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Dubai’s government is on track delivering new mega projects in line with Dubai real estate market’s needs and requirements. According to different consultancies’ findings, Dubai office market performed the best in 2015, and the demand for quality Grade A offices is expected to keep the upward trend. That’s why Dubai’s government owned Investment Corporation of Dubai (ICD), together with the Canadian company Brookfield Property Partners has launched a new USD 1 billion office tower development in DIFC. This project named ICD Brookfield Place will add 900,000 more sq. ft of office space to the emirate’s commercial property stock and the building itself is going to set a new dominant is the neighborhood. And the return on investments for these property units is about 15-20%, which is said to be one of the highest rates in the world.
Buildings like 54-storey ICD Brookfield tower, however, are only a background for Dubai’s megatall constructions shaping its unique skyline. Council on Tall Buildings and Urban Habitat (CTBUH) last week revealed that Dubai is still number one in the world by the number of supertall towers constructed in one city. The emirate houses 18 out of one hundred 300-plus-meter skyscrapers built worldwide, and four more super-tall constructions are about to reshape Dubai’s skyline in the next years.
Super-tall buildings are just part of the world’s wonders accumulated in Dubai. World’s first floating villas are near completion in the Heart of Europe project, the developer Kliendienst Group has revealed. Signature ‘Floating Seahorse’ villas will provide the unmatched living experience in the manmade archipelago The World in Dubai.
On its part, one of the biggest Dubai developers Damac last week presented its latest residential and hospitality project Navitas Hotel & Residences in Akoya Oxigen, its luxury golf course development in Dubai. This five towered community with property prices starting from USD 119,000 will also have a favorable 4-year payment plan in place for property buyers.
High living standards together with the world’s greatest wonders and records attract millions of property buyers and real estate investors in Dubai annually. The latest data from the Dubai Land Department suggest that investors from 150 different nationalities invested over USD 26 billion in Dubai’s real estate in 2015. The sheer diversity of investors in Dubai’s real estate market is said to be considered as an overwhelming endorsement of the real estate projects Dubai has to offer, the emirate’s authorities revealed.
