Business Bay, a mixed-use master community in Dubai similar to New York's Manhattan, has been rated among the top five residential hotspots in the world by the Knight Frank Wealth Report 2015.
The master development finds a place among the elite locations following work starting on the Dh7.34 billion Dubai Water Canal.
“Work has started on building a channel connecting the sea to the existing lake and this will allow access for superyachts and sailing boats to the bay.
"Construction of large towers lining the channel is under way, providing residences with the unique benefit of mooring facilities in this central location,” the UK-based consultancy said in the report.
It added that a 1,500 square feet apartment in the community could cost $680,000.
Emirates 24|7 reported earlier that $1 million (Dh3.67 million) can buy you an apartment in the emirate that is four and seven times bigger than Singapore and London.
Read: How much space will $1m buy you in Dubai or New York?
Work on the canal is progressing at a fast pace, which will stretch three kilometres in length and will have a width of 80 to 120 metres.
It will add six kilometres to Dubai’s waterfront and will provide an area of over 80,000 square metres dedicated to public places, shopping and entertainment centres, over 450 restaurants along with a wide array of luxurious marinas for yachts and four world-class hotels.
The project, expected to be completed in 2017, will attract 20 to 22 million visitors per year.
Read: Expo 2020: Watch out for these mega developments in Dubai
Top places to live
St John Street, London
According to the report, St John Street, Clerkenwell, has led the loft-living trend for over 30 years. The demand for loft accommodation is increasing and scarcity is expected to drive prices up. Besides, the Tech City association will also drive the continued growth of high-quality shopping and restaurants. A 700 square feet unit is priced at $1.3 million.
West Street, New York
West Street in Manhattan is one to watch. The street will form the new residential entrance to Brookfield Place, adjacent to the new World Trade Center complex, and will be lined with world-class restaurants and luxury retail brands. West Street is a leader for the whole downtown market, which is set for a boost over the next few years; value growth here should outpace the rest of New York by some margin. A 1,500 square feet apartment will cost $2.7 million.
Main Road, Cape Town
Main Road, Green Point, Cape Town, was initially boosted by the legacy of the World Cup, and huge investment was put into upgrading local infrastructure, such as developing parks, roads and a transport system. With world-class sports facilities, access to the waterfront, the city centre and views of Table Mountain, this is the street to watch in 2015, the report states. A 700 square feet apartment will cost $200,000.
Sai Ying Pun, Hong Kong
Sai Ying Pun neighbourhood is within close walking distance to central Hong Kong, but retains local charm. The area is near galleries, good shops and excellent local restaurants. While more residential buildings have started to be developed in the area, there are still many opportunities for redevelopment. A 700 square feet apartment costs $1.9 million.