Breaking property records is one thing, but when the property happens to be in Dubai, it’s another ball game entirely.

The AED contract for the construction of the spectacular 62 storey tall Trump International Hotel & Tower on Palm Jumeirah was announced earlier this month and with pre-sales of some properties fetching as much as $3000USD.

Real estate developer Nakheel and the Trump Organization expect that the tower’s exclusive penthouse will break property records in Dubai.

The 270 meter tall design which features two towers that merge at the 40th floor will include 378 hotel rooms and suites, 385 condominiums, 12 townhouses, 45,000 square feet of retail and 60,000 square feet of office space along with a private beach and super-marina.

Public sales of the residences began on June 23 and Donald J. Trump himself has already reserved an apartment in the Tower which is expected to be completed in May 2011.

To be constructed in a joint venture between Al Habtoor / Murray & Roberts, the Tower will be the centerpiece of the 560 hectare Palm Jumeirah which is among the world’s largest man-made islands (the nearby The Palm Jebel Ali and The Palm Deira the only bigger ones).

To put the scale of this construction in perspective, the amount of sand and rock used is enough to build a two meter high, half meter wide wall that would circle the globe three times!

The stainless steel and glass Trump International Hotel & Tower will straddle the center line of Palm Jumeirah, offering residents and guests panoramic views of the Arabian Gulf in an ultra-luxurious setting.

The jewel in this crown will be the two expansive penthouse residences designed by renowned architect Kelly Hoppen. The Tower total of 399 freehold residential apartments will range in size from 890 to 7,500 square feet with options in one, two, three and four bedrooms.

The long list of high-end features includes interior design by BBG – BBGM, Norman Foster bathtubs, Boffi kitchens, Gaggenau appliances and complete home automation…. not to mention the three-story private Beach Club and adjacent super-yacht marina offering 70 slips with provisions for 30-150 meter vessels. Source: Gizmag

The idea that Dubai will soon boast the most expensive real estate in the world is not as absurd as it sounds.

All it takes is a modest extrapolation of growth trends for rentals in the Dubai International Financial Centre, and a continuation of the current cooling off in markets like London Prime and this is a fact.

Dubai’s office market continues to suffer from an acute shortage of space, with 98 per cent occupancy in the new financial zone, the Dubai International Financial Centre, which has been hugely successful in attracting global financial firms to the emirate.

The latest recruit this week is Thames River Capital, a boutique fund-of-funds investment manager based in Berkeley Square.

The latter told AME Info that rents in this prime London location had fallen by around 30 per cent and that the rent it had just agreed in Dubai was not far off the rent it had just paid for additional space in Mayfair.  Full article