The nerve wrecking financial crisis is over in the UAE, helping its realty market regain its grand and iconic stature. Dubai real estate is back in business and the investors and developers too have sensed it. The interest of financial institutes and investors in Dubai property market is reflected in their willingness to try their limits once again with various new mega projects. This post discusses some of the recently announced mega projects that perfectly exhibit how things work in Dubai real estate.
Mohammed bin Rashid City
Mohammed bin Rashid City is one of the grand most real estate projects planned for the region so far. The estimated cost of this project is $2.73 billion. Emaar and Dubai Holding, the developers of Mohammed bin Rashid City, plan to complete and deliver the first phase of this project by 2014. The City will be situated near Downtown Dubai. It will feature 100 grand hotels, 5 theme parks, and the biggest shopping mall of the world. According to the developers, Mohammed bin Rashid City is indispensable for meeting the needs of the increasing number of people who visit Dubai each year.
Dubai wants everything that attracts tourists, including the Taj Mahal. The replica planned for Dubai is called Taj Arabia and it would be four times bigger than the original one. The estimated cost of this project is $1 billion. Taj Arabia project, planned for one of the theme parks at Dubailand, includes a hotel, various shops and serviced apartments. Since Taj Mahal is a grand symbol of love, Tah Arabia will also serve as a wedding venue. The project is expected to complete by the end of 2014.
The expansion of Madinat Jumeirah is also a prominent mega project of Dubai. An amount of $6.8m is reserved for this project. Some of the features planned for Madinat Jumeirah expansion include a 420-bedroom hotel, several hotel apartments, 45 luxury villas, commercial sectors, various restaurants as well as a pedestrian bridge that would link Bur Dubai and Shindaga across Dubai creek. Expansion of Madinat Jumeirah is expected to complete by the end of 2015.
The announcement of these mega projects has forced some people to think that Dubai is again on the track that led it to suffer heavy financial crisis of 2008, while others see it as a major and clear sign of recovery.
Source : Bayut Blog.
Tags: construction, Dubai’s, hotels, malls, mega, new, projects, sports