Whilst the Palm Jumeirah and Downtown Burj Dubai might be more spectacular developments, the Marina is the real symbol of new Dubai – having tens of thousands of expatriate white collar professionals, business people, holiday makers, retirees and other high net-worth individuals.
The facts are well known. This project has the world’s largest man-made Marina and the current 100 odd completed buildings are built around this infrastructure. It appears that over 90% of the plots available for development have been completed; the community has matured and there are few projects under-construction.
The current population estimate of Dubai Marina is between 55 – 70,000 residents and this has caused a strain on the infrastructure of the development. While residents of the buildings are provided between one and two parking spots, there is severe shortage of parking for visitors and there are quite a few traffic choke points during rush hours and weekends. With a few new buildings between 80 – 100 stories being handed over recently, we can only expect these problems to be exacerbated.
The Dubai tramline is now a reality and it will be interesting to see how this transforms the community’s fabric. A state of the art tram system through this bustling community will add more character – and will certainly start creating new realities on the way we judge value in this community.
The last few months have seen new project launches such as the Sparkle Towers or the Marina Gate project located in what was probably the best remaining lot in the Marina.