Waterfront property boom in Dubai

17/11/2008 - Dubai Property News
Waterfront property boom in Dubai
Waterfront properties are set to grow in popularity across the Gulf region, especially in Dubai, one expert has said.

According to new figures, waterfront apartments for sale in Dubai and the rest of the Gulf will be worth $500 billion over the next five years.

More than 50 per cent of these properties will be in the United Arab Emirates (UAE), with developments like Dubai's Palm Islands expected to prove popular.

Gavin Boyd, director of development for Palm Deira, told the Gulf News that waterfront property will start to attract more commercial buyers than in-land developments.

He also suggested that commercial property in Dubai will start to move to waterfront locations.

Speaking ahead of the Urban Waterfront conference, Mr Boyd said that international companies will "100 per cent" move offices to waterside locations.

Mr Boyd's comments follow the recent World Economic Forum in Dubai where experts suggested that the demand for property in Dubai will continue for the foreseeable future.