Adam Nubrick has an international property blog we highly recommend. The world is getting smaller and more people vacation, and invest, in foreign countries. If peace ever reigns, even more will see & experience the beauty that exists everywhere. We follow international real estate issues. We learn from what is happening elsewhere— new ideas, new architecture, new investment opportunities and ways of doing business. Adam took us back to Dubai, our favorite emirate, to tell us about investing in the Cube Condo. And here it is.
The Cube will be a 27-story 5 star residential condo hotel located in a landmark tower in Sports City, a sort of sports themepark. There will be 561 units. Prices start at $144,000 for a studio, $272,400 for a 1 bedroom & $1,045,000 for a 2 bedroom, plus 30 days free occupancy. The Cube is being heavily marketed to international investors since the government decided in 2002 to allow foreigners to purchase real estate in Dubai. Since then foreign investment has skyrocketed.
Over the past 10 years Dubai has risen to the top tier of tourist destinations, as well as business destinations, with over 5 million visitors. The 360 days of sunshine helps. Everyone, it seems, wants a piece of Dubai. If you want a piece of the Cube go to their website. There is a pre-construction special: 50% down and no payment til December 2008. Is it worth your investment? Well, The Cube projects a minimum 10% yearly return for the first 3 years.
Sports City (artist rendering)
Review all the hotel services and ownership features here.
