Executive Golf Magazine

Dubai is a destination of figures. Over 25 per cent of the world’s cranes can currently be found in the emirate - an impressive number, but one that’s needed in order to create the range of record breaking projects that are currently underway.

The 75-kilometre Arabian Canal is the region’s biggest ever civil engineering project, and property located on the banks of the canal will soon be available for purchase. Meanwhile, rumoured to be in excess of 800 metres tall, the Burj Dubai will become the world’s tallest skyscraper - easily beating the current record holder, Taipei 101, which comes in at just over 500 metres.

Visitors to these monumental attractions will arrive via a new airport. At twice the size of Heathrow it will be the largest airport in the world, and will cater for 120,000,000 million passengers by 2011.

In 2007, hotel occupancy was already at 86 per cent, compared to Las Vegas which is closer to 65 per cent, and Dubai is also home to the world’s first hotel with seven stars - the Burj Al Arab.

On the residential front, developer Damac is proposing to deliver 2,300 units in Dubai this year alone, followed by an additional 7,100 units in 2009/10. These are big figures, and ones that have triggered fears of oversupply.

However, Sheikh Mohammed bin Rashid al Maktoum has until 2016 - when Dubai’s oil supplies are predicted to dry up - to turn the emirate into the capital of the East, and this isn’t a project he is treating lightly. Schemes such as Dubai Land (the world’s largest theme park), Dubai Sports City, Tiger Woods Dubai and the headline-grabbing Palm Islands will all play their part in attracting tourism, while the guaranteed year-round sunshine has a fan base all of its own.

In fact, with moves such as airline Emirates sponsoring Arsenal, Sheikh Mohammed seems to have achieved his aim of entering the consciousness of mainstream European consumers. There seems just one thing left on any discerning buyer’s wish list - a property in this up-and-coming city of decadence.

“Buying into real estate on, or near to, golf courses will tend to appreciate faster in value than residences in luxurious landscaped communities making it a sound short, medium and long term investment.”

In true Dubai fashion, there are a wide variety of homes to choose from - with many being found on resort developments that cater for every want and need.

Escape is one such example. Marketed by agents Go Wealthy, this 200-acre equestrian-themed community will offer a range of villas and low rise apartments, a boutique hotel, equestrian facilities and several multi-purpose sports arenas. The development is located on the Emirates Road, on the Ajman/Sharjah border, and promises “a unique county living experience, unlike any other in the region”.

“Escape will offer a new and healthier kind of lifestyle,” says Anwer Sher, general manager of the development. “Conveniently located to urban centres, yet removed from traffic and other urban stress, the community has been carefully designed to provide residents with an abundance of nature, peaceful views, and privacy not seen in other developments.”

The villas themselves are available as either three or four-bedroom designs which have gleaned architectural inspiration from traditional Arabic, Ottoman and Mediterranean influences. Open spaces have been paramount in the masterplan.

“Each villa is being designed so that it has a view on to bridle paths or public park space areas. We have worked with the natural topography of the site and enhanced existing land to promote a feeling of space and privacy,” Sher says.

Another development available via Go Wealthy is The Boulevard - however, this scheme is more likely to appeal to the investor in you. Targeting young professionals and families, The Boulevard will offer prospective home owners and investors functional and elegant residential accommodation, as well as a dynamic business environment and modern office facilities. This signature development in Ajman will see the construction of 14 residential and commercial towers, world-class hotel and conference facilities and a retail shopping mall offering boutique shops and cafés.

The Boulevard offers a range of attractively priced residential units, with studios starting from just AED 191,500 (£26,500), and a variety of one and two-bedroom residential apartments - including stunning duplex penthouses that offer views across the entire project.

“This is a first-rate opportunity for the discerning investor or home buyer looking to establish themselves in an up and coming emirate,” says Peter Penhall, chief executive of Go Wealthy. “Above and beyond the huge attraction of this development being highly affordable, The Boulevard is another premium development with distinguishing features.”

Also aimed at the investor is Profile Residences in Dubai Sports City, an area that will offer excellent rental yields from two captive markets - residential and tourist. A range of one and two-bedroom apartments are currently available in the city’s prestigious Westgate area - situated close to the main entrance, the retail district and sports stadia, including the newly upgraded 65,000-seater Olympic Stadium.

The development benefits from a roof-top swimming pool, saunas, gymnasium, games room, underground parking, 24-hour concierge, 24-hour security and is in close proximity to the central hub and Dunes Golf Course. Prices at Profile Residences start from just £131,900 with completion due in 2009.

“With rental returns from 12 to 16 per cent on residential property, and tax-free growth of around 20 per cent per annum, many people are continuing to make incredible returns in Dubai,” says Oliver Hickey, UK sales director of Profile Europe. “Another important point with Dubai is that its city boundaries are set. There is a limit to which Dubai can grow and this will inevitably lead to a shortage of property, leading to high demand and a steady increase in property prices.”

Golf is a major attraction for many buyers, with golfers of all levels coming to Dubai looking to capitalise on cheap green fees and well-manicured fairways.

Ernie Els has launched the The Els Club in Dubai Sports City which boasts a 7538-yard 18-hole championship course and will act as a global base for Els’s international design business operation.

Meanwhile, Damac Properties is currently promoting Fairway Heights, two 24-storey residential towers strategically located on the Emirates Road adjacent to Jumeirah Golf Estates - a series of four golf courses inspired by the natural elements - earth, wind, fire and water.

Fairway Heights will provide a variety of world-class fitness facilities including a swimming pool, state-of-the-art gymnasium and health spa, as well as a number of cafés, restaurants and designer retail outlets. Prices for a one-bedroom apartment at Fairway Heights start from £212,000.

Of course, many people considering purchasing a golf property in Dubai may also view it as a long-term investment. “Buying into real estate on, or near to, golf courses will tend to appreciate faster in value than residences in luxurious landscaped communities making it a sound short, medium and long term investment,” says Peter Riddoch, CEO of Damac Properties. “If capital appreciation in a landscaped development is approximately 15 to 25 per cent per year, then properties set within a golf course environment can expect a 20 to 28 per cent increase per annum.”

Executive Golf readers looking to find out more about properties in Dubai can use the following contacts:

Go Wealthy
Tel: +971 4 361 8686
Email: info@gowealthy.com
Web: www.gowealthy.com

Profile Europe
Tel: 0207 493 5577
Email: uk@profile.ae
Web: www.profile.com

Damac Properties
Tel: 0207 499 9001
Email: london@damacgroup.com
Web: www.damacproperties.com

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