The property hot spot of Dubai is ready to kick-start several ambitious property projects that it had to put on hold at the height of the global financial crisis. The Gulf Nation is busy putting itself back on the map for foreign investors, shoppers and tourists and economic growth is on a steady increase.
Several of the projects which were postponed or put on hold during the financial crisis have been resumed and are expected to be completed in the next few years, such as the Dubai Marina 101 Tower. There are also other new projects which continue to exceed all currently existing records of scale and ambition, including the newly proposed Mohammed Bin Rashid City.
Dubai to Build World’s Tallest Hotel Apartment Building
The Dubai Marina is one of the most lucrative and booming areas of Dubai and it will soon be home to the tallest serviced hotel apartment building in the world. The 432 metre high Marina 101 is due to be complete in its construction by the end of 2013. It is being completed by Turkish conglomerate TAV construction and was designed by the National Engineering Bureau.
Marina 101 will include 101 floors and will cover a total area of 168 million square feet. The initial thirty two floors of the gigantic building will be dedicated to an opulent and world-class five star hotel, while the rest of the floors will be made into furnished apartments. There will also be five restaurants throughout the tower and eight incredibly luxurious penthouses which take up the 97th to the 100th floor.
The company actually holds a land bank which consists of over two million square feet and are not intending to sell it yet. They plan to hold onto it for the possibility that the market might accept new projects in the future.
This building will be one of the very few in the world which have more than 100 floors, an elite list which includes the Burj Khalifa in Dubai, the International Commerce Centre in Hong King and the Empire State Building in New York City. It will be a dominating force in the already glittering and impressive futuristic skyline of Dubai and a symbol of the positive outlook in the Dubai property market.
Dubai Also Building Mohammed Bin Rashid City
The Marina 101 is not the only large scale development which is planned for Dubai’s future. The city has also recently announced plans that it will be building a mega development known as “Mohammed Bin Rashid City” which will contain a park which is 30% larger than London’s Hyde Park as well as a “Mall of the World.” When constructed, the mall will be the largest shopping centre in the world and will be able to receive 80 million visitors per year. The development will also include over 100 hotel facilities and accommodations.
Developments Will Fuel Economic Upturn in Dubai
This enormous city will attract even more tourists to Dubai, as it will provide a luxurious shopping and hotel experience for visitors. The more Dubai grows as an international tourism destination, the more benefit for investors in Dubai property and the more the economy will improve.
The upturn in the real estate sector of Dubai corresponds with the wider economic improvements of the region. This is very good news for the property sector and for foreign investment in Dubai. The Marina 101 and the Mohammed Bin Rashid City will provide a huge boost to the local economy and will offer everything that residents and businesses require.
Now is the time to invest in property as Dubai experiences this exciting growth, as investors have the potential to bring in large rental returns as well as capital gains on their properties in the future.
Trevor Nielsen is a real estate consultant who specializes in developments in Dubai and the United Arab Emirates. He writes for Select Property, a leading Dubai Properties specialist.
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