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Marina addresses throughout the world tend to hold a certain level of prestige, and properties located in these areas make good investments because they retain their value, offer good rental returns and are attractive locations for buyers.
Dubai Marina has established itself as a favourite with both investors and end users, and we are seeing a strong demand for both sales and leasing in this area. For many, the concept of marina living and the prestige that goes with yachts and waterfront properties, along with the range of recreational facilities on hand, drives this appeal. Such strong demand makes the Marina an ideal choice for investors, enabling them to achieve high rental returns, with short-term rental occupancy rates reaching 96 per cent.
Dubai Marina is a rapidly developing residential area comprising luxury apartments and a range of shops, restaurants, golf courses and five-star hotels. Part of the development will see the addition of a new yacht club, more hotels, as well as two large-scale retail projects - Marina Mall and Marina Boulevard. The latter will offer two storeys of high-end retail outlets that will rival Rodeo Drive in Beverley Hills.
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It is this lifestyle offering that makes Dubai Marina so popular with corporate clients, professional couples and overseas buyers. Furthermore, for Dubai Marina in particular, its location, which offers an escape from the hustle and bustle of the city while still maintaining good access to the rest of Dubai, adds to its overall appeal.
You only need to take a walk along the Marina promenade to see why people love living there. It's a great community environment with something to offer everyone.
In addition to the Marina, there are many other Dubai developments based on or around water, providing investors with unprecedented choice. Probably the two most famous and unique developments are The Palm islands and The World, with both having attracted large scale investor interest from across the globe.
Given the strong marketing of the Palm Jumeirah throughout the world and the prestige in which it is held, it is proving an attractive residential location.
The Palm Jumeirah is home to some of the most sought after properties in the world and will eventually offer a lifestyle like no other. In itself, The Palm has become a tourist attraction with people keen to catch a glimpse of the island in the sea. Those lucky enough to own a villa have the added luxury of their own private beach and residents can literally fish from their own backyard.
At present, The Palm development is only 50 per cent complete, so this is just the start, as the infrastructure is completed and more and more leisure and entertainment providers open their doors, I expect the demand to continue growing.
There is also Dubai Waterfront, a mammoth mixed-use project that will eventually house 1.5 million people. This 1.4 billion-square-foot community is being developed on natural coastline and will grow to twice the size of Hong Kong Island.
With so much going on it's tough deciding which waterfront location to choose. For sure, those who invested in The Palm Jumeirah and the Marina in the early days have already achieved incredible returns, and as the lifestyle they bought into becomes a reality, its likely such locations will maintain their status as property hotspots.
The writer is managing director of Better Homes.
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