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Date: 14/12/2007


Property in Dubai Boosted by Arabian Canal

Property investors concerned that opportunities for profiting from property in Dubai are locking up as a result of record real estate price gains have something to look forward to.  The recent announcement concerning construction of the Arabian Canal could open up a wealth of real estate possibilities and investment opportunities in Dubai.

If you’re considering investing in or even moving to live in Dubai this news presents some very interesting potential for future investment in the coming years.  The canal itself is expected to open development of a whole new area of almost untouched land for development and so the prospects for property in Dubai will be boosted by the Arabian Canal.

Plans for the canal were announced in early October 2007.  The vision is to build 11 billion US dollar system that will start at the port of Jebel Ali, go to the presently under-construction airport and then head back to the Persian Gulf.  The 75-kilometre canal essentially extends building potential in Dubai well into the desert.

What’s on the drawing board also calls for a variety of other projects to be constructed along the canal’s expanse.  For example, recreation facilities and a bounty of mixed-use developments are expected to be constructed.  The project will breathe life in the deserts of Dubai.

Construction on the canal is expected to commence later this year with a massive earth-moving effort initially.  Preparations alone are expected to take up to three years to complete and so as you can see, this is a long term opportunity to examine as a property investor.

As the canal gets under way, would be investors can expect to see a number of potential investment opportunities appear.  Although buying property in Dubai is costly, the country’s appeal remains very high with tourists, investors and expatriates alike – and because Barclays International now offer mortgages for Dubai, so it’s easier for more people to get in on this exciting market.  Additionally, as more government-sanctioned efforts come to fruition so Dubai’s star on the foreign investment marketplace front will continue to burn bright.

The popularity of Dubai is so strong that its population is estimated for a near doubling by 2010.  As of 2007 the U.S. Library of Congress reported that Dubai’s population was nearly 80 per cent expatriates; foreigners living in Dubai come from all over the world including Europe, Asia, other Arabic countries, the Americas and beyond.

Dubai’s popularity is attributed to its willingness to embrace foreigners and the massive push it has put on development.  The coastal regions of Dubai are noted for their incredible resorts and the UAE cities of Abu Dhabi and Dubai are renowned among expatriates for their distinct cosmopolitan flavours.  Living here is considered expensive in comparison to other expat hotspots, but foreign workers do not seem to mind because they get to benefit from a tax free salary and lifestyle.

As Dubai continues to announce infrastructure improvement programs to keep pace with its burgeoning population, it seems the property market will remain costly, but incredibly attractive.  The new canal system is expected to open up markets where interest was once rather low, essentially, the move turns the desert of Dubai into a potential tourism, business and property oasis.




 

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