The Real Estate Property Site

Dubai is famed for its innovative and sometimes crazy real estate developments – here is a video showing some of these real estate developements.

Background: Dubai provided refueling bases to allied forces at the Jebel Ali free zone during the Persian Gulf war, and again, during the 2003 Invasion of Iraq. Large increases in oil prices after the Persian Gulf war encouraged Dubai to continue to focus on free trade and tourism. The success of the Jebel Ali free zone allowed the city to replicate its model to develop clusters of new free zones, including Dubai Internet City, Dubai Media City and Dubai Maritime City. The construction of Burj Al Arab, the world’s tallest freestanding hotel, as well as the creation of new residential developments, were used to market Dubai for purposes of tourism. Since 2002, the city has seen an increase in private real estate investment in recreating Dubai’s skyline with such projects as The Palm Islands and Burj Dubai. However, robust economic growth in recent years has been accompanied by rising inflation rates (at 6.2% as of 2006 when measured against Consumer Price Index) which is attributed in part due to the near doubling of commercial and residential rental costs, resulting in a substantial increase in the cost of living for residents.