Nakheel highlights Dubai's rising stature as attractive property investment location in Belgium and Luxembourg

"With Dubai maturing into a sophisticated property investment market, it has become critical to market our portfolio of exclusive projects to investors at elite and prestigious forums globally," said Wahid Attalla, Executive Director, Commercial and Operations, Nakheel. "We used the venues in Brussels and Luxemburg to target discerning European investors and high network individuals who will find in Dubai investment opportunities and lifestyles offering exclusivity and class. These events gave us yet another platform to promote Dubai's iconic projects, some of which have redefined the concepts and designs in the world of construction."

Forum participants were impressed with Dubai's vibrant economy and the booming property market, and the emirate's rising stature as one of the fastest growing tourism destinations in the world.

"Dubai offers a cosmopolitan environment with world-class amenities in the field of education, entertainment and leisure, communications and business. Dubai is a major export and re-export center, with 90 per cent of the GDP coming from the non-oil sector. Dubai's other attractions include progressive leadership, liberal business environment, fast-track licensing, and tax-free repatriation of profits."

Referring to the property sector, Attalla said that recent laws concerning ownership of property by foreigners had generated global interest, strengthened by declining mortgage rates and an attractive rental yield. Villas at prime properties were priced as low as US$ 1,000 per square metres, against US $5,000 in major cities. Investors in some Dubai properties had already experienced about 20 per cent appreciation.

"The vibrancy in Dubai's property market can be seen from the fact that projects worth over US$ 30 billion are currently under development in Dubai. Further, between 2004 and 2010 the total investment in the real estate sector will be in the range of US$ 50 billion," Attalla said.

Highlights of Nakheel's mega projects including The Palm Jumeirah, The Palm Jebel Ali, The World, Jumeirah Islands, Jumeirah Lake Towers and International City along with other major developments were showcased in Belgium and Luxembourg.

"Nakheel is a front-runner on Dubai's vibrant real estate scene, with projects worth US$ 15 billion currently under construction," said Attalla. "The value of properties on The Palm has tripled in value even before completion. The response to our properties was best exemplified by The Palm Jumeirah where villas were sold out in 72 hours and Jumeirah Village in one day. Subsequently, all our properties have generated an overwhelming response, making Nakheel one of the most sought-after property developers in the region."

"Whether one is interested in buying an exclusive island on The World, or a waterfront villa at Jumeirah Islands or an apartment in the ultramodern Jumeirah Lake Towers, Dubai is an attractive proposition for both investors and high network individuals looking for a quiet getaway or elegant lifestyles," added Attalla.