Innovative Property in Dubai, the UAE and Africa
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With over 25 years’ experience in the international property market and unparalleled commitment to excellence in all areas, including construction, design, finish and service, choosing to invest with The First Group offers a reliable and secure investment in one of the world’s most lucrative property markets.
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2. HISTORY OF THE
DUBAI PROPERTY
MARKET
THIS THRILLING EMIRATE HAS SEEN
REMARKABLE PROGRESS AND ITS
AMBITIOUS FUTURE PROMISES EVEN
MORE TO COME.
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History Of The Dubai Property Market
From a small settlement little over half a century ago, Dubai has been
transformed into one of the most lucrative, spectacular property
markets in the modern world. As with many things in the region, the
discovery of vast oil reserves was the catalyst for change.
Considered the second-richest Arab country, after Qatar (on a per
capita basis), the UAE has just under 10% of the world’ proven oil
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reserves. The wealth generated has provided a springboard for an
economy which has substantially diversified, with oil now accounting
for only 5.5% of Dubai’ GDP Dubai has spearheaded UAE
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development: massive reserves of capital have led the Dubai
government to invest in new developments and foster an
environment where global investors feel confident.
The history of trying to regulate construction in Dubai can be traced
back to the Dubai Land Department (www.dubailand.gov.ae), which
was created in 1960 by decree of Sheikh Rashid bin Saeed Al
Maktoum, the late ruler of Dubai. Following the British withdrawal in
1971, oil wealth, aided by the hike in prices during the oil crisis, gave
the Dubai government the finance to invest in huge projects like the
port at Jebel Ali and Dubai Dry Docks.
The Dubai World Trade Centre, opened in 1979, was an early
forerunner of the skyscrapers which now tower over the Sheikh Zayed
Road. With a decrease in oil prices during the 1980s, Dubai’ s
development faltered, but in the mid 1990s when Sheikh Mohammed
bin Rashid Al Maktoum assumed the role of Crown Prince, momentum
The Matrix
returned with spectacular developments like the Burj Al Arab and
Emirates Towers.
4. PROPERTY
PROPERTY
History Of The
Active Dubai Dubai Property Market
UNTIL THIS DECADE, ONL UAE NATIONALS
Y
COULD BUY PROPERTY IN THE EMIRATE,
BUT AS DUBAI’S AMBITIONS HAVE BECOME
INCREASINGL INTERNATIONAL, T HE MARKET
Y
HAS BEEN OPENED UP
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5. FOREIGN INVESTORS
Until this decade, only UAE Nationals could buy property in the
emirate, but as Dubai’ ambitions have become increasingly
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international, the market has been opened up. Expats have been able
to purchase property in Dubai since 2002, and so the real estate story
for outside investors began at this point. Following the economic
takeoff, a number of real estate laws and regulations have been
enacted, including those stipulating which areas of land can be
purchased by non-UAE Nationals. The formation of the Real Estate
Regulatory Agency, RERA (www.rpdubai.ae), reflects a series of
measures introduced by the Dubai government in recent years
designed to regulate the market.
Since the restrictions on foreign ownership were lifted, the market
has boomed and properties are selling out quickly, often before they
PROPERTY
History Of The Dubai Property Market
are even built. The high demand and speedy transactions mean it is
particularly important to work with a trustworthy developer.
Depending on your budget and requirements, it may be wise to buy
in the Northern Emirates early on. You’ll find lower prices and therefore
have a greater chance of a higher return when you come to sell.
Clockwise from top left: The First Group Tower, reception at Metro Central, living area in Metro Central
Tax One of the major advantages that Dubai offers investors and
Status businesses operating here is a tax free environment. Not only is there
no tax on corporate profits, but the lack of personal income tax also
offers a huge benefit in attracting skilled personnel to the region. In
addition there are over 70 free zones in Dubai offering companies a
host of benefits including 100% ownership of their businesses and no
restriction on repatriation of profits to their home country.
It is easy to understand why so many international corporations
choose Dubai to house their global headquarters which, in turn, fuels
demand for property to accommodate the migration of staff to Dubai.
