15 February 2008

Luxury residential areas, trade centres which will attract the most prestigious brands in the world, entertainment parks, hotels, the real estate sector does not seem to suffer slowdowns in Dubai and the estimated value of the projects in stage of implementation is USD 120 billion, according to daily Milano Finanza. In 2008 alone the new apartments in the emirate will be 150,000. And in five years, according to the paper, a residential area larger than Manhattan will be built in Palm Jumeirah, where apartments and 200 hotels will host over 700,000 people. Dubai Marina and particularly the zone of Jumeirah Lake are the areas where the biggest offer of real estates is concentrated, with prices ranging between EUR 3,000 and 3,500 per square metre. But there are not only apartments, in the next years, among other things, a race track for F1 will be built as well as the futuristic project of Burj Dubai, the world’s highest tower, which will host Giorgio Armanìs hotel, among others. Almost science fiction then is the future hotel Hydropolis, the first hotel built completely under water.