhood has its price attractions but established developments are arguably the better option long-term, not least because this tranche of real estate is likely to hold its value given the dual demand from both domestic and expat markets.”
Will McKintosh of Jones Lang La Salle adds: “New laws pending set to further regulate the market include the percentage of completion of a development project before homes can be sold. It’s what’s needed to make the emirate a mature investment prospect. Learning from experience has its upsides.”
Top Property Picks
Al BarariJust a short drive from Downtown Dubai, 80% of “desert oasis” Al Barari’s 14.2 million square feet is made up of green, lush space. 34 themed gardens and over 16 kilometres of naturally landscaped lakes, freshwater streams, cascades and waterways envelop this 189 luxury-villa development, making it one of the lowest density urban communities in the United Arab Emirates (UAE).
Secreted away in the estate’s secluded enclave of Nad Al Sheba, The Reserve at Al Barari comprises just 28 villas, with a further 14 in development.
Plot sizes range from 21,000 square feet to 75,000 square feet, each property having a minimum floor area for six spacious bedrooms, all with en suites and walk in wardrobes, study with en suite, formal and family living areas, two fully equipped kitchens, basement, roof terraces, garage space for four cars and a separate self-contained guest annexe.
Residents can take their pick from an extensive selection of on-site amenities, including a fully equipped gym and fitness centre with sauna and steam room, communal pool and two tennis courts. A signature spa and health club are scheduled to open at the end of the year. Prices start from £2.5m. www.thereserve.ae
Palazzo Versace
Occupying a prime waterfront location on Dubai Creek – when built out, Palazzo Versace Dubai Resort will sport a glamorous 217 suite hotel, together with two exclusive residential wings Ala Destra and Ala Sinistra comprising 169 luxury residences with access to the hotel’s full complement of services and amenities including fine-dining restaurants, cocktail bars, a Versace boutique, spa and gymnasium.
Homes range from one to six bedrooms and include single-storey, split-level and spacious penthouse units, offering stunning waterfront views, with wraparound balconies and terraces. Ground floor duplex and upper level units come with private pools. Prices start from £1.01m for a full-furnished one-bedroom apartment. www.palazzoversace.ae