Location: Dubai

Kim Fredericks

05/01/2008

Natural pearls plucked by free-divers from seabeds at the mouth of Dubai Creek brought the first wave of booming prosperity to Dubai in the early 19th century. When Dubai’s pearl market crashed following World War I and the Great Depression, entrepreneurs turned to the reexport of gold, and then followed that pursuit decades later with an even more lucrative asset—oil.

Today Dubai’s hottest commodity is man made. Fueled by oil riches, Dubai—situated on the Persian Gulf coast within the United Arab Emirates—is rapidly becoming a city of skyscrapers and will soon possess the tallest building in the world, the Burj Dubai (www.burjdubai.com), designed by Chicago-based architectural firm Skidmore, Owings & Merrill. When completed in 2009, Burj, which means "tower" in Arabic, is expected to soar to well over 2,000 feet, about the height of Chicago’s Sears Tower and John Hancock Center combined.

The chance to live and work in the tallest place on Earth has lured buyers from across the globe. To further bragging rights, Burj, which is designed to replicate a six-petal desert flower, will hold another first—an Armani hotel with 175 guest rooms, several restaurants, a spa and 144 one- and two-bedroom residences, ranging in size from 1,068 to 2,237 square feet (www.armanihotels.com). The units will be outfitted by Giorgio Armani and furnished with pieces from his home furnishing line, Armani/Casa. "Burj is an exciting project," says Helen Tatham, managing partner for Dubai Luxury Homes (www.dubailuxuryhomes.com), a company that helps Gulf-based expatriates and overseas foreign nationals purchase property in Dubai. "Its surrounding area has been designed with a careful mix of old and new style."

While Burj will become an icon and centerpiece for Dubai, it is just one of a dizzying array of development projects and groundbreaking "firsts" underway in the city. According to Dubai’s Chamber of Commerce and Industry, Dubai’s population is predicted to annually grow by 108,000—reaching 1.845 million by 2010. The need for an estimated 43,233 additional residential units per year has sent this city into development overdrive. "There is a major influx of expatriates coming to Dubai for job opportunities," says Tatham. "They are either following their existing company or, more adventurously, setting up their own businesses."

Driven to up its status from regional trading hub to one of global business and leisure proportions, Dubai has neatly organized itself into dozens of industry-specific zones, catering to every possible whim. Dubailand (www.dubailand.ae), expected to be the city’s top tourist destination, will hold seven themed worlds and the majority of Dubai’s condo hotels. In the Sports City area of Dubailand, the 24-story Cube (www.bmg-group.de/thecube), which is seeking LEED certification, will feature 572 studio, one- and two-bedroom residences ranging in size from 560 to 3,100 square feet (priced from $245,000 to more than $1.4 million). The project, which allows owners 30 days in residence annually, puts sports fans within easy reach of four stadiums for international events such as soccer, hockey, cricket and rugby as well as several sporting academies, including a Manchester United soccer school and a Butch Harmon school of golf. "Sports City, which won’t be ready until 2010, is extremely popular with investors," says Tatham. "Dubai plans to pitch Sports City as the site for the Olympics in 2016."

While Dubai’s desert climate, which sees temperatures soar into the 110-degree range from June through September, is not always suitable for golf, the influx of tourism has sparked demand for the sport and even lured Tiger Woods to launch his first golf course project here. Located in Dubailand, the Tiger Woods Dubai (www.tigerwoodsdubai.com) will include the Al Ruwaya 18-hole championship course, a boutique hotel, spa, fine dining restaurant, golf academy, clubhouse and 300 land parcels, allowing buyers to build their own or select a home from a collection of signature residences.

Golf is also popular in Festival City (www.dubaifestivalcity.com), a community of five hotels and various retail pursuits, where the Four Seasons is launching its first golf club in the Middle East (www.fourseasons.com). Alongside a Robert Trent Jones–designed course will be a clubhouse with VIP suites and lockers, five restaurants and a Taylormade Performance Lab. Also on the horizon, a 398-room Four Seasons hotel and residences, set to open in 2011.

Jumeriah Golf Estates, whose first courses will be ready this year, will have four in all—fire, earth, water and wind—created by Greg Norman, Pete Dye, Vijay Singh and Sergio Garcia (www.jumeirahgolfestates.com). More than a dozen gated communities are part of the plan, with two already sold out. Fireside, a collection of 66 homes, allows buyers to choose from 11 home styles, ranging in size from 6,400 to 8,600 square feet. Residences are equipped with LexSystems integrated home technology, Bang & Olufsen sound systems, hand-tiled swimming pools, a personal golf cart and limited-edition Range Rover parked in the garage.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.