Given,The,Credit,Crunch,Will,P DIY Given The Credit Crunch, Will People Buy In Dubai?
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While a majority ofthe financial markets the world over are facing a grim picture, one of the fewplaces that has not been affected by this is Dubai. Development continues at anunprecedented pace and properties currently under construction will not beready to be occupied till 2010. A large number of investors worldwide arelooking at Dubaias a very viable option. The resale and rental markets too have seen nonegative impact. There were analysts who felt that Dubais aims were unrealistic and too high, but Dubai now is one of thesafest and most lucrative places in the world to make real estate investments.One of the principal reasons for this is the burgeoning resale sector, whichrefuses to slow down. There is no dearth of confidence when it comes toinvesting in the Dubaireal estate market. One should not forget that this is Dubais developments early stage, and withwhat it has achieved so far combined with future plans, investors are assuredof reaping good results. A recent report said that prices ofproperties currently under construction would increase by 25% whilst theconstruction goes on, and by up to 55% upon completion. With returns likethese, it is not surprising that interest factors remain high. Dubaimight no longer have large resources of oil, but the revenue that was generatedwhen it did, was used for an enormous building program to make Dubai a leading financial and tourist centre.Construction is so commonplace that it would be hard to walk a block withoutwitnessing some new structure being made or renovated. Amongst the most talked aboutupcoming projects, the Island of Ireland is one. Itconsists of beach-facing homes, impressive villas and penthouse suites. Spreadover an area of 225,000 square feet, it is home to cafes by the sea, a marina,restaurants, boutiques, a spa, and other facilities. It is a perfect mix ofopulence and harmony, and has already seen many buyers. Another favourite amongst investorsis the Palm, situated at Jumeirah. The project has the appearance of a giganticdate palm and is completely man made, using close to a hundred million cubicmeters of sand. Its boundaries stretch from Dubais mainland into the gulf. The Palm hasalso addressed Dubaisshortage of beaches, doubling the existent coastline. A monorail is to ferrypeople across the island. David Beckham, Joe Cole and Michael Owen, all famousfootballers from England,have already bought property here. A slight slowdown can be possiblywitnessed amidst the current credit crisis but that by no means takes anythingaway from investing in Dubai.Real estate prices have gone up ten times in the last six years. Dubai is facing ashortage of ready to occupy properties, which is resulting in the demands ofinvestors not being fulfilled. There are predictions that say prices willincrease by up to 10% by this summers end. With no signs of slowing down,investing in properties for sale in Dubai, should belooked at one of the safest investment options as of now.
Given,The,Credit,Crunch,Will,P