It seems that the economic and real estate crisis that hit Dubai has subsided. Various big construction projects of artificial islands have been resumed with the aim of developing the luxury real estate in Dubai even more. It would seem that the real estate group Nakheel, expert in initiatives of this sort, is to begin selling lots of land where hotels, residences and a wide range of services are to be built on this new artificial island.
The island is to be christened Deira Islands, which in fact is part of a project which began before the real estate bubble burst and which was originally christened Palm Islands. Just one island was completed in the entire construction project before the work was put on hold due to the unfortunate timing. Initially the sale of just 94 plots will be proposed in one of the two islands, which still has to be completed.
As one of the richest states in the world, the construction project is nothing less than flamboyant. A grand 23 thousand new hotel rooms shall complete the luxurious island. That said the construction project has a lot more in store than just luxury hotels, new shopping centers are also on the list, including a 24 hour market, a novelty for Dubai. Furthermore, an amphitheater for shows and concerts to host worldwide stars is foreseen. Needless to say the island will be fitted with a port, which shall be carefully studied to accommodate those who wish to make route for Dubai with their luxurious yachts.
The property bubble didn’t dissolve by chance in such a short period, nor did the work on this enormous project start back up so quickly. In 2020, Dubai shall be the host of the most important expository show, “Expo”, and the Emirate wants to provide an impressive image of its city. According to the master plan presented by the contractor, nine new hotels will be built on the island by 2016.