Dubai’s Emaar to build two luxury neighborhoods for $21 bln as real estate booms

Dubai’s Emaar to build two luxury neighborhoods for $21 bln as real estate booms

01 March 2024, ALARABIYA News

A Dubai-based developer, best known for its work on the world’s tallest tower, is splashing out $21 billion (96 billion dirhams) to build two luxury neighborhoods in the city and capitalize on the booming real estate market.

Emaar Properties PJSC is starting sales at The Heights Country Club, an 81 million square feet development valued at Dh 55 billion, it said in a statement. Residences are also up for grabs at Grand Club Resort, a 41-billion-dirham project that will stretch over 60 million square feet and is set to feature a wellness resort.

The firm didn’t disclose the number of homes in the new developments — that will include luxury villas and townhouses — or when it plans to finish construction. At a combined cost of $21 billion, the projects are costlier than Emaar’s signature Downtown Dubai development.

The new developments are expected to significantly enhance sales and profitability, the firm said. The company — which built the Burj Khalifa skyscraper — is among developers launching new projects in Dubai, which has emerged as one of the world’s hottest property markets.

The surge in demand has been aided by an influx of people from around the world, and has helped the city reverse a years-long slump — prices are closing in on records, despite mortgage rates hovering at the highest levels in two decades.

Earlier this month, hundreds of buyers queued overnight outside the offices of another developer, Nakheel PJSC, for a chance to buy more than 500 luxury waterfront homes. In November, about 800 homes in a new Dubai residential development sold out within hours, generating $844 million for firms backing the project, including Abu Dhabi’s Aldar Properties PJSC.

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