In addition, the price of property is more affordable than cities such as
Hong Kong and Singapore, which have traditionally attracted overseas
investors anxious to minimise the impact of taxation on their assets.
6. THE UAE PROPERTY
MARKET
NON-NATIONALS CAN FINALL GET
Y
INVOLVED IN ONE OF THE WORLD’S
MOST EXCITING PROPERTY MARKETS.
The world’ eyes are on the UAE. A relentless wave of new residential,
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commercial and leisure developments are under construction, with as
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The UAE Property Market
many as 160,000 new units expected to enter the Dubai market
between 2008 and 2010. As the level of interest in the region
continues to rise, so does the intensity of investment in infrastructure
and services. While other countries, such as the UK and US, seem
hard hit by the recent economic downturn and financial crisis, the
momentum in Dubai and the UAE has seen the property market
remain not just stable but buoyant, and it continues to pull in overseas
investors and maintain high levels of consumer confidence. Property
experts and buyers in Dubai, and the Northern Emirates continue to
be confident about their potential returns, backed by the strong
demand for commercial and residential property, Dubai’ vibrant job
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market, a blossoming tourism sector and significant population growth
in the region.
MARKET BUZZ
In 2007 the Middle East saw the highest percentage increase of
visitors in its history with air traffic rising by as much as 18%. As well
as the sun, sea and high standard of living, the country’ strategic
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geographical position and the security of its steady political and
economic situation all combine to make living in the UAE popular
with expats.
The omnipresent cranes that tower over Dubai are a sign that
economic slowdown has not taken hold of construction in the UAE,
with a multitude of hotel, residential and commercial developments
either in progress or on the drawing board. Outside interest in both
commercial and residential property has helped spur a growing
number of developments in the UAE. Over the past five years Dubai
has experienced an extraordinary rate of growth in the property sector,
7. which, in turn, is being emulated by Northern Emirates such as Ras Al
Khaimah and Umm Al Quwain.
The property market in Dubai was opened up in 2002, when legislation
was introduced that allowed foreign nationals to purchase property in
areas that were previously out of bounds. This brought a new pool of
overseas buyers to the market, resulting in a property boom that has
yet to ease up. According to many developers and agents, when the
new laws came in, villas sold out in minutes – even before construction
had begun. Further amendments came in March 2006, when non-
GCC expats were given the right to buy 99 year leasehold and
freehold property in certain areas, meaning purchasers could own the
land as well as the building on it.
While some market analysts remain cautious about the future of
property in the UAE, others are more confident that the market will
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The UAE Property Market
continue to flourish, believing that there is still a strong level of
consumer confidence. Various indicators support this sentiment, such
as the high occupancy levels of commercial property in Dubai and Ras
Al Khaimah job market figures of 640,000 jobs being created in the
UAE between January and April 2008.
DEMAND
Forecasts show that demand will continue to rise, with thousands of
new units needed to supply Dubai’ property market by 2010.
s
However, while there is still a rush to capitalise on the thriving market
in the region, new projects will need to stand out from the others to
ensure future returns. As developers try their hardest to take
advantage of profitable locations, the best are producing properties
that consider the needs of the market, providing sustainable residential
areas that will be attractive for the long-term.
LOCATION & INFRASTRUCTURE
Dubai’ advancing infrastructure and the ease by which visitors can
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get to and from the city by air are key draws in attracting new
residents. In an effort to improve transportation within the emirate,
public transport investment has risen dramatically, with the main
development being the eagerly anticipated Dubai Metro. The Metro
should prove extremely convenient for commuters and has already
begun to have an effect on house prices, with a price-hike cluster
where property is located close to Metro stations. This rise has
particularly affected the property around key areas on the Metro’ Red
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Line, which will open on 9th September 2009. The Green Line is due
to be completed in March 2010. Property developers have taken note
8. of the trend and are seeking ways in which their own developments
can benefit from the boom. The Metro is expected to connect to an
increasing amount of other improved public transport in the area,
including buses, trams, abras and water taxis.
