Pardon my ignorance but how do they get their fresh water? And how costly is it? Can these picturesque stuff be easily replicated along an oil scarce coast?
while the palm is an engineering marvel, it is all so fake... hell, hardly anyone even lives there. foreigners buy them so they can spend 1 or 2 weeks out of the year there, typically for work. walking down the streets of the palm is like walking down the streets of a ghost town. some of the high rises they're throwing up over there are amazing, though... architecture out of this world. here's hoping Deyaar has something like that planned for their proposed 80-story high rise on post oak and richmond.
Go for it - they're outrageously expensive, and even if you have the money, you only have to expatriate to get it At least, that's what I heard....
With enough money and energy you can get as much fresh water as you need with desalination. They could be replicated on an oil scarce coast but not on a poor coast. FYI Dubai doesn't have that much oil but has succesfully generated a lot of money as being a major banking and commercial center.
The islands are entirely man-made. The water, electricity, plumbing, etc. were all run underground as the island was being created.
Desalination is not a cheap process. Dubai doesn't have much oil? Are you kidding me? I wouldn't dismiss UAE's business savvy, but much of it is largely due to the oil fortune. It remains to be seen how long the oil-driven prosperity will last. Already there is fear that the real estate boom may someday be doomed.
I think I saw a segment on 60 Minutes that said almost all of the houses on the Palm Island are sold but almost nobody lives in them because they are seen as an investment. From the looks of those pictures, they seem to be right.
He's right that Dubai doesn't have much oil. Their master plan for the last 30 years is to diversify and not be completely dependent on oil. Your real estate comment is a HUGE concern. I think a correction has to be upcoming.
Dubai does not have much oil but it is a trade and finance center due to the oil profit in the middle east. If the whole oil industry goes away say in 100 years, I wonder if Dubai will still be a major trade/finance center.
Dubai doesn't have oil and that is why they are becoming a big time tourism and financial center for that part of the world. They are not going anywhere. All these developments are on the Jebel Ali side. Most of these are scooped up by foreigners for investments. When I went the a few years back, it looked super nice, but almost nobody lives there. They are all sold out, but empty. The people who invested in entertainment, retail, and food service in these areas are suffering big time. I would look for the prices to drop big time in the next five years, because nobody really wants to see the summers of Dubai and at the end of the day it has the stigma of being in the Middle East. Alot of investors own 10+ properties (unwashed money) and they are having trouble reselling or leasing out. 5 years ago I signed up on the Palm website for a Water Home on the island of Jebel Ali (2nd Palm Island) and actually got the opportunity to buy one when they initially were offered. Of course I did not have the $750,000.00 to purchase one at the point. They all got sold within a week and today bring in over $3-4 MILLION DOLLARS!!!
