It is expected that work on the city will start in the summer of this year and continue on for a decade.
A new development should be gracing the Dubai skyline soon. The Waterfront City, under development by Dubai based developer Nakheel, will be creating enough homes to house up to 92,000 people. This development is expected to drastically increase the number of units available in Dubai and should be completed by 2018. For overseas property investors, this is good news in terms of Dubai's long term growth.
There has been occasional concern voiced over the sustainability of growth in Dubai. Currently the market has been undergoing incredible growth that seems to increase each year. However, because of the market's early development, some investors are concerned that emerging markets in other UAE states could affect Dubai properties. Industry analysts point to development announcements such as Waterfront City as proof that Dubai's market is sustainable for years to come.
Waterfront City will sit on over 1.4 billion square feet and will contain five districts. The development is expected to add 144 high rise towers to Dubai's property market. At least 45% of that will be zoned for residential use. The remaining 55% will be office space (33%), hotels and luxury accommodations (11%), retail (6%) and space for civic and cultural needs.
The development is expected to model Manhattan in the sense that there will be room for retail, commerce, private and cultural spaces. It is expected to iconic, bringing tourists from around the world. While the city will house 92,000, a working population is estimated at 310,000 people creating a global city of sorts. Investors interested in the development will have to wait, though. Infrastructure isn't going to be set up until June and early sales may begin some time after that.