New residents arriving in Dubai are also interested in residential
areas that are well designed and self contained. Many expats looking
for a place to live are attracted to areas that offer easy access, as well
as a wide range of retail outlets, banks and services close by. Popular
new residential areas like Jumeirah Beach Residence (JBR), The
Springs, and the Green Community try to create a community feel and
provide a good range of amenities, combining residential areas with
key retail outlets, so look out for similar developments .
Dubai’ property success is well-known, but new buyers should
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take note of the less developed Northern Emirates such as Umm Al
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The UAE Property Market
Quwain and Ras Al Khaimah, which are showing the same potential
that Dubai showed in past years. Ras Al Khaimah has several new
five-star hotels in the pipeline, as well as upmarket property, which
will cater to the 2.5 million tourists who are expected to visit by 2012.
Developers in Umm Al Quwain also have plans to produce premium
property in order to cater to high-end visitors. Both emirates are
attempting to encourage investment and become key players by
focusing on improving infrastructure and providing, for the time
being, comparatively lower sale prices than emirates like Dubai and
Abu Dhabi.
RAPID PRICE INCREASE
The past five years have seen average property valuations undergo a
huge rise of 300%, according to the UAE Real Estate Market Review
conducted by Al Mal Capital in March 2008. This has fuelled investor
confidence in the market. Despite economic problems around the
globe, the UAE is looking strong and prices remain steady.
According to leading property advisors Knight Frank, the value of
property in Dubai has increased by 52.6% over the year. This
percentage change puts the city ahead of other markets such as
London that has an increase of less than 2%. Overall, investment in
the emirates remains one of the most stable choices, with more
growth forecast to follow.
Property hunters who are looking for more affordable housing can
make the most of this opportunity to look at emerging markets in the
Northern Emirates which offer lower prices than Dubai and Abu Dhabi.
Yasmin
10. UAE HOTSPOTS
THE BEST PLACES TO BUY
Dubai is a place of unprecedented opportunity for investment in real
estate. With an economy that’ booming at a time when much of the
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rest of the world stutters, a rapidly expanding portfolio of residential
and commercial developments on a scale rarely witnessed, and a
strategic position as a stable regional business hub and growing global
holiday destination with year-round appeal, few places can be
considered as attractive when it comes to property investments.
Elsewhere in the UAE, emerging emirates such as Ras Al Khaimah and
Umm Al Quwain are starting to follow Dubai’ lead and offer good
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PROPERTY
UAE Hotspots
prospects for investors.
Demand for buying property has been rising steadily in Dubai since
the freehold property market was opened up to non-Nationals in 2002.
Six years on and the scene has begun to mature from its infant days,
but if anything the appetite for developing and snapping up real estate
has grown immeasurably.
As a city popular with expat workers from all parts of the world, as
well as holidaymakers, there is constant demand for property, and
Clockwise from top: swimming pool at The Diamond, The Bridge, Metro Central at night
large-scale developments are mushrooming to keep pace. In 2007
alone, 6.44 million people visited Dubai, and the emirate has seen a
sustainable population growth history of over 7% per annum. With its
worldwide monopoly on the biggest, the tallest and the most bizarre
developments, including projects such as Dubailand, The Palm and
The World, Dubai is set to become a huge leisure resort, with
predicted annual visitor numbers rising to 15 million by 2015.
The UK’ Wealth Ranking Survey by NatWest International showed
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that expats can earn up to 40% more on average in Dubai than their
peers back home. This, along with Dubai’ focus on the development
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of other new resources, is resulting in a relentless demand for property
that far outstrips supply.
Both inland and on the water, Dubai is maximising its potential.
Landmark projects are springing up all over town, each with their own
unique selling point.
