Buying property in Dubai will become more regulated and even safer for investors because of a new regulation that restricts how developers finance their Dubai building projects. The newly created Estate Regulatory Agency has designed the new law which will come into effect later this year. Dubai developers will no longer be able to use property investor’s money to guarantee loans for future projects. The new regulation will see funds raised for a project being placed into an escrow accounts
“At the end of the day it’s going to cost more to develop because most of that money in escrow won’t be released until completion,” said Nigel Truscott, a Dubai-based partner at Trowers & Hamlins Services Ltd.
Meanwhile City of Arabia in Dubailand continues to attract interest from international real estate investors. The City of Arabia is a 20 million square foot development at the heart of Dubailand, the largest free zone development being undertaken in this land of new developments. City of Arabia will be the gateway to Dubailand and serve as the main residential and retail centre. With four main theme areas, this community will be able to link with the rest of Dubailand via monorail and also to rest of the city of Dubai via light rail service.
The four areas of City of Arabia are Restless Planet, Mall of Arabia, Wadi Walk and the Towers. Restless Planet is a themed area that will take the visitor back in time to the age of the dinosaurs. Working with the Natural History Museum of London and acclaimed authority Jack Horner, the developers are creating a real back-in-time experience that will all be under a 75 meter dome.
The Mall of Arabia, set to open in early 2009, will have more than 1,000 retail outlets and access to the Restless Planet experience. The initial phase is scheduled to have 4 million square feet of retail space, with an additional 10 million square feet to come on line later. It will be laid out on two main levels, with parking underneath.
Hind Jouini Chief Sales Executive Homesgofast.com ‘ Overseas buyers seem to love the concept of City of Arabia ,it is one of our busiest projects to date and one that always produces excitement during inspection trips’
Wadi Walk will provide low-rise residential buildings for those who want to live in the City of Arabia. These Mediterranean-style buildings will line a flowing waterway with water taxis to take you to the Mall of Arabia. 1-4 bedroom units as well as duplex and triplex homes will be available for the residents who choose to live here. The first homes are set for completion in 2008.
