BUSINESS & JOBS

Residential land prices in some of the most exclusive parts of the Palm Jumeirah have shot up by 30 per cent over the past year as Dubai's property market continues to recover. Nakheel, the developer behind the man-made island built in the shape of a palm tree, said yesterday it had sold a 305,704 square foot prime plot of land for Dh400 million (US$108.9m) to an anonymous local investor for a total purchase price of Dh1,302 per square foot.

While thousands braved traffic and crowds to catch a glimpse of the opening ceremony of the Burj Khalifa, the tallest building in the world, Karim Al Bassatne simply walked to the balcony of his three-and-a-half-bedroom apartment in Burj Residences to witness history in the making. He even invited some friends over, giving them all a moment to remember for the rest of their lives.

Dubai property owners are caught in the twin-grip of declining rentals and unsustainably high service fees being charged by developers, pushing their return on real estate investment further down. Maintenance fees at some locations, including for Downtown Dubai and the Burj Khalifa tower in particular, are as high as 45 per cent of the annual rentals, further adding to the woes of investors who have seen valuations of some of their properties decline by almost 50 per cent over the past couple of years.

Cranes are set to start sprouting up in the shadows of Burj Khalifa as Damac, Emaar and other developers rush ahead with a spate of property marketing launches. Yesterday Emaar announced it would start online registration for the 120 flats in its 20-storey Burj Vista II tower on Mohammed bin Rashid Boulevard, close to the world's tallest tower.

Jones Lang LaSalle said in a report that the Expo 2020 win would likely be a catalyst to Al Maktoum International Airport, which started its passenger services in October.

The businessman, who owns two floors at the world's tallest tower Burj Khalifa in Dubai, was returning to Abu Dhabi from Mangalore on Thursday by an Air India Express flight when he met Survase.

Dubai’s Burj Khalifa – all 2,722 towering feet of it – will feature “lounge jewellery” created by Chris Shellis, boss of Birmingham super-chic fashion house House of Borgezie.

Since the first machine was installed in May, in the lobby of Dubai's Burj Khalifa hotel, 20 gold-to-go machines have been installed across Europe. Next month the first machines will open in the US.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has given his approval for work to begin on developing Dubai’s Historical District.

The innermost secrets of the city’s most famous landmarks are to be laid bare in a new television series. State-of-the-art computer-animation techniques peel away the surface layers of buildings such as the Burj Khalifa and Burj Al Arab and delve deep to reveal the technological marvels inside.