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One more project was added this week to a series of long-awaited openings of this autumn in Dubai: 11 km long Boardwalk Promenade was opened on the man-made Palm Jumeirah island.
Residents and guests of the manmade palm-shaped island have long been anticipating to have this open air attraction, and finally, Dubai master developer Nakheel managed to meet their needs by investing AED 150 million in construction of a new boardwalk right above the outer breakwater rocks of the island’s ‘crescent’. Now everybody got the chance to enjoy sea views and Dubai city skyline when walking the Palm Jumeirah’s ‘crescent’ all the way through end-to-end. Boardwalk promenade starts from the One&Only The Palm hotel on the western edge and ends at the Rixos hotel on the eastern side, passing by The Atlantis often portrayed as one of the ‘future city’ main landmarks.
Six meters wide promenade provides space for jogging, walking and enjoying the view with the opportunity to take a rest near one of the 30 food vans, of which only 5 are already open, yet. To make the boardwalk most comfortable for pedestrians and tourists constantly taking pictures of the landscape, Nakheel decided not to make the bike path here, but another plus is that you don’t need to walk all 11 km long to get in or out the Boardwalk, for there are 14 entries to the Promenade, in addition to the central one.
Dubai authorities understand that comfortable infrastructure makes the city more attractive to real estate investors, and such major openings of recent months as the historic opening of Dubai Canal, not to mention the smaller ones like the Boardwalk Promenade, seriously affect the investors' expectations.
And real estate experts agree. For example, even Faisal Durrani, the head of research at Cluttons, the consultancy behind rather gloomy recent forecast for Dubai property market, admits that "Dubai is a very sentiment-driven market. Things like the opening of the Dubai Canal, construction commencing on Emaar’s The Tower and tenders imminently going to be out for Al Maktoum Airport … all of these things are helping to keep domestic sentiment quite high, which is encouraging."
Thus, property prices, which, according to various estimates, are expected to start an uptick in 2017, will largely depend on the implementation of such infrastructure projects. So far, the inertia of the overall property price cuts is still there, but the upward trend is already too obvious for ignoring it. Another factor in Dubai real estate pricing is determined by a supply/demand balance. Cluttons expects 8,000 homes to be completed in Dubai this year, 12,000 in 2017 and 20,000 in 2018. And the greater the demand, the lower the price, but the demand tends to constant growth in the coming years, mostly due to the Expo 2020. Anyway, time will show what’s up at the Dubai’s real estate market, and imexre.com will tell about it. Subscribe to our newsletters here:
