Dubai hearts changes: property market getting a new kick-start

14.02.2016
From heart-shaped man-made island in The World Project to the new iconic tower in Dubai Creek — Dubai can offer anything to make you fall in love with it.

Dubai developers in love with their customers keep launching new even greater and more ambitious projects. Last week has revealed that Dubai is going to get both its own Eiffel Tower and even something ‘better than Eiffel Tower’. The biggest news of the week was Emaar having announced its latest project, a new iconic skyscraper comparable to Eiffel Tower and Burj Khalifa in Dubai Creek Harbour area.

The area is being actively developed and now is also known to have a needle-shaped tower designed by world’s famous architect Santiago Calatrava Valls. No extra details on the tower’s name and height were disclosed yet, but it certainly will reshape Dubai’s skyline adding a new iconic landmark on the emirate’s map.

UAE real estate industry immediately echoed with comments to this unprecedented launch. David Godchaux from Savills UAE welcomed this yet another Dubai’s mega-project, but emphasized the need for the emirate to focus on more human, ‘livable’ developments. Nevertheless, Dubai is the best place in the world for record-breaking skyscrapers and super-mega-scale developments, which are perceived to be in its DNA, experts say.

Meanwhile, Eiffel Tower, as well as a number of other world’s wonders replicas and attractions is about to take shape in Dubai’s Falconcity of Wonders, which is going to gain new life due to a major financial injection of US$ 2 billion of investments in the near future. This way the developer behind the project is proving there is no stagnation in the Dubai’s development market. This new ‘wonder city’ is planned to have up to 75,000 inhabitants in 2021, and the project is scheduled for completion in 2020.

Dubai Creek Harbour tower, however, is not the only one iconic project to be constructed in Dubai in the near future. Nakheel reported last week that it has awarded a US$ 1.4 billion contract for the construction of Royal Atlantis on the Palm Jumeirah Island in Dubai. It is going to be the second iconic Atlantis project Palm Jumeirah is well-known for. But this time the project will have more futuristic design giving three towers an exquisite and modern appearance.

The progress of key infrastructure projects currently underway is going to determine the whole Dubai industry’s future in the coming months, a new report by Asteco presented last week says. Among the most up-to-date key trends for the Dubai housing market Asteco experts named the expected rise of the affordable housing sector, end-buyers predominance over investors and a slight shift to oversupply in the high-end luxury market. However, the medium to long-term market outlook is more positive with demand more than likely to grow.

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