Dubai - Always Thinking Big
There is something about the city of Dubai and its "Big Thinking" that attracts me to it. Every new structure they build outdoes the last.
The newest additions to the Dubai coastline are two man-made islands in the shape of giant Palm leaves. They also have made 300 new islands in the shape of the world. A friend who lives in Dubai told me about this project and thought it was a bit crazy, so did I.
Now several years later the islands are nearing completion:
I'm sure when The World was proposed, many people doubted its feasibility. We'll see who has the last laugh when the hyper-rich people of the world start paying for some of the most unique real estate on the planet.
The Palm's are equally impressive. I never would have imagined such a thing:
-See time-lapse photography of The Palm construction here.
-More info on the Palms and The World: http://www.gizmag.com/go/3310/
One of the things I want to do in my lifetime is stay with family and friends at the Burj Al Arab Hotel in Dubai. To me, it represents MUCH more than a simple hotel stay.
Every time I see a picture of the Burj Al Arab, it motivates me.
Click to enlarge each Burj Al Arab picture from Dubai which can be used as desktop wallpaper:
The BurjAlArab at Night:
Just glancing at the interior pictures can make me shudder:
One day you will find me vacationing at the Burj Al Arab. Look for me, I'll be at the spa getting a massage.
-Nev
The newest additions to the Dubai coastline are two man-made islands in the shape of giant Palm leaves. They also have made 300 new islands in the shape of the world. A friend who lives in Dubai told me about this project and thought it was a bit crazy, so did I.
Now several years later the islands are nearing completion:
I'm sure when The World was proposed, many people doubted its feasibility. We'll see who has the last laugh when the hyper-rich people of the world start paying for some of the most unique real estate on the planet.
The Palm's are equally impressive. I never would have imagined such a thing:
-See time-lapse photography of The Palm construction here.
-More info on the Palms and The World: http://www.gizmag.com/go/3310/
One of the things I want to do in my lifetime is stay with family and friends at the Burj Al Arab Hotel in Dubai. To me, it represents MUCH more than a simple hotel stay.
Every time I see a picture of the Burj Al Arab, it motivates me.
Click to enlarge each Burj Al Arab picture from Dubai which can be used as desktop wallpaper:
The BurjAlArab at Night:
Just glancing at the interior pictures can make me shudder:
One day you will find me vacationing at the Burj Al Arab. Look for me, I'll be at the spa getting a massage.
-Nev
Labels: Productivity
posted by Neville @ 1:03 AM
31 comments
31 Comments:
And pulpfaction, I would've done the same. :)
Andre Agassi and Roger Federer even played tennis on the Burj Al Arab Helipad! See here
Here is Tiger Woods teeing off from the same helipad:
here
PS: Nev, any way you can do away with the "Anonymous" identity option? A lot of "anonymous" people leave excellent posts here, and it's pretty hard distinguishing Anonymous 1 from Anonymous 2.
Look for me, I'll be in the President's Suite. :)
They are traded on the NYSE.
-Jennifer
JLP
AllThingsFinancial
I don't really mind people leaving comments as anonymous. I'd prefer to let people have their anonominity, even if they post ridiculous comments.
PulpFaction,
Going on a "free" trip then ending up with the bill...especially Dubai.....oouuucch!
Smarty,
Presidents suite? Good luck! I tried booking their smallest room....1 year waiting list!
JLP,
Thanks for the kind words!
-Nev
By Samir Khosla, eDynamic LLC (samir.khosla@edynamic.net)
In 2002 the Emirate of Dubai took the unprecedented step of giving foreigners the opportunity to purchase selected properties. While the property available for purchase was termed as “freehold”, it essentially equated to a 99 year leasehold arrangement. After a sluggish start, in the last 3 years property transactions in Dubai have increased exponentially. The Dubai property market is unique, especially since it is nascent and is not subject to the same market forces as western markets.
