Dubai Real Estate Update

The Dubai real estate market maybe going through a rough patch so here`s a small update and a slice of market news, though according to many what is only a temporary rough patch, but this is not stopping Dubai developer Nakheel from looking to the future and already planning even more audacious developments for Dubai!  The Burj Dubai, built by Dubai developer Emaar may not even be finished yet but it is already the world’s tallest building. For many cities, enjoying such a prestigious building would be enough, but Nakheel are already underway with plans for something even bigger! Given the Burj Dubai is report going to be around 700-800 meters tall  that is certainly some ambitious plan! But then Nakheel have been the driving force behind many of Dubai’s more ambitious property developments, so going on past reputation don’t expect anything other than a huge success for the yet to be named tower.

So how tall are we talking here exactly? Well, Nakheel are following on from Emaar’s example and not giving away the exact height, all though they do say it will be more than one 1Km tall! To put that in perspective that is the height of 3 Chrysler buildings stacked upon one another, or around 10 football fields in length! This therefore will be an absolute monster of a building! Whilst some may be questioning the wisdom of such a freehold property development with the current market situation, construction on the project will take around 10 years. With the long term outlook for the Dubai real estate market looking strong, Nakheel is confident that such an undertaking will still provide a huge success whatever the current goings on in the market may be.

With over 200 hundred floors and 150 elevators, the world will not have seen a building on such a scale before. The tower will be the centerpiece of a larger development, which will also include another 40 or so Dubai apartment towers to be located between the Palm Jumeirah and the Palm Jebel Ali. Nakheel is therefore clearly happy to put its money where its mouth is in regards to backing the Dubai property market, as it has done in the past with the Palm Jumeirah and The World. Quite what they come up with next to match the audacity of this project is anyone’s guess, but it will be interesting waiting. 
 

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