Dubai Properties and Harrods Estates have launched a new development which is exclusively available to buy in the Knightsbridge store from now until mid September.

Babil is a new residential development to be built in Dubai’s Culture City. Built on a former dry dock, the Culture City is set to be the new social hub of the city. Aside from residential buildings, the area will have art galleries, museums, an amphitheatre and libraries.

Residential buildings will be on the newly extended Dubai creek, overlooking traditional dhows and luxury yachts. Babil, the first project to launch, is a medium-rise building located in the Souq which is set to be the focal point of the Culture City’s retail district. Studios, one and two bedroom apartments are currently for sale off plan through Harrods Estates and are due for completion in 2010.

‘Some people have said that they think the bubble will burst in Dubai’s property market and they’ll wait for that to happen before buying,’ explains Yaqoob Al Zarooni deputy CEO of Dubai Properties. ‘But my thinking is that will be an expensive wait.’

Prices for off plan apartments in Babil are from £250 per square foot rising to £650 per square foot.

What buyers should know about Dubai

* Foreigners are entitled to own freehold properties in designated areas of Dubai
* There are no mandatory income, capital gains, or stamp duty tax
* Foreign investors are entitled to a residence visa
* Median age of residents in Dubai is 27
* 80% of residents are expats from all corners of the Earth
* A Metro linking various points of the city is due to be operational in 2009
* FlyDubai is a new budget airline that is due to start flights to the UAE in 2009

Contact Harrods Estates: +44 (0) 20 7893 8933; Dubai Properties in association with Harrods Estates