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Updated Daily: January 2009

 
  Columns > Khalil & Kane > Market Overview: Luxury Real Estate in the Middle East

   Published in: March 2007
 
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“It is projected that construction in Abu Dhabi will soon overtake that which is being done in Dubai and Doha.”
 
 

In ancient times, herding and fishing were the main sources of income in Abu Dhabi, while today its economy rests on the oil industry.

Abu Dhabi, the capital of the United Arab Emirates as well as the Abu Dhabi emirate itself, is known for its striking, glassy skyline as well as its mosques, shopping malls and cultural centers. A sharp contrast is formed between the city’s lush trees and grassy areas and the surrounding desert.

The city was initially slow to join the luxury real estate boom, but has now jumped on the bandwagon with the launch of several huge developments such as the US$14.7 billion Al Raha Beach and US$6.8 billion Shams Abu Dhabi projects.

 
 

It is projected that construction in Abu Dhabi will soon overtake that which is being done in Dubai and Doha. Dolphin Towers is a development by DAMAC properties and comprises luxury apartments as well as 10 exclusive sea-facing townhouses, all outfitted with the latest smart-house technology.

We should note that while the region is taking off, it also has some serious planning problems. The city’s population far outnumbers that which it was originally designed for and thus has major traffic problems and over crowding. There is no reliable form of public transport, so city-dwellers are reliant on private transport. This is also a region that has a history of political strife, but that has become relatively stable over recent months.

 
 
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