A part of the world is banking on the success of artificially created real-estate, quite literally, since for some time now, developers have been smiling all the way to the bank. And artificial real-estate doesn’t refer to just buildings---no, no---we’re talking about man-made islands in the Persian Gulf where development incorporates natural habitat and ecosystems. This is referred to as terraforming; and the most outrageous whims can be developed and accommodated for those where money is no issue. Replicas of lost civilizations as well as breath-taking 5-star themed hotels, high-rise malls, a sea-world and exclusive retail outlets, jut outward, literally, over the Arabian Gulf waters, staking their unusual real-estate claims.
Tell Me More!
A world-class golf course lies among private homes, which are scattered throughout, flanked by fresh-water streams flowing alongside them. A myriad of architectural styles used for these homes reflect ancient designs from various areas of the world including the Orient, Middle-East, Mediterranean Africa, Europe or even quaint sea-village homes built on stilts. One has the option of designing one’s own home that would reflect a unique style indigenous to any culture of the world.
According to developers, the real-estate market is booming due to the Dubai government maintaining low interest rates and ‘low’ property costs to encourage foreign investment and residency. And supposedly, Dubai is having a difficult time keeping up with the demands from those who are financially able to take part in these outlandish real-estate projects.
This is only one of many themed real-estate pieces; and it is located 2.5 miles off the coast of Dubai and is made up of 300 individual islands shaped like the earth’s continents - England, Shanghai, Tasmania and many more--with micro-versions of each continent’s unique offerings such as castles, an African game preserve, full-scale, replicated Caribbean ships, etc., created for private ownership. And if you have a yearning to possess your own island, have your checkbook handy since there are still some available for sale.
Official water patrols provide security; and posh water taxis continually ferry guests between each ‘water world’ environment day and night.
A Sinking Dream?
It needs to be stated, however, that financial experts maintain that development has slowed down due to the 2008 financial crisis. Local developers deny that assertion inspite of the fact that property values on Dubai’s mainland have fallen 58% from their peak in the fourth quarter of 2008. It is, also, being alleged the synthetic islands are slowly sinking into the sea. This has been confirmed by geological surveys and many homeowners, living in this once-unquestioned piece of paradise, are furious regarding this sinking revelation. And any sinking issues may or may not have anything to do with the unarguable fact that many investors have reconsidered and backed out and some have asked for, and have received, investment reimbursements. Some argue for the more familiar real estate investments as seen on Dunhill Homes.
Whether this manufactured real-estate is losing value or whether islands are truly sinking, as of mid-July 2012, properties have continued to open - but one has to wonder: For how long?
Nebraska’s writer, grandmother, and retired teacher Karen C., remains committed to the world of real estate in her authoring.