By Joel Greene

Have you ever found yourself thinking, "If only I'd bought land in Orlando pre-Disney?" Or how about, "I wish I owned a piece of The Strip in Las Vegas?" Just imagine where you'd be today if only you could have predicted the future of these exciting cities.

Well, all is not lost. While the price of property ownership in cities like Orlando and Las Vegas has skyrocketed, other cities are just coming into their own. The trick is just to find the next great investment opportunity.

Dubai, Shining Star of The Middle East

So where's the best place to invest in real estate today? It's a little known, rapidly growing city that is fast becoming the shining star of the Middle East - Dubai.

Dubai is one of the seven United Arab Emirates, and it's been called the fastest-growing city on the planet. In fact, it has all the makings of a blockbuster success of epic proportions. Here are a few of the impressive accomplishments and projects that are helping to focus global attention on this city:

• Burj Al-Arab - The only seven-star hotel in the world
  
  
• Burj Dubai - Tallest tower in the world
  
  
• Mall of Arabia - Largest shopping mall in the world
  
  
• Palms Jebel Ali - Two largest manmade islands, with resorts and entertainment venues, just off the Dubai coast
  
  
• Dubailand - A collection of six ultra-modern theme parks including 45 mega-projects and 200 entertainment projects in development designed to create a tourism venue nearly three times the size of all of Walt Disney World Resort in Orlando.
  
  
• Jebel Ali Port - Largest manmade port in the world
  
  
• Sky-walk - Longest foot bridge in the world
  
  
• World-class Sporting Events - Dubai World Cup (the world's richest horse race), Dubai Desert Classic (Golf) and Dubai Rugby Sevens
  
  
• Dubai International Financial Centre (DIFC) - Proposed financial hub for the entire Middle East
  
  
• Dubai's Airport - Expansion underway to be able to handle 45 million passengers a year by 2018.
  
  
• Tax Incentives - 100% tax-free business environment

What's in it for You?

Here's the really good news. It's not too late for you to participate in Dubai's growth. How? Consider investing in one of its to-be-built, five-star condo hotels. Available now are pre-construction opportunities to purchase condos hotel units in Dubai. And Americans, Europeans and Asians are all jumping at the chance.

You essentially purchase a luxurious hotel suite (studio, one-, two- or three-bedrooms), and as an owner you'll share in any revenue that hotel unit generates.

How much revenue? Well some developers in Dubai are actually offering a guaranteed 8% minimum annual return or 60% of the revenue your unit generates, whichever is greater, for the first three years. And after the third year, you're still entitled to 60% of the revenue, but there is no guarantee.

Will 60% of the revenue be significant? Of course, no one can predict the future, but consider these facts. Dubai has the highest hotel occupancy rate in the world! In 2005, it was 86% and has been steadily climbing. It also has the highest revenue per hotel room in the world, beating out world-class cities like New York, Singapore and Paris.

Photo by Rashid Shah. . . .

Condo Hotel Ownership

As the owner of a condo hotel unit, you can keep your condo hotel as long as you'd like. When you no longer want it in your real estate portfolio, you can resell it, presumably at a much-appreciated price, and you keep 100% of the profit.

Is this a good time to buy in Dubai? After all, this country is not an established vacation destination like Las Vegas or Florida. But in fact, that's exactly the reason to buy right now.

The Dubai real estate sector is just a few years old. Getting in on the ground floor of a new property market has its advantages. Remember, these are premium properties in a new land with unlimited potential. The prices on these five-star condo hotels are extremely reasonable, leaving plenty of room for appreciation.

Compare, for example, the Trump International in Ft. Lauderdale, Florida where a studio condo hotel unit of 612 sq. ft would cost you over $800,000 today or the Cosmopolitan, Las Vegas, where a 600 sq. ft. studio will run you $750,000+.

Comparable studios in Dubai condo hotels start at under $150,000. In fact, at those prices, you can handily buy a three-bedroom unit in Dubai with enough left over to purchase new his and hers Mercedes and a pair of matching camels to boot!

What Makes Dubai So Popular?

Dubai lies on the southeastern shore of the Persian Gulf, strategically located at the cross roads of Europe, Africa, the Middle East and Asia. This makes it a gateway to over 1.5 billion consumers.

With its central location, Dubai is rapidly becoming the most popular tourist destination in the region. Over the past decade, the number of visitors to Dubai has grown from 1.08 million to 5.4 million, representing an annual growth of 16%.

This growth rate is more than triple the world tourism growth rate over the same period. In fact, in just the last five years, there's been a 54% increase in the numbers of tourists visiting Dubai.

Forecasting 200,000 visitors a day, Dubai is being designed to attract and accommodate 15 million visitors a year from 2010 onwards. All of this bodes well for owners of condo hotel units.

Be a Part of Dubai's Skyrocketing Growth

What sparked Dubai's sudden growth? In May 2002, Sheik Mohammed bin Rashid al-Maktoum, in an effort to reduce Dubai's economic dependence on oil, issued a decree that for the first time allowed foreigners to buy and sell property.

The race was on. Investors from all over the world jumped in with both feet, recognizing the potential of Dubai with its stable economy, secure political scene, zero property and income tax, and an unmatched standard of living.

In addition, plans got underway for Dubailand, an immense mixed-use project combining theme parks, resorts, restaurants, shopping venues and more. Dubailand will ultimately be nearly triple the size of all of Orlando's Walt Disney World Resort and will play a significant role in making the city a world-class destination.

Photo by Rashid Shah. . . .

Today Dubai is considered the number one emerging market. An estimated $80 billion of real-estate projects, including the five-star condo hotels mentioned here, are now underway in Dubai.

So if you're still kicking yourself for not having bought some of those Florida orange groves and cow pastures that eventually became Walt Disney World or invested in that business in the desert that became part of the Las Vegas Strip, here's another chance to make your mark in the sand - Dubai!

Joel Greene is president of Condo Hotel Center, a real estate brokerage that specializes in condo hotels. He also is a world-renowned expert on Dubai. Visit his condo hotel websites at www.CondoHotelCenter.com and www.CondoHotelsDubai.com.