The real estate industry in Dubai is thriving, with rising home prices and rents this year.
As real estate developers continue to announce new projects around the UAE, the supply does not appear to be slowing down. With the largest apartment in the world planned for the city and the tallest residential tower in the works, Dubai frequently makes headlines, but new projects are also planned for Abu Dhabi and Ras Al Khaimah.
The largest apartment in Dubai
Working on a brand-new project that will shatter real estate market records in Dubai is Ominyat Properties. According to media sources, when it is finished, the penthouse apartment at its new flagship building, the Orla, on Palm Jumeirah, would be gigantic, covering 50,000 square feet. A $5 billion (AED) luxury development called The Orla is taking shape on the outer fronds of the Palm Jumeirah.
Ominyat has previously stated that the Orla will be built on a 29,000 square meter beachfront plot and will have one and two-story residences, each with a distinctive design and layout. It will be managed as a part of the Dorchester Collection. It will provide 270-degree views of the Arabian Gulf and the Dubai skyline.
The first residential product from DIFC is a live-work-play location.
With the opening of DIFC Living and Innovation Two, which will have more than 170 residential units, the Dubai International Financial Centre (DIFC) is now fusing aspects of life and work. More than 600 growth-stage tech enterprises, including well-established innovation corporations, digital labs, venture capital firms, and educational institutions, are currently based in the financial hub.
Essa Kazim, Governor of DIFC, launched phase three of the DIFC Innovation Hub. The project includes 184,000 square feet of offices and co-working spaces and a further gross floor area of 107,000 square feet earmarked for retail use. The new phase will also include state-of-the-art conference facilities.
Aldar’s residential seaside neighborhood in Ras Al Khaimah.
On Al Marjan Island in Ras Al Khaimah, Aldar Properties announced the purchase of a 40,000 square meter premium beachfront parcel. The deal opens the door for the construction of a seaside residential complex with more than 2,000 flats. Aldar plans to combine the land it bought from Marjan with other land it bought earlier this year as part of the DoubleTree by Hilton Resort & Spa Marjan Island acquisition to create a mixed-use beachfront neighborhood.
As Aldar’s first residential community in Ras Al Khaimah, the development is scheduled to open in 2023 and include more than 2,000 branded and premium residences with access to retail establishments, a beach club, and two kilometers of private beach.
Dubai is getting the tallest residential tower in the world.
The world’s tallest residential building is being constructed by real estate developer Binghatti in collaboration with the upscale jewelry brand Jacob & Co.
The Business Bay skyscraper’s final height has not yet been disclosed, although the Central Park Tower in New York currently holds the record for being the tallest residential-only structure at 472.4 meters. Binghatti announced a more than 100-story residential complex that would include two- and three-bedroom homes in the Business Bay neighborhood.
Luxurious Properties near the Dubai Canal
LUXHABITAT Sotheby’s International Realty has presented new opulent residences at Dubai Canal. One of the few freehold building projects to be established in Al Wasl is the premium residential development.
AED1.99m will be the starting price for a 972 square foot apartment in these projects. Sales in the area totaled AED290.7m in the third quarter of 2022. AED13.21m is the average cost of a villa sold in Jumeirah, according to data from the Dubai Land Department. Jumeirah has established itself as the top destination for wealthy people in Dubai. According to a survey by Webster Pacific, out of 67,900 HNWIs in Dubai, the top 5 residential districts with the highest number of HNWIs are Jumeirah First, Al Barsha, Jumeirah, Arabian Ranches, and Al Thanyah.
At hitting Wasl Tower, structural repair is still ongoing.
The facade has advanced to level 13 and structural work on the 56th floor of the Wasl Tower has been finished, according to the most recent construction update from Wasl Asset Management Group.
The 302 m-tall, asymmetrically twisted tower will have the tallest ceramic façade in the area when it is finished, giving the impression of dynamic motion.
64 stories of the building will include 229 residential units, 258 hotel rooms for Dubai’s second Mandarin Oriental Hotel, 185,345 square feet of office space, and 11 parking floors.
Sobha debuts its first iconic residential development
One of the top premium real estate developers in the UAE, Sobha Realty, has unveiled its first iconic residential development. The “S” skyscraper, which will be built on Sheikh Zayed Road, will have luxury amenities, cutting-edge technology, and views of the open ocean and Emirates Golf Club. The skyscraper has 62 stories, 43 of which are exceptional homes, and it adheres to Sobha’s “Backward Integration” style.
The residential project will also include a six-level, enclosed podium parking garage as well as round-the-clock security and concierge services.
Residential design by Museum of the Future architect
AHS Properties was founded in 2021 by Abbas Sajwani. Less than a year later, the upscale real estate company announced two further projects, increasing the total worth of the business to $550 million. The two new projects will be situated in Dubai Canal and Palm Jumeirah. The architecture for these projects will be led by international architect Shaun Killa of Killa Design, who also created the Museum of the Future.
There will be 25 penthouses and sky villas in the nine-story structures. Modern spas, private movies, cigar lounges, and private swimming pools will all be included in every project.
Saadiyat Lagoons Villa
Saadiyat Lagoons was officially launched by Aldar Properties. Only UAE citizens may purchase the new development, which is situated on the east side of Saadiyat Island in Abu Dhabi.
In the first phase, 207 villas will be offered, with prices starting at AED6.1m. The homes are divided into three zones and have four, five, or six bedrooms. A dry deck water play area, skate park, paddle, basketball court, volleyball court, climbing wall, playgrounds, and parks are just a few of the amenities that will come with these villas. Saadiyat Lagoons’ construction is scheduled to start in Q2 2023, and handovers are anticipated to start in early Q2 2026.
Norman Foster’s Palm Flower
The Palm Flower, a project by Alpago Properties, will soon be a part of Dubai. The project, which is slated to be built on the West Beach of the Palm Jumeirah, will have 11 stories, 10 residential units, each of which will take up a whole level, and 1 mega-penthouse, which would fill two floors. British architect and designer Norman Foster of Foster & Partners is a partner with the developer. The architect is also renowned for creating Expo City Dubai’s Alif – The Mobility Pavilion.
Alpago Properties said in a statement that each penthouse in the Palm Flower “will have floor-to-ceiling windows offering unobstructed views of the Arabian Gulf, high-end amenities such as private cinema, gym, and a full terrace which has one side with a private pool facing the sea and one side with garden terrace giving residents ultimate comfort.”
Publish Date: November 27, 2022
Source: https://www.arabianbusiness.com/industries/real-estate/10-upcoming-uae-real-estate-projects-dubais-biggest-apartment-worlds-biggest-tower-luxury-villas-and-more
