194: Dubai Delegation Arrives In Dublin
Navigation trail: / latestnews / archive / 194 - published: 15-09-06
Property Investment News
(Dublin, Friday September 15, 2006) A delegation from one of the world’s real estate property hotspots arrived today(15/09/06) at Dublin RDS’s Invest in Property Show searching for affluent Irish property investors for a multi-million dollar project within Dubai’s ‘New Manhattan’.
Recent reports* of Ireland being the world’s second most affluent nation reverberated throughout the world and global headlines claiming ‘30,000 Irish investment property millionaires’ have attracted a Dubai delegation to the Emerald Isle to promote West Wharf.
Set in a prime location, 18-floor West Wharf will be one of the first luxury residential developments completed in Dubai’s Business Bay mega-project, dubbed ‘the new Manhattan’.
Delegates stressed the advantages of investing in Dubai, with its burgeoning investment property prices, stable economy and absence of taxes.
In the heart of Dubai’s commercial area, West Wharf offers property investors the chance to own one of the first and few projects to offer purely residential opportunities in Business Bay, with most being mixed use (commercial and residential).
Abdul Karim Chamseddine, Executive Director of Corporate Finance House, developer of West Wharf, explained how Irish property investors could benefit from owning one of the first residential buildings to be developed in Business Bay.
He said: “With much of Ireland’s recent wealth created through gains in property investment it is the perfect place to find savvy, entrepreneurial investors who will be attracted by the opportunity to become the first owners of such a prestigious development within a booming economy.
“Dubai’s economy grew by nearly 16% in 2005, a growth rate that surpassed even China. This growth is being reflected in high returns on real estate, with investors in Dubai’s property market recognising annual returns of 20 to 25 percent on their investments.
“I believe those buying units in West Wharf will achieve very high returns, as the project will set the benchmark for any future residential projects within Business Bay by being one of the first completed.
“As West Wharf is a purely residential development, there are many benefits for residents, such as increased privacy, less human traffic and noise, plus it will have a more relaxed and friendly atmosphere in which to live.”
He added: “It is highly unlikely Dubai’s Business Bay mega-project will be replicated. Its prime positioning in the heart of Dubai near the Burj Dubai and Dubai International Financial Centre (DIFC) will not leave room for competition.
“Dubai has the right tools to sustain this type of economy in the long term, particularly since it does not rely upon oil revenues with a blossoming tourism industry, which will be further enhanced when Dubailand is completed in 2020.”
West Wharf’s architect, Hazel Wong, the multi-award winning designer of Dubai’s iconic Emirates Towers, agreed this is a perfect opportunity to buy luxurious and spacious residential property investments in Dubai.
She said: “West Wharf is what I would best describe as unpretentious architecture with bold clean lines and simplicity of form. Upon completion, West Wharf will confidently stand apart as a distinctive development of a timeless design and quiet elegance.”
Interested investors can speak to West Wharf representatives at RDS in Dublin during the Invest In Property Show from Friday September 15 to Sunday September 17, 2006, or contacted there on 00 971 50 550 7861.
Source:
Euro RSCG Furness