In a first for SA, IFA Hotels & Resorts presented the Golden Mile residential development on The Palm Jumeriah, Dubai, during the South African Hot Property Expo at Gallagher Estate this month.

Billed as "a world-class mixed-use residential and retail environment that redefines living on The Palm", the expo exposed the well-heeled South African market to a limited number of one-, two- and three-bedroom freehold apartments, townhouses and penthouses.

A subsidiary of Kuwait based International Financial Advisors, IFA Hotels & Resorts develops tourism projects, hotels and resorts in Europe, the Middle East and Africa.

The Palm is a manmade , palm-shaped island under construction that the developers claim will be large enough to be seen from the moon. On completion, The Palm will more than double Dubai's beaches, while accommodating marinas, boutique hotels, designer restaurants, water theme parks and a private beach club.

Traditionally built on oil wealth, Dubai has developed into a nerve centre of trade and tourism as well as being the business capital of the Middle East.

A growing number of global giants have headquarters in the port city.

The Golden Mile properties are being sold offplan, with prices ranging from R2,7m-R8m for living areas of 122m²-440m².

Purchase entitles the owner to a Dubai residence visa.

Developers hold high hopes for South African investment in international properties, given the rand's strength and the expected yield from Dubai-based investments. There are about 50 000 South African expatriates living and working in Dubai and developers say that if the current capital growth of property assets continues , investors will double their return within two years.

Business Day