Financing your property in Dubai:
1. UAE Institutions are offering mortgages to GCC residents as well as non-residents
2. Most institutions require between 1-3 years local salary history for residents or a 5 year’s history for overseas residents
3. For Dubai residents the minimum down payment is 10% whereas for overseas residents the minimum down payment is 30%
4. Typically mortgages offered are 60 times of monthly salary to a maximum of between AED 3.0 - 5.0 Million
5. The typical debt service ratio expected is between 35- 55% of salary
6. Terms are between 5 and 15 years for non GCC citizens
7. Interest rates are determined based on 4.99%+DIBOR (Dubai Inter-bank) and the lowest currently (August 2005) stands at around 6.49%
As an example, to buy a villa in Arabian Ranches where the average price for a 5 bedroom is US$600,000 - 700,000.00 the 30% down payment will be US$210,000.00 and the monthly payment will be US$ 5140.00 for 15 years
Now consider that based on classifieds in Gulf news, to rent the same villa in Arabian Ranches for 1 year the price would be about $3700.00 – $4000.00 per month.
Based on this limited information, we need to think about what will happen up ahead. Villa prices have increased by 22% (http://www.ameinfo.com/64650.html) vs. those of apartments which declined by 7%, rents have shot up by up to 40% (http://www.ameinfo.com/63768.html) The one caveat to using ameinfo’s information is that they rarely talk negatively about the property market. We need to use market information to assess whether a mortgage payment of $5000 + opportunity loss of $210,000, coupled with the prospect of property appreciation is a reason enough to buy in Dubai VS doing something else with this money like renting in Dubai and investing the difference at another location.
My assessment is that villa prices are commanding a premium due to the following reasons:
1. Limited number of villa projects have come online when compared to apartments
2. Limited number of villa projects have moved into possession phase when compared to apartments
3. Villa lifestyle suits the Arab socio-cultural setting of a more private lifestyle – therefore more Arabs would look at this as to-live investment rather than a to-let investment
I also feel that villa prices may fall by Q4 05 / Q2 06 due to the following reasons:
1. Very few villas have been brought to market when compared to apartments, in my view villas are appreciating since there are fewer to go around
2. At least 5-6 large, villa projects are currently underway that will be hitting the market by end 2006; not to forget the Palm – on which the frond villas would start opening up by late 2006 – 2007.
3. Arabs will not buy villas with the same fervour with which they bought apartments since a lot of apartments were bought with a to-let intention. Buying apartments to let was a feasible situation since the threshold price for a 1 bedroom is US$80,000 whereas that for a 3 BR villa is US$300,000.00 – also the to-let prices as well as purchase prices for villas would be bearable only to a minute percentage of the Million odd expatriates and other people in Dubai.
Based on this information, I think that it’s probably the time to buy an apartment and not a villa. Further, for those people interested in villas, I think that this is a good time to rent a villa.
Banks in Dubai are ridiculous when arranging mortgages. The decission process for approval is intransparent, very un-professional and completely arbitrary. Believe it or not, Moeny is NOT the deciding factor. Although one would think so because they are banks but the staff is so inexperienced. It seems they are learning (slowly) as they are trying to offer these products.
www.UAEMillionDirhamHomepage.com
Thanks
www.UAEMillionDirhamHomepage.com
Thanks
Many countries in the Middle East are taking on projects like the world in Dubai like the Pearl Qatar and the Islands in Bahrain...
http://images.google.de/images?hl=de&q=burj%20al%20arab&btnG=Google-Suche&sa=N&tab=wi
Do you visit Dubai again ?
I have posted some pictures from Dubai on www.jens-kuhfs.de. Made last weekend.
My best
Jens
Team of Dubai Holiday Guide
I live in Dubai & the thing that fascinates me is the pace of real estate development... Do check out http://www.dubaipropertyfinders.net& you will be amazed.
If considering investing in Dubai, consider how things work and ask yourself whether your cash is safer at home where you have some rights and legal protection.
I found this Dubai travel guide
while browsing the net. I think it has lots of useful information.
Sam
http://www.jobs123.com
Jerry
www.leads4insurance.com
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