One of the biggest, most ambitious projects is Dubailand, set to
become the world’ biggest tourism, leisure and entertainment
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attraction when it is complete. At more than twice the size of
Disneyland and DisneyWorld combined, it will be comprised of
11. PROPERTY
UAE Hotspots
PROPERTY
Active Dubai
AS A CITY POPULAR WITH EXPAT WORKERS
FROM ALL PARTS OF THE WORLD, AS WELL
AS HOLIDAYMAKERS, THERE IS CONSTANT
DEMAND FOR PROPERTY
55
12. individual themed ‘worlds’, and will feature attractions including
numerous hotels, the largest shopping mall in the world (Mall of
Arabia), theme parks, a snowdome, and Formula One World. Some
phases, such as The Autodrome and Global Village, are already open,
and others, such as Sports City (p.59), which will feature three world-
class sporting arenas, state-of-the-art facilities, and commercial,
residential and leisure properties, are in the final stages of development.
Another inland mega-development is the Business Bay and
Downtown Burj Dubai area. Sitting between Dubailand and the coast,
Business Bay is based around an extension to the creek that will
stretch up to Sheikh Zayed Road at Interchange 2 before continuing to
the sea. Construction is well underway on the area that is set to
become the commercial and business capital of the region, and when
eventually finished around 2015 there will be around 220 towers. At
PROPERTY
UAE Hotspots
Active Dubai
the heart of the adjacent Downtown Burj Dubai development is the
world’ tallest building, Burj Dubai (Dubai Tower), which dominates the
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landscape and can be seen from all over Dubai. The tower is near
completion and will house retail outlets, offices, apartments and
international chain and boutique hotels. The Downtown development
also houses Dubai Mall, and business and residential complexes.
The area informally known as ‘New Dubai’, around 20km south-
west of the traditional centre of the city, has sprung up at a rapid pace
in the last few years. Residential areas such as Emirates Hills, The
Greens, The Springs and The Lakes are now firmly established
communities, while construction of residential towers continues at the
56 high-rise metropolis that is the glitzy Dubai Marina. Media City, Internet
City and Knowledge Village are attractive free zones for international
businesses, helping to swell the population by providing desirable
employment opportunities and heightening property demand in turn.
Across Sheikh Zayed Road from Dubai Marina are the business and
residential buildings of Jumeirah Lake Towers, some already complete,
which will also be a free zone and house the offices of the Dubai Multi
Commodities Centre, while the Tecom zone next to Al Barsha is
another development of residential and commercial units. Tecom’ s
unique location, close to Mall of the Emirates and the new Metro,
makes it a highly desirable spot for residents and businesses alike.
It’ not just on land that Dubai is expanding though; faced with the
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restrictions of a limited coastline, some smart strategic, lateral thinking
Dubai Sports City
and mind-boggling engineering has resulted in four colossal man-
made projects that will increase the available shoreline substantially
(the Palm Jumeirah alone has added nearly 80km of coastline). The
13. first of these, Palm Jumeirah, is near completion, and is home to
apartments, villas and the Atlantis hotel. Two other similar, but bigger,
land reclamation projects are also underway; Palm Deira at one end
of town, and Palm Jebel Ali at the other are at the early stages of
development. The Waterfront project, a city-sized development, which
will be twice the size of Hong Kong, will connect to The Palm at Jebel
Ali. The final reclamation project, out at sea and not connected to the
land at all, is ‘The World’, a collection of exclusive independent
islands grouped together to form a map of the globe when viewed
from above.
It’ not just the variety of property developments that is making
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Dubai attractive to investors. Improved infrastructure, particularly
transportation, is set to make living in the city even more desirable.
The Dubai Metro network is due to open in 2009, and will connect
PROPERTY
UAE Hotspots
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Active Dubai
‘New Dubai’ to the creek, Bur Dubai and the airport, and all places in
between, while the newly opened Emirates Terminal 3 at Dubai
International Airport is a futuristic development designed to
accommodate the increased number of arrivals to the emirate.
Dubai is not the only emirate that is appealing to investors either.
Opportunities in the Northern Emirates are becoming increasingly
attractive too, with the markets in places such as Ras Al Khaimah and
Umm Al Quwain emerging just as Dubai’ did six years ago. New
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developments are springing up, and these fledgling markets offer good
prospects. All in all, the UAE has become one of the most desirable
property hotspots on the planet.
