Green Lakes real estate project in Dubai to target European investors

International markets such as Europe, specifically the UK, are key targets for Dubai real estate marketing, according to senior management behind Dubai’s Green Lakes project.

Green Lakes, the first freehold real estate development from His Highness Sheikh Ahmed bin Saeed Al Maktoum, has appointed Landmark Properties as sales agent for the 720 apartments to both the domestic and international market.

Andrew Pitt, the company’s director of business development, said, “The value of Dubai’s investment in more than five years of international marketing has paid off. Landmark projects such as The Palm, The World and Burj Dubai, in tandem with the increasing dominance of Emirates Airline, mean Dubai is now a subject of dinner-table conversation in cities around the world.”

“The real estate market in Dubai is now reaping the benefits of having developed a name for itself as one of the world’s most desirable cities.”

Landmark Properties will focus on the GCC and the British market in the first instance through its offices in Dubai and the UK, but interest is already rife from other international markets such as Germany, Switzerland and South Africa.

Meanwhile, Sheikh Ahmed predicted another decade of growth for Dubai’s real estate market, even in light of other GCC markets opening up for freehold real estate purchase.

Sheikh Ahmed said, “The value of Dubai’s real estate sector is tipped to be one of the big growth areas over the next decade, with some market-watchers predicting it could reach a value of Dhs250 billion inside10 years.

“Meanwhile, recent market predictions suggest that Dubai’s property sector has already attracted more than Dhs100 billion investment to date. Of this investment, a healthy amount has come from UK investors looking to broaden their portfolio as well as Europeans looking for a second home.

Sheikh Ahmed continued, “This growth is feasible thanks to continued investment from the government, to provide a sustainable economy, as well as the infrastructure needed to provide its residents with a lifestyle matching any of the desirable destinations of the world.”

While this is the first residential project for Sheikh Ahmed in Dubai, his companies have leased more than 400 residential units in Dubai, with more than 600 units currently being developed for leasing in the city.

The project, to be managed by Asam Investments & Real Estate, will be constructed by ARCH group of architects and is part of Nakheel’s Jumeirah Lake Towers development. It is scheduled for completion in April 2007.

Sheikh Ahmed added, “Buying property in Dubai is one of the current hot topics around the world, whether as an investment, part of a portfolio, or as a home for years to come. 

“Dubai’s secure, prosperous environment of the city equates to a lifestyle that most dream of – and many can now afford.”

Green Lakes will offer one, two and three-bedroom upscale freehold apartments for sale at the heart of the Jumeirah Lake Towers, facing the championship Emirates Golf Course and opposite Dubai Marina.

Views will be at a premium from each of the three towers, looking towards the marina and the Persian Gulf on one side, as well as the tees of the golf course and the Jumeirah Lakes to the other. 

The modern buildings will be set in landscaped gardens, each with a sweeping lobby and a selection of boutiques and restaurants set in a covered walkway.

The design for the towers and the public areas has been kept elegant, yet contemporary, with modern security systems and high-speed internet throughout.

All apartments come with individual parking facilities, and are complete with fitted kitchens and bathrooms. The development will have a five-star standard health club and spa, as well as rooftop and children’s pools.

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