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Dubai Property Investment News
Dubai mega-projects to boost supply of waterfront homes
The supply of waterfront investment properties in Dubai is to be considerably expanded as Dubai Authorities announces the proposed $11 billion mega-project to create a 75km-long inland waterway is to go ahead. This latest development is a reflection of the emirate’s enthusiastic approach to creating as much space for waterfront properties as possible, as well as its confidence that the region will continue to attract businesses, residents and investors to absorb the growing supply.
The new waterway, known as the Arabian Canal, will surround the business and residential developments of ‘New Dubai’, located near the industrial area of Jebel Ali. Part of the canal has already been earmarked for development by Limitless, part of the government holding company Dubai World. The company intends to transform 33km of the stretch into a mix of commercial, residential and entertainment developments, and this is eventually expected to create homes for around 1 million people. The rest of the Arabian Canal will be developed into residential and industrial zones.
Dubai’s ascent into a popular tourist destination has been well-documented, although the emirate’s natural coastline covers just 40km. However, offshore projects have created a total of almost 2,000km of beachfront.
Investment experts have voiced fears that while the supply of property continues to grow, demand will not expand at the rate investors hope for and will fail to meet the level of supply. However, the authorities in Dubai are clearly still confident that the emirate’s unparalleled growth will continue to drive up demand.
Construction of the Arabian Canal will start in December 2007 and will take three years to be completed, according to the development manager of the project, Ian Rayne.
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