CELEBRITIES
With inconceivable real estate projects popping up all over the second largest emirate in the U.A.E., Dubai has developed a reputation as a real estate playground for celebrities.
Among the celebrities promoting Dubai developments include Brad Pitt, David Beckham and Tiger Woods. In fact, Woods opened his first signature golf course, Al Ruwaya in Dubai in 2006. In addition, Brad Pitt is in the process of designing and endorsing an environmentally-friendly, five-star Dubai hotel with an incredible 800 rooms and recently purchased "Ethiopia" in the World with Angelina Jolie.
Mr. Pitt joins Wimbledon champion Boris Becker, fashion designer Giorgio Armani, and golfer Greg Norman, among others, who have staked their reputations on helping Dubai property agents lure wealthy foreigners.
From the world of music, it was reported in December that U.S. pop superstar Justin Timberlake had bought land in the UAE on which to build his "dream home" following his concert in the capital Abu Dhabi. Speaking about the Emirates, Timberlake at the time said, "It's a really amazing culture. I got to watch the sunset last night and that was just incredible. I love it really. So I bought some land." British pop singer Rod Stewart had reportedly spent $33 million to buy the 'Great Britain' island on The World, one of several rich Brits to have been linked with the island.
From the world of sports, it was reported in April that England football star David Beckham had given his $16 million mansion on the Palm Jumeirah to the parents of his former pop singer wife Victoria. Beckham purchased the luxury villa or property after a visit to the emirate before the football World Cup in 2002.
"Real-estate branding involving global celebrities is here on a scale that doesn't happen in markets anywhere else," Blair Hagkull, managing director of Jones Lang LaSalle's Middle East unit, told Zawya Dow Jones. "Developers are going to huge extents to attract investors as competition rises", he says.