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Dubai’s oasis of tranquility in the real estate world

28.08.2015
In the stormy ocean of the global financial stocks and other markets that raged last week, Dubai could be called an oasis of calm. Here, everything goes its way: several highly anticipated real estate projects have been pushed forward, developers are preparing to close Cityscape Global and more distant Expo 2020, and the critical decline in oil prices has no impact on the grand plans for large-scale infrastructure projects and super premium housing development.

The fact that Dubai is not only true "safe haven" for investments in the Middle East, but also an oasis of tranquility in the ocean of the global crisis, is confirmed by the last week news. While the first lines of the world's news all week were dedicated to dollar leaps, crises in exchange markets and drops of the national currencies, Dubai’s last week news revealed that the most expensive apartment was put up for sale, and major developers made several important announcements about the construction of large-scale residential and commercial projects.

Dubai developer Omnyiat was particularly active last week, making buyers remember the hype around exclusive property sales, launched in its One project on Palm Jumeirah, which will be fully presented at Cityscape Global. But now buyers have the opportunity to get acquainted with the most interesting and expensive unit not only in this building, but in the whole Dubai: it is an eight bedroom apartment, or rather a penthouse, which Omnyiat put up for sale for US $ 49.29 million, beating the previous record taken by an apartment in Burj Khalifa, sold for US $ 16.34 million in 2014.

However, if your property investing budget is unlimited, Omniyat’s offers aren’t the only option for investments in Dubai real estate. Another developer Seven Tides offers apartments in the same super-premium category in its residential complexes The DUKES and Anantara Residences for US $ 680,000 per unit with footprints ranging from 1,158 and up. This is the second sales launch in these complexes on the same popular Palm Jumeirah Island in Dubai, which will also be officially timed to Cityscape Global.

But if that kind of property in Dubai is not what you can afford, there is still space for making choice, because ‘future city’ is a real anti-crisis "Klondike": the choice of options in affordable housing category where prices range from US $ 272,322 per three bedroom apartment is truly unlimited here. This fact was proved again last week by the constructing company Nshama, whose name is on everyone's lips in the context of affordable housing. This developer has been successfully developing low-cost real estate sector in the same name district of Dubai and last week announced the achievement of the next stage in the construction of affordable townhouses in a residential community Town Square in this district. The area is adjacent to the popular Arabian Ranches, and, according to master plan, will include more than 3,000 townhouses and 18,000 apartments, and the contract for constructing townhouses there was signed last week with Gulf Beaver Group.

In general, all spoke a lot of the real estate construction in Dubai last week. The abovementioned Omniyat plans to build two new hotels in the popular Dubai's area Business Bay, having signed management contracts with Langham Hospitality Group and Melia brand, and in the neighboring emirate of Sharjah a whole new city for 200,000 inhabitants worth over US $ 5 billion is going to be built.

Thus, despite the ups and downs of oil prices, Dubai developers, as well as other developers in the UAE, aren’t going to abandon their construction plans, appealing to the fact that the property market is little or at all non-dependent on the prices in the oil market, which is confirmed by all the analysts from leading agencies such as CBRE, Cluttons and reputable Moody's.

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