Location: Dubai
May 1, 2008
For those who prefer the Gulf’s white sand and warm waters, the Palm Jumeirah (www.thepalm.ae), one of three man-made palm tree–shaped developments along Dubai’s waterfront, offers an assortment of hotels and residences situated in districts—the trunk, fronds and crescent—accessible by a monorail. On the crescent, in the Kingdom of Sheba community, the Fairmont Heritage Place (www.fairmontheritageplace.com) has launched its first private residence club in the Middle East, offering 50 two- to five-bedroom fully furnished units available in one-tenth shares (priced from $160,000). Owners are guaranteed 28 days in residence and can swap time at other Fairmont destinations.
"International buyers fall into three categories—residence, holiday home or investment," says Tatham. "Those wanting a holiday home will buy in either the Palm Jumeriah for the prestige or at the Dubai Marina." The latter (www.dubaimarina.ae) will hold 200 high-rises, space for yachts, a promenade of restaurants, a boardwalk and plenty of room for fishing, jogging and water sports. Damac Heights broke ground this year and will feature one- to three-bedroom residences as well as duplexes and penthouses ranging in size from 880 to 7,000 square feet (priced from $700,000 to $15 million). The 90-story tower will deliver waterfront views and a slew of amenities from restaurants and boutiques to a health club and golf simulator (www.damacproperties.com).
While leisure seekers flock to Dubai’s waterfront and theme parks, the business minded are enticed by Dubai’s free zones. "Many companies are moving their headquarters here due to the fact that Dubai is tax-free and it’s ideal for trading because it’s in the middle of the European and Asian time zones," says Tatham. Dubai’s Internet and Media zones have already drawn corporate giants such as Microsoft, Reuters, Canon, McGraw-Hill and CNN, while Dubai’s International Financial Centre with its newly established stock exchange (DIFX) has been enticing banking businesses.
The new 15-story, 330-room Ritz-Carlton Dubai, International Financial Centre will keep bankers comfortable with 121 apartments and a royal suite suitable for visiting dignitaries (www.ritzcarlton.com). "Culture Village on Dubai Creek is also starting to attract a lot of attention," says Tatham. The neighborhood will hold a new Palazzo Versace hotel and residences (www.palazzoversace.ae). The stylish project will contain 169 one- to four-bedroom condominiums, 215 hotel suites, restaurants and a spa, all to be stocked with products from the Versace home collection. Guests and residents will be able to enjoy Culture Village’s attractions (www.culturevillage.ae), which include the ballet, theater, opera and a new art museum showcasing Dubai’s rich pearl diving history.
FACTS & STATS
Getting There
Emirates offers daily nonstop service from New York and Houston, while Delta flies nonstop to Dubai from Atlanta.
Playing There
Despite the heat and humidity, skiers can find snow at Ski Dubai
indoor ski resort (www.skidxb.com) or venture out on a desert safari for
sand-skiing.
Where to Stay
Designed to resemble a billowing sail, the Burj Al Arab all-suite
hotel (www.burj-al-arab.com) is over 1,000 feet tall and comes with a
chauffeur-driven Rolls-Royce, discreet check-in service and a brigade of
butlers.
Getting In
Dubai has numerous property agents, many who are unlicensed and
unincorporated, so be sure to check that the agency is registered with the Dubai
Property Group (www.dubaipropertygroup.com), a set of industry experts that
subscribe to a code of ethics. While it is standard practice to hire a lawyer
when purchasing property in the United States, in Dubai contracts are drawn
up by the developers.
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