Dubai Property Update - Business Bay, Discovery Gardens, Dubai Sports City, Jumeirah Lake Towers and Burj Dubai

 

As the Dubai Real Estate market continues to grow at a phenomenal pace and new projects are being announced still daily in the press, one wonders where it will all end? Sceptics were saying two years ago that the bubble would burst but like everything else that goes on here, Dubai has yet again proved them wrong. Main areas of investor focus at the moment are Business Bay, Discovery Gardens, Dubai Sports City, Jumeirah Lake Towers and Burj Dubai.

 

Taking each one separately, Business Bay and I doubt anyone would disagree is going to be the central business and economic hub of Dubai upon completion, we all know about the severe lack of office and commercial space here in Dubai, I`m sure most of us in our time here have trawled the newspapers and maybe walked the streets looking for a new office at some time or another, only to be told by the agency that it has been sold or rented just hours ago. We all hope to see rents come down when more units come on the market in both Business Bay and Jumeirah Lake Towers.

 

The Discovery Gardens apartments and flats have all the comforts of life including a variety of dining options and fine retailers, so it is a perfect blend of both for ideal community living offering access to all the key local communities in Dubai including Jumeirah Islands, Jumeirah Lake Towers and Dubai Marina with easy road access now they all the changes have been made around the area of the Marina, it really is quite something. Then again if you do want more shopping and entertainment, Emirates Mall and the city centre is just a short drive away by road or taxi.

 

I think most of the residents of Dubai could hardly have missed all the hype and advertising that surrounds Dubai Sport City with International sports stars flying in by the week to be interviewed about this mega project. The main focus seems to be on both the Cricket and the Football but also Hockey is not far behind. If you have ever been up there close to the site you can see the progress staring you in the face. The stadiums are rising as great pace this is something that Dubai has not really got as of now so it will be superb for all the sports fanatics here in the City. Most of the plots here now have been sold out and works have started on piling and shoring etc. The villas on the Victory Heights project are taking the secondary market by storm with premiums rocketing in a similar fashion to what happened on the Emaar projects when they were first launched, so investor confidence is certainly high. We are sure to see good movement on the apartment sales here as well shortly especially if there are rumoured bids for the Olympics to be staged here in the future.

 

Jumeirah Lake Towers is an interesting one, I would describe it pretty much on par with the Dubai Marina project and is located right over the highway. The first towers that popped up were Saba if I am not mistaken but now there are literally hundreds of them. There has been big demand from bulk buyers for full floors at reduced rates here and no wonder why. It will be a perfect location to have an office if you do not want to be centrally located on Sheikh Zayed Road or in Business Bay when it is complete. Also it is so convenient for residents who live in either Springs, Meadows, Greens, Dubai marina, Jumeirah Islands etc to be just 5 minutes away from the workplace, how handy!

 

Last but not least the mighty Burj Dubai project, well its hit the press in a big way globally so who could miss it, we have had buyers calling and emailing us from every corner of the globe to snap up property and units in the worlds biggest tower. Each day it seems like it is getting taller and taller which it is, on Sept 14th Burj Dubai became the world's tallest freestanding structure at 555.3m (1821.85 ft) in height and with 150 storeys to date. This makes it now taller by 2 meters than the previous tallest freestanding structure which was the CN Tower in Toronto which held the record since 1976, an incredible 31 years! Burj Dubai is set to beat the KVLY/KTHI television mast in Blanchard, North Dakota which is the tallest structure on earth at 628.8 meters when it is complete.

 

Apart from the obvious above attraction all other parts of the development have been catching investors eyes, especially Old Town, Ever since the launch of the first phase of the Al Tajer Residences at The Old Town Island which is within touching distance of the Burj, we have seen tremendous interest from buyers as it features some of the best views of the incredible Burj Dubai. The Old Town Island is an east meets west concept of traditional architecture blended with modern amenities and shopping centres with so many activities for the family.

 

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