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Low interest rates and poor stock markets are making investment in The Dubai Palm attractive. Also the Dubai government is assisting the real estate market, attracting wealthy immigrants to the city thus much property is being retailed below market value.
The purchasers of apartments and villas on Dubai Palm Island will start to move in at the end of 2005. Property on the islands is due to take four years to complete. It is being developed by a company titled Dubai Palm Developers. The supply of property in Dubai is not keeping up pace with demand. Apartments on Dubai Palm will be for sale to foreigners as well as Emiratis.
With oil resources running out, Dubai – part of the United Arab Emirates (UAE) – has launched a multi-billion dollar tourism drive in an effort to establish itself as the Gulf’s leisure hub.
The Abdullah al-Futtaim Groupare developing Dubai Festival City along a 4km stretch of the emirate’s southern creekside at a cost of 1.6 billion dollars.
A new city – Dubai Marina – a 10-billion dollar project is also underway. It is to house 100,000 people around a water basin. Emaar Properties are developing the related Arabian Ranches villa development.
In May 2005 images were unveiled of the Dubai Torch, a phenomenally tall tower on the ocean edge with a torch shaped top.
Major Developments in Dubai + Abu Dhabi
Burj al Arab hotel : tallest hotel in world
UAE Property News – Developments
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Location: Dubai, UAE
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