Saturday, April 15, 2006

Land prices in Dubai the most reasonable in the world ::

Land prices in Dubai the most reasonable in the world :: "Land prices in Dubai are among the world’s cheapest. Despite the escalating cost of development land in Dubai, estimated to be 184 per cent over the 18 months to December 2005, property developers are not complaining, according to a joint CB Richard Ellis and Construction Weekly survey.'Are land prices cheaper than other major cities in the world,' asked executive director of ETA Star Property Developers, Abid Junaid, when asked about the issue. 'The answer is yes. For the infrastructure that is offered and the location, we feel that the land price here is cheaper than other cities in the world,' he said.

Doing a quick on-the-spot calculation, he said land prices in at least one city in India were more expensive than in Dubai. He estimated that in a built-up area of the city, the land price would average around Dhs250 per square foot.Junaid said that Dubai had seen an increase in land values from 2002 for two reasons. First, infrastructure costs have gone up. That is the costs of roads, sewerage and waterways for example. Second, the land price is a function of the value put on it by the government.Only the three master developers, Emaar, Nakheel, and Dubai Holding are allocated land and they sell it on to the private developers. 'And if you go to Sharjah, Ajman and Umm Al Quwain,"

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