The emirate is proving that it has bounced back from the financial crisis with the restart of a number of stalled projects.
- Stalled projects to restart
- Some projects announced are worth millions of dollars
- Taj Arabia development is reportedly attracting Bollywood producers
There have been a number of positive news reviews based around the Dubai property market recently, especially with regard to the sale and rental prices of apartments and villas in well-known locations as they are shown to be continually rising.
With the improvements in the market and recovery from the financial crisis, further news has emerged that suggests construction projects that were stalled are now re-commencing further highlighting the recovery process of the emirate.
Reports from Reuters suggest that many firms at the annual Cityscape property show in Dubai last week with construction companies stating that they are optimistic that demand from buyers will be strong. This year some billion dollar projects were displayed further highlighting the confidence in the Dubai market not seen elsewhere in the world.
One of the stalled projects includes the Land of India and the Taj Arabia complex which is a replica of the iconic Taj Mahal and will include a 300 bedroom hotel. The development is predicted to be very popular whilst other companies such as Nakheel have already seen positivity in their business for 2012 and are set to continue to perform well in the future.
Speaking with regard to a project that is to be introduced this year, Chairman of Nakheel, Ali Rashid Lootah said that the company would not have launched the project if there was no demand.
The Taj Arabia development has already reportedly attracted interest from Bollywood producers which will be themed as the new city of love.
Salem Al Moosa, CEO and Chairman of the developers of Taj Arabia, Falconcity of Wonders (FCW) said : “We are delighted to have “Taj Arabia” as part of our renowned project designed to engrave Dubai’s place in the minds and hearts of world citizens.
“Land of India will represent a key attraction in Falconcity as it includes high-end hospitality and commercial facilities that are set to host some of the major events in town.”
The development is set to be completed in 2014.