57
14. DUBAI PROJECTS
Dubailand & Sports City
Never short of a master plan, Dubailand will be one of the largest and
most adventurous of Dubai’ developments. Bigger than the world’
s s
largest and most renowned theme parks, Dubailand will be a colossal
entertainment centre drawing in hundreds of thousands of visitors to
its various attractions.
The Dhs.35 billion plans for Dubailand earmark the development as
a key player in attempts to expand family tourism in Dubai. The
project, which is a massive three billion square feet, includes hotels,
planetariums, culture and arts centres, large malls and retail outlets,
and world-class sports facilities. On completion, the area will contain a
range of entertainment facilities, including the Al Sahra Desert Resort,
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UAE Hotspots
Active Dubai
the Autodrome, and the Polo & Equestrian Club, which are varied
enough to appeal to the whole family.
Of Dubailand’ themed areas, Dubai Sports City is the first to begin
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its operations. As a key sporting venue, the project will offer
aficionados world-class spectator venues, sporting academies and a
host of retail outlets for the more than two million people who are
predicted to populate the area once it is completely off the ground in
2010. Sports City covers 50 million square feet and will also include
residential areas and commercial offices, which will benefit from easy
access to the new Metro system and a six-lane highway that will link
the project to the rest of the UAE.
58 The development has a clear focus on providing sport enthusiasts
with world-class facilities, and has linked up with several well-known
names in international sport. It features an Olympic-sized pool, a
cricket stadium able to seat 25,000 and developed in association with
the International Cricket Council, a hi-tech multi purpose outdoor and
indoor seating arena and a hockey stadium that will seat 5,000
spectators. The project also includes a golf course which has been
designed by professional golfer Ernie Els. The 18 hole Els Course,
which opened in November 2008, includes over 80 bunkers, is spread
over 211 acres and also features the Butch Harmon Golf Academy.
Six pioneering academies are based within the city including The
David Lloyd Tennis Academy, The Manchester United Soccer School
founded by Sir Alex Ferguson and The World Hockey Academy, all
with the aim of training, nurturing and discovering the leading sports
stars of the future.
15. Aside from its sports-related allure, the planned infrastructure
(particularly the access to the new international airport), abundant retail
outlets and premium residential apartments make this a primary
location within Dubai’ promising real estate market.
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Metro Central
This ground-breaking new concept in property investment, featuring
superior hotel apartments, offers buyers a unique chance to invest in
Dubai’ lucrative hotel industry – a sector currently witnessing
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unprecedented growth. Dubai is internationally recognised as the
world’ most vibrant hotel market, with average annual occupancy
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rates hitting 85%; the emirate has surpassed even established cities
like Moscow, London and New York.
The 18 floor distinctive dual tower design of Metro Central features
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UAE Hotspots
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Active Dubai
210 premium hotel apartments, with a choice of fully furnished
Executive, Director and Presidential Suites, perfectly suited for short to
mid-term business lets, thanks to the venture’ prime location. Nestled
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in the bustling business district of Tecom in the heart of ‘New Dubai’,
the area is fast becoming a thriving hub of local and international
business. It also boasts a rooftop swimming pool and Pure White
Health Club located on the 14th floor, offering the height of luxury to
residents and guests and an investment opportunity not to be missed.
Residential Facilities
Residential projects in Dubai Sports City include four major
developments by The First Group: The Spirit, The Matrix, The Bridge 59
and The Diamond, which all take full advantage of the area’ potential
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appeal to new property investors. The residential and commercial
properties benefit from the developing infrastructure in the area and
have the added bonus of gaining preferential rates for recreational
facilities within both Dubai Sports City and Dubailand.
The First Group’ residential projects are designed to attract buy-
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to-let investors, and each apartment provides a convenient turn-key
package with contemporary design and high-tech facilities. As part of
this project, The First Group offers the Wealthbuilder Programme,
which has been developed to help investors get the most out of their
property. The scheme is designed to allow buyers to have their
apartments let out and professionally managed on their behalf for the
majority of the year, apart from four weeks when it can be made
available to the owner.
