World's tallest residential building opens in Dubai

13/09/2012 - Dubai Property News Posted by Bob Brunskill
World's tallest residential building opens in Dubai

When it comes to breathtaking skylines, nowhere in the world can compete with Dubai at the moment. The emirate is renowned for its huge towers and property developers in the UAE continue to outdo each other by building monstrously tall residential blocks. Before this week, Dubai's 23 Marina was judged to be the tallest construction on the planet, but remarkably people who live at the top of the building are no longer the highest people in the world. The gigantic Princess Tower in Dubai Marina was officially handed over by property developers yesterday (September 12th) and it is Dubai's latest entrant into the book of Guinness World Records. At 414 metres high, the tower has added a completely new dimension to Dubai's already impressive skyline and its 763 luxury apartments are set to be some of the most sought after assets in the entire Middle East. Speaking to Gulf Today, Tameer president Federico Taube said that he expects home sales to rise in the near future in Dubai. "Today, I feel on top of the world, with such a magnificent project completed and it is a proud moment not only for Tameer but for the UAE in general," he was quoted as saying. The 107-storey complex covers a land area of 37,410 square feet and it took nearly six years to build. It is the latest example of how Dubai property developers are maximising the space available to them by building into the sky. Luxury tower blocks continue to prove extremely popular among investors in the UAE - a point recently emphasised by Rushiraj Mehta of Legacy Real Estate. He told Emirates 24/7 that high-rise apartments in Downtown Dubai are still in high demand. "Downtown buildings like Burj Views, Residences [and] South Ridge have squash courts, basketball courts, gym, play areas, pool, etc," he told the news provider. Clearly, anybody who invests in such a property stands a great chance of making some seriously impressive returns, as prices and rents are expected to increase further in the near future.