Dubai Sports City raises the stakes for property investors

things are hotting up in dubai's property market as the world's first purpose built sports city is rapidly coming together. according to homesgofast.com, property in and around the development is selling like hotcakes, with demand showing no sign of waning.

sales of villas and townhouses at the sports city's victory heights golf estate have been more than encouraging. phase one is already completely sold out and phase two, which only went on sale in january is well on its way to being sold out too. if all goes to plan, then the first phase of housing will be ready for occupancy in the second half of 2008, while property investors purchasing a piece of phase two will have to wait until march next year.

some new facilities at dubai sports city, which covers a massive 50 million square feet, are already open and plenty more are on the way. the showpiece golf course and the 18-hole championship course designed by ernie els both recently opened and several stadiums are nearing completion. khalid abdulrahim al zarooni, president of dubai sports city, commented on what guests could expect at the els club: "it has been constructed and presented to exceed world-class standards." thomas rubi, general manager of the club, added: "the els club at dubai sports city will be distinguished by its design standard, the levels of hospitality service shown to members and guests, and the year-round excellent golf course conditioning."

dubai's sports city is not the only concentration of new property in the emirate - according to milano finanza, 150,000 new apartments are set to be built in 2008 alone. the paper further revealed that a residential area larger than manhattan will be constructed in palm jumeirah . lovers of glitz and glamour also have a treat in store - as the sunday times reports, 169 private flats designed and furnished by versace will go on sale next year in dubai, forming part of what the group hopes will be a chain of 16 branded resorts worldwide