16. The Spirit
The Sprit is a high-rise building offering 19 storeys of residential space,
all fully furnished with a contemporary design. Apartments are suitable
for property hunters who require the convenience of a ready-made
apartment. The premium design of the light-reflective building is also in
keeping with its sporty location and not only includes the largest
branch of the Pure White Health Club, but also offers athletic residents
a rooftop jogging track. On offer are 225 executive suites, 90 one-
bedroom apartments and 90 Sanctuary Suites, right on the doorstep
of Sports City’ retail and leisure amenities.
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The Matrix
The Matrix is a residential building with an edgy design and modern
feel. Ready-to-let apartments feature floor-to-ceiling windows for
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UAE Hotspots
Active Dubai
maximum views and distinctive balconies with views of the Els Course,
the area’ waterways and sports grounds. The 30 storey building
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features studios, one and two-bedroom apartments and executive
studios, as well as a rooftop pool.
The Bridge
Offering both residential and commercial spaces, The Bridge is a
desirable location for those looking for prime investment in Dubai. Its
position allows businesses to have easy access to the area’ range of
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facilities and amenities. Construction is underway and The Bridge has
already attracted two well-known sportsmen, Michael Owen and
60 Andrew Flintoff. The building’ contemporary, chic design covers 28
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storeys, with serviced offices and premium apartments with lake
views, all with easy access to the Metro system linking the area to the
rest of Dubai. The complex also features the Pure White Health Club
and a children’ pool.
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The Diamond
Construction has already begun on The Diamond, which will feature
128 fully furnished luxury apartments. The range of property on offer
includes penthouses, studios and one to two bedroom apartments
kitted out for investors who are keen to acquire a stylish apartment
that is ready for the rental market. Apartments are designed with large
living areas, a modern layout and state-of-the-art features, as well as
great views of the Els course. Residents will benefit from a large
outdoor swimming pool, a sun terrace with a cafe and juice bar, and
access to the Pure White Health Club and nearby community centre.
17. Jumeirah Village South
Emerging as a new self-sustained urban village community nestled
conveniently between Dubai’ key road networks of Al Khail, Emirates
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Road and Al Barsha Road and perfectly situated equidistant between
Dubai International and Dubai World Central Airports, Jumeirah Village
South will have all the mod cons and services of a city but with the
serenity of a picturesque green village community. Among the vast
network of tree-lined boulevards, canal waterways, parks and
gardens, residents will benefit from an array of village amenities
including retail areas, sports fields, healthcare facilities and
international schools, all of which are interconnected by a unique
village tram system which will interconnect to Dubai’ Metro System.
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The First Group Tower
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UAE Hotspots
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Active Dubai
This development benefits from its superb location in the heart of the
affluent urban village community of Jumeirah Village South, yet is
conveniently positioned opposite the amazing attractions of Dubai
Sports City. The portfolio of 315 carefully designed and spacious
apartments in The First Group Tower include; Executive Suites, one and
two-bedroom apartments, all aptly named after The First Group’ key
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developments in the UAE. In addition, there are eight exclusive two-
bedroom Diamond Penthouses designed specifically for the end-user.
From fantastic-sized balconies there are views of the Canal, the tranquil
Central Park, the surrounding boulevards and the landscaped podium
with a unique Beach Pool and luxury Pure White Health Club.
