Greece Opens Up In Dubai

While many property markets around the world are on alert for a possible slowdown as the world economy comes under pressure, “The World” venture in Dubai is going from strength to strength with work on the island of “Greece” set to start by the end of this year.  The project will be built by well known developer Nakheel, but what exactly can investors expect and how much will it cost?

Officially launched on 24th February, the “Island” will be a luxurious resort with 65 residential units at a combined cost of some $200 million, which works out at an average cost of over $3 million per unit.  However, this is no ordinary venture and while investors will only get access to their properties for 2 months of each year, they will receive a 50% share of their property’s gross rental income for the remaining 10 months of the year.  But will the rental values for “The World” hold up in the current economic climate?

Even though each and every property market around the world will be influenced to some extent by movements in the overall worldwide economy, this venture is based in Dubai where oil money and billionaires are common place.  The Dubai property market itself has been very buoyant for many years, due in the main to both private investment and corporate investment, with many companies seeing Dubai as the gateway to the Middle East – where western culture meets the culture of the Middle East.

Demand for “The World” venture has been very strong since the venture was first announced, partly due to the idea, the location and the exclusive nature of “owning” your own island – whether this be your original “homeland” or another “country”.  While funding for this particular venture was secured some time ago, the venture will take many years to finish thereby ensuring that as and when each “Country” is completed, there will be a steady flow of potential properties coming to the market, rather than flooding the market.

Many people had initially seen the idea as a gimmick, but slowly the doubters have warmed to the venture with the potential to increase the number of visitors to the area, as well as offering unique accommodation.  The exclusive nature of the venture will also ensure a degree of insulation from the general worldwide economy, as will the kudos of owning an island / property. 

Watch this space for more news as “The World” continues to grow in front of your very eyes!