Condo Hotels Offer Means to Invest in Dubai, World's Fastest Growing City
Have you ever thought to yourself, If only Id bought land in Orlando pre-Disney? Or how about, I wish I owned a piece of The Strip in Las Vegas? Just imagine where youd be today if only you could have foreseen the future of these exciting cities.
Well dont give up now. Its not too late for all real estate investment opportunities. The trick is just to find the next Orlando or Las Vegas and invest now.
DUBAI, SHINING STAR OF THE MIDDLE EAST
So wheres todays best opportunity? Its a little-known city that is rapidly becoming the shining star of the Middle East - Dubai.
Dubai is one of the seven United Arab Emirates, and its been noted as the fastest-growing city on the planet. In fact, it has all the makings of a blockbuster success of epic proportions. Here are a few of the accomplishments and projects underway that are helping to put this city on the map:
Burj Al-Arab - The only seven-star hotel in the world
Burj Dubai - Tallest tower in the world
Mall of Arabia - Largest shopping mall in the world
palms Jebel Ali - Two largest manmade islands, with resorts and entertainment venues, just off the Dubai coast
Dubailand A collection of six ultra-modern theme parks including 45 mega-projects and 200 entertainment projects in development designed to create a tourism venue nearly three times the size of all of walt Disney World Resort in Orlando.
Jebel Ali Port - Largest manmade port in the world
Sky-walk - Longest foot bridge in the world
World-class Sporting Events - Dubai World Cup (the world's richest horse race), Dubai Desert classic (Golf) and Dubai Rugby Sevens
Dubai International Financial Centre (DIFC) - Proposed financial hub for the entire Middle East
Dubai's Airport - Expansion underway to be able to handle 45 million passengers a year by 2018.
Tax Incentives - 100% tax-free business environment
WHATS IN IT FOR YOU?
You can participate in Dubais growth. Consider investing in one of its to-be-built, five-star condo hotels. Available now are pre-construction opportunities to purchase condos hotel units in Dubai. And Americans, Europeans and Asians are all jumping at the opportunity.
You are essentially purchasing a luxurious hotel suite (studio, one-, two- or three-bedrooms), and as an owner youll share in any revenue that hotel unit generates.
How much revenue? Well some developers in Dubai are actually offering a guaranteed 8% minimum annual return or 60% of the revenue your unit generates, whichever is greater, for the first three years. After the third year, youre still entitled to 60% of the revenue, but there is no guarantee.
Will 60% of the revenue be significant? Of course no one can predict the future. But consider these facts. Dubai has the highest hotel occupancy rate in the world! In 2005, it was 86% and has been steadily climbing. It also has the highest revenue per hotel room in the world, beating out world-class cities like New York and Paris.
condo HOTEL OWNERSHIP
As the owner of a condo hotel unit, you can keep your condo hotel as long as youd like. Use it as a get-away-from-it-all vacation home if desired. When you no longer want it in your real estate portfolio, you can resell it, presumably at a much-appreciated price, and you keep 100% of the profit.
Is this a good time to buy in Dubai? After all, this country is not an established vacation destination like Las Vegas or florida. But in fact, that's exactly the reason to buy right now.
The Dubai real estate sector is just a few years old. Getting in on the ground floor of a new property market has its advantages. Remember, these are premium properties in a new land with unimaginable potential. The prices on these five-star condo hotels are extremely reasonable, leaving plenty of room for potential appreciation.
Compare, for example, the Trump International in Ft. Lauderdale, florida where a studio condo hotel unit of 612 sq. ft would cost you over $800,000 today or the Cosmopolitan, Las Vegas, where a 600 sq. ft. studio will run you $750,000+.
Comparable studios in Dubai condo hotels start at under $150,000. In fact, at those prices, you can handily buy a three-bedroom unit in Dubai with enough left over to purchase new his and hers Mercedes and a pair of matching camels to boot!
WHY IS DUBAI SO POPULAR?
Dubai lies on the southeastern shore of the Persian Gulf, strategically located at the cross roads of Europe, Africa, the Middle East and Asia. This makes it a gateway to over 1.5 billion consumers.
With its central location, Dubai is rapidly becoming the premier tourist destination of the region. Over the past decade, the number of visitors to Dubai has grown from 1.08 million to 5.4 million, representing an annual growth of 16%. This growth rate is more than triple the world tourism growth rate over the same period. In fact, the last five years alone witnessed a 54% growth in the numbers of tourists visiting Dubai.
Forecasting 200,000 visitors a day, Dubai is being designed to attract and accommodate 15 million visitors a year from 2010 onwards. All of this bodes well for owners of condo hotel units.
BE A PART OF DUBAIS SKYROCKETING GROWTH
What sparked Dubais sudden growth? In May 2002, Sheik Mohammed bin Rashid al-Maktoum, in an effort to reduce Dubais economic dependence on oil, issued a decree that for the first time allowed foreigners to buy and sell property.
The race was on. Investors from all over the world jumped in with both feet, recognizing the potential of Dubai with its stable economy, secure political scene, zero property and income tax, and an unmatched standard of living.
The result? Today Dubai is the number one emerging market. An estimated $80 billion of real-estate projects, including the five-star condo hotels mentioned here, are now underway in Dubai.
So if youre still kicking yourself for not having bought up some of those florida orange groves and cow pastures that eventually became Disney or invested in that business in the desert that became Las Vegas, heres another chance to make your mark in the sand Dubai!
To learn more about ownership opportunities in Dubai condo hotels, visit http://www.CondoHotelsDubai.com
Joel Greene is president of Condo Hotel Center, a real estate brokerage that specializes in condo hotels. He also is a world-renowned expert on Dubai. visit his websites at http://www.CondoHotelCenter.com and http://www.CondoHotelsDubai.com
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