Emaar Properties and two other developers have announced more grand projects to fuel the recovery of the Dubai real estate sector at a recent property show and Emaar Properties, Dubai’s largest developer and the builder of the Burj Khalifa, have revealed their intentions to build an even taller tower in Dubai.
“Maybe we will try to build something a little taller. Dubai needs another tall building. Dubai is only about 30 years old. So we have a lot of time and lot of investment left.” — Mohamed Alabbar, Chairman of Emaar Properties
The Burj Khalifa was built in 2010 and, at a height of 828-metres, dominates Dubai’s high-rise skyline. However, the tower is expected to be overshadowed by the 1,000-metre Kingdom Tower currently under construction in the Saudi city of Jeddah.
Meydan Group and Sobha Group, two Dubai conglomerates, also announced a joint venture to develop a major leisure, retail and residential complex near the city’s downtown area. The complex will feature a 350,000 square metre water park, a 7 square kilometre lagoon, retail spaces, leisure and sports attractions, and 1,500 villas. Funding for the complex will be raised through company capital, investors paying for off-plan property and bank loans.
The mega projects signal the confidence of developers in the future of Dubai’s real estate sector. The Emirate’s real estate sector has made a steady recovery after crashing in the aftermath of global financial turmoil. Several mega-projects were shelved as companies struggled to pay off debts and undergo major restructurings.
The real estate sector has been able to make an impressive turnaround on the back of a tourism boom. During the first half of 2012, an increase of 10 percent was recorded in tourist arrivals, while hotel revenues also surged by 19 percent. During the past year, residential property prices have increased by about 17 percent and 18 percent for villas and apartments.
Downtown Dubai: The Centre of Now
Billed as the most prestigious square kilometre of real estate in the world, Downtown Dubai is home to the Burj Khalifa, the world’s tallest building, The Dubai Fountain and The Dubai Mall. A flagship project of Emaar, Downtown Dubai is best described as the new heart of the city and The Centre of Now