Dubai Property : Dubai Properties

by : John Hill

Dubai is arguably the most well known of the seven emirates (sovereign states) that make up the United Arab Emirates. It is situated on the coast of the Persian Gulf and is bordered by the emirates of Abu Dhabi to the south and Sharjah to the northeast; Dubai also shares a border with Oman in the southeast.

Dubai is the second largest of the emirates in size, and has the largest population of any of the emirates in the UAE, approximately 1.5 million. This population is largely metropolitan in Dubai (sometimes called Dubai City to distinguish it from the emirate), which is the largest city in the UAE.

Dubai was the first of the emirates to allow freehold ownership of property to non - UAE (United Arab Emirates) or GCC (Gulf Cooperation Council) citizens. Prior to a decree issued by crown prince General Sheikh Mohammed bin Rashid Al Maktoom (the ruler and prime minister of Dubai and the Vice President of the UAE) in 2002 foreigners were only able to rent or take 99-year leasehold over property. The properties available for foreign ownership are in areas of Dubai that have been designated by the government for this purpose.

The decision by the government of Dubai to diversify the economy and focus on service and tourism industries in addition to the traditional oil based economy has seen many exciting and unique property developments announced, constructed and in various states of construction throughout the city and the emirate. Dubai city is currently one of the world's fastest growing cities; and is rapidly becoming one of the top tourist destinations in the world.

The Palm Island developments and The World are two totally unique concepts in property development that have excited the imaginations of people all over the globe. These two separate developments - both the ideas of Sheikh Mohammed bin Rashid Al Maktoom to increase tourism to Dubai, involve the construction of man made islands off the coast of Dubai in the Persian Gulf. The three islands of the Palm Island Development alone will add 520 kilometres of beaches to Dubai City.

The palm Island developments consist of three islands The Palm, Jumeirah, The Palm, Jebel Ali and The Palm, Deira. The three islands are actually man made peninsulas, shaped like palm trees with trunks and fronds surrounded by crescent shaped breakwater islands. The developments will house between them exclusive water front villas and apartments, restaurants, shopping malls, health spas, sporting facilities, water theme parks, marinas and over one hundred luxury hotels. Property owners began taking residence on Palm Jumeirah in 2006; the completion of the entire three-island development is expected by 2015.

The World development is a 300-island man made archipelago off the coast of Dubai in which the islands form the shapes of the worlds' continents and from the air the entire development looks like a map of the world. Once the land reclamation to form the islands is completed (the expected completion date is 2008) the owners of the various islands will be free to commence construction of their developments or properties on their own private islands.