Thursday, March 27, 2014

Dubai high-rises continue to attract domestic and international visitors

The trend of high-rise living and ‘desirable’ vistas in Dubai, is increasingly drawing interest from domestic and international buyers, resulting in constant effort by developers to position buildings in areas that maximise views of Gulf or sweeping skylines that criss-cross the city.

Dubai continues to add to its huge skyline with several buildings that are more than 300m tall, including Damac Residence (335m), The Address The Boulevard (370m), Dream Dubai Marina (432m), Al Habtoor City Towers (300m) and Al Attar Tower (342m).

Majority of these will be additions to Downtown Dubai and Dubai Marina skylines, adding ‘vista-values’ to submarkets and offering more options for buyers in search of a home with view, a real estate expert said.
The 828m Burj Khalifa, and the adjoining Dubai Fountain, positioned at the heart of Downtown Dubai are among the city’s most sought-after vistas, says Faisal Durrani, Associate at Cluttons. This is further reflected at the capital value premiums of nearly 45 percent of apartments with direct unobstructed views of the Dubai Fountain and Burj Khalifa within the one square kilometre Downtown Dubai district.

Further down the coast, residents of apartments along the trunk of Palm Jumeirah can pay premiums at similar levels for ownership of homes facing the east, which overlook the sea, the Burj Al Arab, the Sheikh Zayed Road and Downtown Dubai skyline in the distance, Durrani said.

Within Dubai Marina, buyers of properties in the inner circle of residential skyscrapers look directly into the largest man-made marina in the world, expecting to pay nearly a third more than similar properties overlooking surrounding buildings, without views of the sea or marina.        

Dubai’s incredible skyline and living with gated community with views of open green spaces continue to grow, with several inland suburban communities witnessing a flurry of bolt on developments, as developers continue to focus on communities with proven buyer demand.  

The larger villas overlook golf courses, and although less prominent than high-rise living, one-fifth of these are higher than those without views of open green spaces, such as those in Arabian Ranches, which is 14km inland from the coast, Durrani said.

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