Dubai is the most popular of the emirates of which there are a further six that make up the United Arab Emirates. Its main revenues come from real estate, financial services and trade. The highest of which is real estate and construction accounting for 22.6% of the global economy in Dubai. Through the construction of free economic zones, Dubai has attracted many high profile companies. Dubai has the most free zones in the world ranging from Dubai Internet City and Dubai Media City to the Dubai Healthcare City. Dubai Media City keeps on growing and now has 84 towers.
Property appreciation grew rapidly between 2004 and 2006 due to the government deciding to change from the trade based economy to a services and tourism based economy. This had led to huge and groundbreaking skyscrapers so synonymous with Dubai today. Dubai property is so innovative. They have the tallest building in the world that is used solely as a hotel, the Burj Al Arab. This crown is soon to be taken from this iconic building with the completion of The Rose Tower. This tower was completed in 2007 but is yet to open as a hotel. Vying for the tallest building in the world is being undertaken by a number of developments which are still in construction and due to be completed around 2009. Approximately 50km away is a proposed 200 storey tower with a projected height on 1,200 metres!
Dubai properties are not always constructed with height as their USP. Another groundbreaking string of sites are cropping up in the form of manmade islands. The Universe, The World and the Palm islands are all under construction. The sites are positioned off the Dubai coast and the Palm Islands alone will add 520km of beaches to the city. These islands will have a large number of beach fronted residential properties along with leisure and entertainment centres.
One of the latest groundbreaking Dubai property developments is the much publicised rotating tower. Each floor will have the ability to rotate 360 degrees independently so the tower is an ever changing structure in terms of shape and the views are ever changing for the residents. The speed of which it will rotate is anticipated to be around 6 metres per minute so that the residents will not feel the motion. Something which isn’t always associated with Dubai are eco friendly issues but the revolving tower is changing that. In between each floor are 48 wind turbines which will produce enough energy for the tower and surrounding buildings. solar panels will also be fitted to the top of the building.