Dubai is well known as the world’s most favourable destination for living and carrying on business. It offers all types of real estate, both for business and residential, and the entire necessary infrastructure.
Recently Dubai has undergone some slowdown on the local real estate market. However, the volume of construction works and sales looks to significantly increase in 2017. In general, the overall revival is expected both in the construction and in the associated industries.
Dubai authorities have elaborated the well-thought out strategy of boosting local real estate market. It primarily aims the increasing of construction volumes and enhancing of global investments.
In fact, the master layout of the Dubai coastline developments has been recently adopted. It reflects the perspective view of the coastal districts with new multipurpose developments. This project is designed to line up the luxury real estate on the vast area comprising districts of the Dubai Harbour and the Water Canal.
Dubai Harbour is the new planned district, which will be located in the immediate vicinity of the Palm. The total area of the project covers 20 million square feet. It is planned that it will feature the most modern waterfront constructions and buildings to ensure compliance with the highest international requirements.
The link to the video published by Government of Dubai in January 2017 – click here: https://www.youtube.com/watch?v=KDBmjLQOapo
The Dubai Harbour project will be implemented by the Meraas – Dubai-Based Holding Company, which is responsible for designing the real estate units and arranging the surrounding areas. The general layout of the district provides the availability of the various types of premises and the entire infrastructure. It means that the Dubai Harbour will meet all the needs of both private persons and entrepreneurs.
At the same time, special attention will be devoted to the creation of the waterfront hospitality facilities. However, freehold residential options will be also available on the territory of the district.
The new district will also feature some special attractions that will enhance the list of the Dubai world’s records. So, for example, “The Tower” will become the world’s tallest structure. In fact, the height of this boutique hotel will be not less than 1000 meters. The “Dubai Lighthouse”, – one more boutique hotel with a height of 402 metres, will become another focal point of the Dubai Harbour.
The Dubai Harbour project also involves the programme of expanding the Dubai sea-transport waterfront infrastructure. In fact, the 1,400-berth marina will be created at the district of Dubai Marina. This sea-transport facility will significantly increase the Dubai mooring field's capacity.
The waterfront Dubai Harbour’s real estate is characterized by the flexible price policy. The prices will depend on such factors as the type and class of property, proximity to the sea, etc. It is expected that the average prices will range between Dh2100 and Dh2500 per square foot. At the same time, the selling prices for the real estate units directly overlooking the water will begin around Dh2500 per square foot.
Speaking about the other waterfront districts, significant changes are expected on the territory of the Palm and Deira Islands and in the Jumeirah residential area.
As of today the Palm Tower and Nakheel Mall are under the completion. The Palm 360 twin-tower multipurpose construction will become another attraction of the Palm Islands. It will feature both a luxury hotel and freehold apartments. The average cost of the properties on the island ranges from Dh2000-Dh2500 per square foot.
Numerous modern hotels, freehold residential premises and other waterfront real estate units will be also available on the Deira Islands and in the Jumeirah residential area. So, for example, a “Jumeirah Central” landlocked mega-destination is a highly anticipated mixed-use project, which will offer office, hospitality, residential, retail, wellness and entertainment components.
The Dubai authorities take into account all the factors that had a negative influence on the situation on the real estate market during the 2009 financial crisis and nowadays try to conduct an efficient construction policy. In practice, it means that the mixed-use development projects will be predominant.
This year is to become a decisive one for the future of the Dubai real estate market. The increasing demand on the properties gives the green light to the succeeding waterfront development projects.