Nakheel highlights benefits of investing in property in Dubai at Cityscape 2004 Conference

Commenting on Nakheel's participation at Cityscape 2004, Sultan Ahmed bin Sulayem, Executive Chairman, Nakheel, said: "Nakheel's participation and sponsorship of events such as Cityscape, forms the part of our strategy to extending support to key conferences and events for the real estate market. For Cityscape 2004, we are showcasing the latest Nakheel offerings that have been conceived and launched since last year."

Wahid Attalla, Executive Director, Commercial and Operations, Nakheel, said: "Dubai's lead in allowing foreign investors to own property has marked a real revolution in this sector. Property investment laws in Dubai now link property ownership to visas to the investor and his immediate family, thus removing a major stumbling block in the development of the property sector."

Attalla said the past few years have seen a dramatic shift in the way the world looks at the GCC, due to a combination of factors, including liberal policies of several governments. The most dramatic development has been the introduction of bold and forward-looking changes by the authorities, aimed at opening up the property sector. In this revolution, Dubai has been a pioneer, as well as a model for other countries in the region.

"The changes in land and property ownership laws have brought international trends into property investment. For example, mortgage rates have declined to as low as 5 per cent, giving a further boost to investment in property, and introducing a culture of sale and resale. Yet another factor that drives the development of the property is the pricing, which makes Dubai a highly attractive investment option for long-term investors," Attalla added.

"We have full confidence that there is no looking back as far as investment in property is concerned. The investment graph is pointing upward and it is likely to remain in that direction for a long time to come. This is because the real estate sector is driven by Dubai's larger vision of becoming one of the major cities of the world. We can confidently say that investors can look for excellent returns both in the short term and long term."

The three Palm Islands including The Palm, Deira were showcased at Cityscapes 2004 along with an overview of Nakheel's other diverse projects and its key features that make Nakheel properties an ideal investment choice for investors.

"Innovation in concept, design and execution have been the driving forces behind all Nakheel projects, offering investors and home-seekers a distinguished address and exclusive lifestyles," said Clive Lowe, Director Operations, Nakheel. "This unique selling proposition has attracted property investors from all over the region and globe, with some of our properties being sold out in record time, including The Palm Jumeirah and Jumeirah Village."

Recent projects of Nakheel, The Lost City, Jumeirah Village and The Palm, Deira generated a huge amount interest among the visitors to Cityscapes 2004. The Lost City, coming up in the vicinity of the Gardens Shopping Mall, will recreate ancient cities from different parts of the world, faithfully reproducing the architecture and designs of ancient times. Jumeirah Village, located adjacent to Jumeirah Islands, will bring to life a pastoral village community, through around 6,000 villas and townhouses, inspired by Arabian and Mediterranean architectural styles. Due to the unexpected demand, an additional 1000 villas that was slated for expansion at a later stage was also made available for sale. The Palm, Deira, is the latest addition amongst The Palm islands.