61
THE NORTHERN EMIRATES
Ras Al Khaimah
Ras Al Khaimah (RAK) is the most northerly of the seven emirates,
connected to Dubai an hour away by the new Emirates Road
extension. With the majestic Hajar Mountains rising as a backdrop,
and the Arabian Gulf stretching out from the shore, RAK has possibly
the best scenery of any city in the UAE. If you’re visiting for the day
make time to visit the souk in the old town and the National Museum of
Ras Al Khaimah, housed in an old fort. Manar Mall is a large shopping
and leisure complex, housing a cinema complex, family entertainment
centre and watersports area. Also worth quick stops are the hot
springs at Khatt and the camel racetrack at Digdagga. Although
relatively unknown and undiscovered in comparison to Dubai, RAK is
in the process of reinventing and rebranding itself with the aim of
18. becoming a popular tourist destination. The emirate has grown rapidly
in the past four years, beginning an ambitious phase of development
to turn itself into an economic powerhouse with a world-class
infrastructure. Multi-million dirham government investments are being
implemented for infrastructure improvements, tourism, shopping, air
and port facilities and efforts to attract industry, and there are 65km of
stunning beach, amazing mountain foothills and desert plains. Projects
such as Al Hamra Village, Mina Al Arab, Al Murjan Island, Port Arabia
(aka Khor Qurm), and the Jebel Jais Mountain Resort will add five-star
hotels, sports and leisure facilities (including an outdoor ski slope) and
a host of dining and entertainment options. RAK Airways is the
national airline of Ras Al Khaimah operating from its International
Airport on the edge of the city
Taking advantage of the same fundamentals that launched Dubai
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UAE Hotspots
Active Dubai
as a property, business and investment haven several years ago, Ras
Al Khaimah is rapidly becoming the location of choice in the UAE for
savvy international property investors and holiday home buyers. RAK
is already being tipped internationally as one of the region’ most
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buoyant and exciting investment destinations, and investing in
property here at this early stage of expansion is without a doubt a
prosperous opportunity.
In 2007 Ras Al Khaimah enjoyed 40% growth in tourist numbers and
hotels recorded 93% occupancy levels, and predictions are that the
number of visitors to the emirate will rise to 2.5 million by 2012. It is clear
that this market provides an an attractive investment proposition.
62 The vibrant free-trade zone in Ras Al Khaimah (RAKFTZ) is another
huge pull for local and international investors, as it allows clients to set
up businesses in the UAE with 100% ownership and without paying
personal or business taxes.
RAK PROJECTS
Yasmin
This green, self contained community with low-rise buildings,
penthouses and one to three bedroom apartments will attract long-
term residents or those looking for a premium holiday home. Yasmin
benefits from the beautiful backdrop of the Hajar Mountains and is
situated conveniently close to the airport, with golf courses, beaches
and the pulse of the city close to hand. The development features a
hotel, a range of eateries and retail outlets, as well as lush gardens and
lake or mountain views.
19. The Orchid
This development offers a mix of commercial and residential properties
close to the city centre. The 29 storey building will include a swimming
pool on its roof, ample parking and fantastic views. Residential suites
include one-bedroom apartments and suites with views of the city or
the creek. Businesses will benefit from being an hour away from Dubai
and minutes from Ras Al Khaimah International Airport. The Orchid is
expected to be completed in 2011.
UMM AL QUWAIN
Umm Al Quwain is the second smallest of the Emirates, and has
the smallest population. Nestled on the coast between Ajman and
Ras Al Khaimah, it’ a quiet place where not much has changed over
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the years, and offers a mix of cultures from traditional Emirati to
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UAE Hotspots
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Active Dubai
modern city. From the lush green mangroves lining the shores of the
Arabian Gulf, Umm Al Quwain stretches across the rolling arid sand
dunes to the rich oasis surrounding Falaj Al Moalla 50 kilometres away.
The main industries are still fishing and date cultivation. The emirate
has six forts and a few old watchtowers around the town and, with a
lagoon, mangroves and birdlife, it is a popular weekend spot for boat
trips, windsurfing and other watersports. There are already attractions
for holidaymakers here. The area north of the lagoon is known for
being the activity centre of the region, with a variety of distractions to
suit all tastes, including skydiving, micro-lighting, motorsports,
shooting and the popular Dreamland Aqua Park.
Its simple appeal is beginning to attract investors, and a project
currently underway will see over 9,000 homes and a marina emerge on
the shore of the Khor Al Beidah wildlife area. Another project under
development is the massive Al Salam City on the Emirates Road. When
completed it will feature residential districts, towers, commercial units
and a shopping mall, and will be home to over half a million residents.
Beachside At White Bay
Living up to its name, the property contained within this development
provides beach and marina views. Choose from two to five bedroom
villas or seven-storey buildings offering one to three bedroom
apartments, some with large balconies overlooking the ocean. All
apartments come fully furnished with a modern decor and up-to-date
technology. Residents will be able to use the entertainment and leisure
facilities situated a short distance away along the beach.