Dubai is the success story of the Middle East property market with developments reportedly rising up to 25 per cent per year in value. Now, however, neighbouring Middle East countries and emirates are looking to emulate Dubai's example and create property markets that will be just as lucrative and productive.

Jordan is hoping to reinvent the downtown section of Amman with Abdali, a US$1.5 billion mixed-use development site featuring several districts. Jamal Itani, who is involved in the investment and development of the Abdali city, says: "By having world class developers with us launching outstanding developments, the new downtown, with its dynamic mix of business, residential, retail and entertainment components, will result in a tangible achievement towards the modernisation of the city".

Damac is a Dubai-based company which has supported a number of developments in the city and is now delving into other Middle East property markets.

In Jordan they have launched three residential property projects alone. Chairman of DAMAC, Hussain Sajwani, said: "The enthusiasm with which our previous three projects, The Heights, The Lofts and Courtyard I, were received in Jordan has given us full confidence in the Jordanian property market."

There are still opportunities to invest in The Heights a 35-storey tower encompassing studio, one-, two- and three-bedroom apartments, and penthouses, including open-air balconies in every apartment. Prices start from £106,300

Lebanon and property investment may not sit together as comfortably as may be to your liking. In recent years war and violence in this area of the Middle East has taken its toll on the economy and property market, however, DAMAC remains unfazed, believing that the country is looking at a bright future. Peter Riddoch, of the company says: "We have a long-term plan for Lebanon and will introduce a number of highly exciting projects in the near future" Currently they are selling units at La Residence, Beirut, a property development endorsed by Ivana Trump.

La Residence features one, two, and three bedroom apartments, along with duplexes and penthouses. Apartments, priced from £410,300, will be available with views over the Mediterranean Sea and have access to Jacuzzi, pool and gym amongst shops and restaurants.    

Within the UAE both Abu Dhabi and Ras Al Khaimah are exploding onto the Middle East property scene. Ras Al Khaimah, about 45 minutes from Dubai, has 64 kilometres of untouched coastline, plus mountains and sand dunes to offer tourists.

Property Frontiers are currently marketing Royal Breeze, Al Hamra Village in Ras Al Khaimah. Al Hamra resort boasts a marina, golf-course, private beaches, shopping mall and a five-star hotel. Prices start from £16,000 for a 599 square foot studio apartment.

Of course, construction in Dubai is still taking place faster than you can say Sheikh Mohammed, and if you fancy a piece of tried and trusted Middle East property this could be your prime option.

Dream Homes WorldWide is promoting a development that has already been registered with the Guinness Book of Records as the tallest residential building in the world.  When complete, the 107 storey building at the heart of Dubai Marina will offer one-, two- and three-bedroom units plus a host of amenities including a business centre, his 'n' hers gyms and saunas, a restaurant and a swimming pool. Prices start from £165,600.

Another option is the art deco inspired project of Elite Residence set within Dubai Marina, a canal city styled in the Venetian tradition. The one- and two-bedroom apartments and three- and four-bedroom penthouses benefit from a host of on-site facilities. Prices from £151,900.

For more Middle East property options, hunters should put the 14th and 15th July in the diary when the Dubai and Gulf Property Show will be taking place at the Novotel Hotel in Hammersmith, London.

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Related articles:
Gulf property market round up
Dubai: The land full of Eastern promise

Article first published 3 July 2007