New projects to strengthen Dubai’s realty sector
The real estate sector of United Arab Emirates (UAE) witnessed a tough 2016, but the market refused to go stagnant during this entire period. With faith in the economy’s prospects, the real estate sector of Dubai is looking at a bright future as real estate developers and investors gear up to contribute to the country’s promising property market. The launch of mega projects in the past few months, and more expected to be launched in the near future, will most likely give a boost to business activity in the emirate’s real estate sector.
When master developer Dubai Holding launched its mixed-use development, namely Jumeirah Central, investor interest in the project surged to new heights. The project comprises of residential units, parks, schools, offices, shopping centres, smart police services and other basic amenities essential for a quality living experience. In addition, Jumeirah Central will also include 74ha of office space, 9.2ha of retail space, 42ha of outdoor shopping space, and around 44,000 car parking spaces. Moreover, the project will also include 7,200 hotel rooms, which will be the largest number of hotel rooms situated in a single district of the port city.
Dubai Creek Harbour
Being developed by Emaar Properties, Dubai Creek Harbour is ideally placed between the Dubai Creek and Ras Al Khor Sanctuary. In an effort to keep the sanctity of the wildlife sanctuary intact, the developers have devised a plan to merge sustainable modern architecture to promote biodiversity. The good news for the emirate’s real estate sector comes in the shape of developments like The Tower, Dubai Creek Residences, Creekside 18 and Harbour Views. This project can very well prove to be a goldmine for investors considering the fact that the project will be based on the idea of creating a green city.
Schon Properties recently announced the launch of iSuites, an AED3.2 billion project that will include 2,550 hotel apartments at a single site within Dubai Investment Park. The project will be located close to the World Expo 2020.
The entire project will comprise of 21 mid-rise buildings which will have 9 floors each, with additional two basement floors. This project is slated for completion by 2020. Another selling point for this project is its close proximity to Al Maktoum International Airport.
Projects by Nakheel
Renowned Dubai-based real estate developer Nakheel Properties launched its two-tower projects in the vicinity of Ibn Battuta Mall. The towers, named Ibn Battuta Residences, will consist of 48-floors and will be completed by the end of 2019, just in time for World Expo 2020. The residential project will comprise of 395 two-bedroom and 136 three-bedroom apartments. Apart from this, the mentioned developer is also looking to launch luxury development on Palm Jumeirah, aptly named Palm 360. The project will be developed as a twin-tower hotel and residential complex, which will also offer luxurious penthouses.
Mirdif Hills project
The Mirdif Hills project, costing approximately AED3 billion, will be a mixed-use residential, commercial and retail development. The project will be spread across 3.9 million square feet and consists of 1,054 apartments, a four-star hotel with 116 rooms and 128 serviced apartments, along with a 230-bed hospital.
Mirdif Hills is slated for completion in the fourth quarter of 2018 and is being constructed in two phases.
Being one of the most sought-after developments in the emirate, Dubai South’s stature was recently bolstered by Emaar’s announcement to build 15,000 residential units in its master project Emaar South. The residential area will come with its own dedicated golf course and will also be in close proximity to the Expo 2020 site. In total, Dubai South will be able to house almost a million people once completed.
Other developments slated for release in Dubai South include The Villages and The Pulse developments. Both these projects will provide solutions to existing urban problems like limited walking spaces, cramped entry and exit points for traffic, and lack of ample parking facilities for residents.
The project will also include a retail centre, a sports centre and a community centre, hospital, nursery, malls and hotels.
Though Mushrif Park was opened to public in 1982 by the Dubai Municipality, the addition of first Natural Adventure Park in the Mushrif area in December 2016 has increased the value of this area manifold.
The adventure park will be located in the Ghaf forest of Mushrif Park and will offer visitors training to master challenging games in the form of climbing obstacles for young and old visitors alike.
According to Dubai Municipality Asset Management Department Director Juma Al Fuqaei, the adventure park is expected to attract 23,000 visitors in its first year. He added that the second year will most likely bring 35,000 visitors to the park and the number would increase to 69,000 visitors by the end of the fourth year.
More details can be found on real estate portal Bayut.com.