Real estate in the United Arab Emirates (UAE) is hotter than the desert sun, and prices are equally sizzling.

Representative from Zabeel Investments and Savills said they were offering residential apartments at their Tiara Residence project with prices starting from Bt230,000 a square metre.

That price tag is roughly double that of Bangkok's prime luxury freehold apartments.

But what Bangkok lacks is Dubai's aggressive push to secure foreign investment.

The emirate has recently legislated to allow foreigners to own property, and with purchases come provisions that allow buyers to become residents, said a developer familiar with the matter.

Depending on the size of purchase, buyers and their families can receive privileges that allow them to live there. As a result, it comes as no surprise that Central Asian countries that were once part of the USSR have flocked to Dubai.

Many are making it their second home as well as offshore banking centre. With the big rises in oil prices and emerging economies in nearby Eastern Europe, fresh cash is making Dubai a punter's paradise with both stock market and real-estate prices rocketing to new heights.

A local developer said Bangkok could well learn from Dubai's example. "Dubai is much more serious about attracting foreign investment," he noted.

At its recent Bangkok promotion, investors here were offered a chance to own a home at Tiara Residence, which consists of seven buildings, all rising 15 floors.

The project will have 238 one-bedroom units, 210 two-bedroom units and 182 three-bedroom units. The entire site will have parking space for 1,300 cars.

Tiara is expected to be completed by December next year.

Opening at about the same time will be Anantara Palm Jumeriah Hotel, managed by Thai-based Minor International chain.

Minor International runs the Anantara brand for Minor Group, said its group director for marketing Anthony Armas.

The Dubai property is purely a management operation, and Minor International is keen to expand its presence in the Middle East, said Armas.

Minor International will operate 224 rooms and six restaurants at the site.

The Anantara Palm Jumeriah is located in the first part of the overall Palm Jumeriah site, one of he most stupendous man-made real-estate endeavours in the world.

Anantara has three local hotels in Hua Hin, Koh Samui and Chiang Rai.

Its fourth property is in the Maldives.

Itthi C Tan

The Nation