Image 1 of 10: Fake it! Dip your speculating palms into the world's largest artificial archipelago: Palm Jumeirah, one of Dubai's 3 Palm Islands, has a housing project going swimmingly in this fancy ground constellation (best enjoyed from a helicopter view). In September Palm Jumeirah Villas sold 98% of the 702 “unique business model” units for $654 million.
Image 1 of 10: Not quite NYC's village green, or an episode of F.R.I.E.N.D.S, Central Park residential tower, in Dubai’s International Financial District, means business. The 1.57 million square foot project has 426 apartments, including the usual in Dubai-duplex & triplex penthouse 'perks'. Rumor places the price tag at 1,500 AED ($500 USD) per sq foot.
Image 1 of 10: Dubai Mall apartments- The demand for these shopaholic-friendly apartments was so high at one point that buyers almost 'mauled' (or even malled) one another in the flat-frenzy. Emaar’s developed a Willy Wonka style marketing gimmick where buyers entered a lottery to compete for placing bids on the 3000 AED ($800) per square foot property
Image 1 of 10: Hot-air or inflation? Jumeirah Park Novo Villas' rapid sell-out triggered the “bubble talk” last June and set property markets on fire. The 5-hour blow-out on the 350 villas boosted Dubai’s Financial Market by 2.7 % in a day! Today the villas are worth 50% more than their value at the time they sold out, the highest mark-up to date in Dubai.
Image 1 of 10: Castles in the air at Dubai Marina? At first glance, La Reve ('Dream') Towers might look like any of the run of the mill monolithic towers cluttering Dubai's skyline, but in price tag terms, look again! The tower houses the UAE’s most expensive 14,349 square foot apartment, which comes at the whopping 34.7 million AED ($11 million).
Image 1 of 10: Discovery Gardens were the country’s top high-end apartment sale performers last July. They saw a 17 % increase, reaching 7,550 AED ($ 4819) per square meter, a performance spike of 75% over the past year. Given that the apartments’ main road is exposed to routine flooding, the apartments must over-compensate for the wet glitch.
Image 1 of 10: The Springs and the Meadows were the top performers for villa rental rates, recording 10 per cent and eight per cent increases respectively over the last three months. A three-bedroom villa in The Springs sets you back a lease of 160,000 AED ($43,939) per annum, and the same unit type leases for 240,000 AED ($65,908) in the Meadows.
Image 1 of 10: Arabian Ranches is one of Dubai’s most popular communities. Set in the heart of the desert on the Emirates Road, it’s home to over 4,000 themed villas. Arabian Ranches returned impressive increases of 10 per cent with properties now selling at $ 3,254 per square meter. No rodeo, but there is an equestrian center in the compound.
Image 1 of 10: The Greens: The trendy apartments set in pockets of transplanted greenery are within close proximity to Dubai Media City, Dubai Internet City and the Emirates Golf Club. The Greens recorded 15 % sales growth in the second quarter,reaching 12,400 AED ($3,405) per square meter, taking their annual increase to 44 per cent.
Image 1 of 10: Emirates Hills- Forget Beverly Hills mansions when you can have a UAE one fit for celebs with interiors inspired by Roman & Greek temples? And if classics aren’t your thing, the Montgomerie Golf Course overlooking the properties might more up your course! This exclusive Dubai neighborhood's gated community was home to the late Benazir Bhutto.
It is hard to say what is higher these days: Dubai’s massive skyscrapers or the Gulf city's property prices that have soared to new heights over the past few months. Now considered one of the most expensive property markets in the world, economists, policymakers and buyers themselves are in a frenzied debate on what this means for current and future property investments in UAE's biggest city. Some argue that new high prices show that Dubai has emerged sucessfully from the massive 2009 crash that enveloped its property economy, while others says that the new prices may be signs of a looming crash in the future. But don't let such debates burst your bubble just yet. If one thing is sure, Dubai’s properties that are pushing investment debates (and prices!) to new heights are certainly worth drooling over! We take a look at some of the most beautiful properties the Gulf city has to offer.