Archive for the ‘Real Estate’ Category

British newspaper the News of the World reports that England footballer David Beckham has given his villa on the Palm Jumeirah to his in-laws. The tabloid says that as the former Manchester United star is now playing in the USA he has realised that he will be unable to spend any time at the luxury home and decided to let Victoria Beckham’s parents enjoy it.

The paper says that Beckham purchased the villa in 2002 for £800,000, though it is widely believed that it was given to him by developers Nakheel as part of a public relations campaign. Other English footballers owning homes on the development include Joe Cole, David James, Gary Neville, and Michael Owen.

Dubai Properties have announced that the Executive Towers at Business Bay are on target for completion in the last quarter of 2008. All units in the 11 towers have already been sold.

Busch Entertainment Corporation (BEC) and Dubai property developer Nakheel have signed a memorandum of understanding to develop four theme parks on the Palm Jebel Ali. Under the terms of the agreement Nakheel will provide the capital to develop the project while BEC will operate the parks.

The four parks will be SeaWorld Dubai, Aquatica, Busch Gardens, and Discovery Cove and will operate under Busch’s World of Discovery banner. The first phase of the project is expected to open in 2012.

Dubai property developer Emaar has announced that it has completed 50 percent of the cladding work on the Burj Dubai. The iconic structure now stands at 604.9 metres and is the world’s tallest free-standing structure.

Dubai-based property developers Nakheel have announced a new mega project called the Universe. The development draws inspiration from the solar system and consists of a number of manmade islands in the shape of the sun, moon, and planets.

Reflecting reality, it will surround one of Nakheel’s other iconic developments, the World, and is expected to take around 20 years to complete.

Sultan Ahmed Bin Sulayem, Executive Chairman, said ‘Dubai has always been a city that looks forward and the planned development of The Universe will satisfy the future demand for further waterfront investment opportunities and development in Dubai. The real estate market is driven by the dynamics of demand and supply - The Universe will be a phased project that will evolve to meet future demand.’

Emaar, the property developers behind many of Dubai’s megaprojects, have signed an agreement with SEGA to develop indoor theme parks throughout the Middle East and North Africa.

The first to open will be at the Dubai Mall at the Burj Dubai development, scheduled to open later this year. Based on SEGA’s Joypolis amusement park in Tokyo, the 76,000 sq ft facility will feature an indoor roller coaster, motion ride simulators, and arcade games.

Dubai’s Real Estate Regulatory Authority (RERA) announced that residential rent increases in 2008 will be capped at 5%, a reduction on last year’s 5% ceiling. The move is intended to tame inflation, currently at a 19-year high of 9.3%.

A recent report released by recruitment agency GulfTalent reveals that salaries in the United Arab Emirates are failing to keep up with increases in the cost of living. The report, Gulf Compensation Trends 2007, discloses that although salaries in the regions rose by 10.7% in the 12 months to August 2007, inflation for 2007 is forecast to reach 12%. The survey states that the rise in costs has been mainly due to a rent rises of 23% in 2007, despite government capping rents at 7%.

Emaar Malls, a subsidiary of property developers Emaar, have announced that their new shopping mall in Downtown Burj Dubai will open in December. The Souk Al Bahar will feature over 130 shops and boast a waterfront promenade with 25 restaurants and cafes.

Dubai now boasts the tallest free-standing structure in the world. A statement was released by developers Emaar yesterday, announcing that the Burj Dubai had reached a height of 555 metres, 2 meters taller than Toronto’s CN Tower.

The Burj Dubai has still someway to go to become the tallest structure in the world. This title is currently held by the KVLY-TV mast in Blanchard, North Dakota, which measures 628.8 metres in height, but is supported by wires.

Emaar have not yet disclosed the final height of the Burj Dubai, although it is expected to be in excess of 700 metres.