After a downturn, the real estate market in Dubai is looking upbeat again.
The stabilization in oil prices, as well as the excitement and monetary investment leading up to the Expo 2020 has the market feeling back on track, according to global real estate consultancy JLL. The Expo, which marks the first of its kind in the Middle East, Africa and South Asia, is set to attract 25 million visitors from over 180 countries, creating a level of attention and a pace of development that the city has not seen before.
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One of the most exciting new launches tied to the Expo is the rollout of the Dubai Creek Harbor project, an entirely new Island District that sits along the Ras Al Khor Wildlife Sanctuary, which has 450 animal species in an area over 1,500 acres. At the center of the project is an observation tower, designed by world-famous architect Santiago Calatrava and slated for completion in 2020.
Other projects on offer this year give buyers choices in prime real estate areas around the city, whether that’s the harborfront location of the Marina Gate development, or Il Primo and Act One|Act Two, which are centrally located near the new Dubai Opera House, another exciting cultural addition to the city, which opened in 2016
Here is a look at some developments coming onto the market this spring:
Jumeirah Living by Marina Gate, Dubai Marina
Jumeirah Living by Marina Gate
Recently announced, the third tower in the Marina Gate project was built by Select and managed by the Jumeirah Group. The building’s location, in the Dubai Marina, the largest man-made marina in the world, is close to the Marina Walk, with easy transport to the rest of the city and Abu Dhabi. The area has been one of limited development, making this project—comprising three residential towers linked by walkways—especially coveted. The development is set to include a podium level retail area with over 50 shops, as well as sports clubs, gyms, pools, tree-lined public areas, salons, a 24-hour concierge, and 500 parking spots, among other amenities. The apartments have large balconies and floor-to-ceiling windows, and the tower’s rectangular shape maximizes views of the city skyline and the marina. Estimated completion is 2019.
Number of units: 56 floors, 104 serviced apartments, 389 branded residences and 15 villas. The residences come furnished, while the villas come unfurnished. Price range: Studios from AED 1.5- AED 1.65 million (US$408,396-US$449,236), three-bedrooms from AED 4.9- AED 5.2 million (US$1.3-US$1.4 million) Developer/architect: Select/Jumeirah Group Apartment sizes: One to three bedrooms, villas Amenities: Pools, fitness, retail, 24-hour concierge, salons Website: select-group.ae
Harbour Gate, Dubai Creek Harbour
Harbour Gate
Part of the highly anticipated Dubai Creek Harbour Development, Harbour Gate, in the center of Dubai Creek Harbor, will provide residents with views of both a new observation tower designed by Calatrava, and surrounding lagoons through soaring floor-to-ceiling windows and open balconies. The long list of amenities includes private pools, a gym, a children’s area, private parking, a steam room, sauna, video security, smart home technology and a leisure deck. The surrounding area will include retail and restaurants, bringing an urban feel to this new nature district. Expected completion is 2021. There is also a new part of the Dubai Creek Harbor project opening, The Cove, but no details have been announced yet.
Number of units: 120, over 35 floors Price range: One bedroom apartments from AED 1,188,888, two bedroom apartments from AED 1,877,888, three Beds from AED 2,382,888 Developer: Emaar Apartment sizes: One to three bedrooms, from 678 square feet to 1,648 square feet. Amenities: Private pools, a gym, a children’s area, private parking, a steam room, sauna, video security, smart home technology and a leisure deck Website: luxhabitat.ae
Il Primo, Opera District, Downtown Dubai
Il Primo
This development in the Opera District of Dubai, located off of Mohammed bin Rashid Boulevard, is offering a luxury in terms of city living: space. The building consists of four- and five-bedroom apartments, which take up either a whole or half floor. The 77-story tower has apartments ranging from 5,253 square feet to 11,550 square feet. The apartment terraces, which range from 279 square feet up to 708 square feet in size, offer views of Burj Park and the Dubai Opera, which opened last year. Apartments have floor-to-ceiling windows, as well as marble, and bespoke finishes. The building’s amenities include indoor and outdoor pools, a gym, library, business center, cigar lounge, golf simulator, game room, and performing arts hall and concierge services.
Number of units: 77 stories, 119 units Price range: Begins at $4,716,104 Developer: Emaar Apartment sizes: Four- and five-bedroom residences ranging from 5,253 square feet to 11,550 square feet Amenities: Indoor and outdoor pools, a gym, library, business center, cigar lounge, golf simulator, game room, performing arts hall and concierge services. Website: gp.dubaiilprimo.com
Act One|Act Two, Opera District, Downtown Dubai
Act One|Act Two
For those who want to be smack in the heart of it all, these two towers, located in the Opera District, located right off of Mohammed bin Rashid Boulevard, are right near the Dubai Opera House, and the Burj Park, and next to the Dubai Fountain. In fact, the fountain influenced the design of the buildings; the two towers’ shape, with balconies and roof terraces, is reminiscent of the water. The towers are connected by a podium, which provides a grand lobby, retail, cafes, gym, pool and spa. There’s also 24-hour concierge. The balconies on the upper floors offer views down Mohammed Bin Rashid Boulevard, and of The Dubai Fountain, and the high-floor penthouses offer views of Downtown Dubai. Spectators of the buildings from the outside also get a lovely vista: the towers perfectly frame the Burj Khalifa, the tallest structure in the world.
Number of units: 718 Price range: One bedrooms start at around $385,831, two bedrooms at $608,538, and three bedrooms at $1,010,844 Developer: Emaar Apartment sizes: From 680 square feet for a one-bedroom apartment to 1,100 square feet for a two-bedroom, and up to 1,500 square feet for a three-bedroom Amenities: Retail, cafes, gym, pool and spa, 24-hour concierge Website: emaar.com
Bluewaters, Bluewaters Island
Bluewaters
At the end of February, developer Meraas unveiled the residences at the new mixed-use man-made island, Bluewaters. The island is located off the coast of Jumeirah Beach Residence. Alongside 164 retail, entertainment and dining options, 240 parking spots, a beach club, two five-star hotels, a ferry and pedestrian bridges, the island also will boast the 688-foot Ain Dubai, set to be the world’s largest observation ferris wheel in the world. The island’s residences will include 17 townhouses and 10 residential buildings, with four penthouses and 698 apartments. The apartment buildings will be set over a podium to maximize views, and the apartments, ranging from one to four bedrooms, will have glass exterior window walls and offer one to two parking spaces.
Number of units: 17 townhouses and 10 buildings with four penthouses and 698 apartments, Price range: To be announced Developer: Meraas Apartment sizes: One to four bedroom, penthouses, townhouses Amenities: Retail, entertainment, Ain Dubai, beach club, gyms, pools, gardens, basketball courts, children’s play spaces Website: bluewatersdubai.ae