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All Dubai residents and visitors look forward to when the new wonder of Dubai will reveal itself to the world in full splendor. It is, of course, the Dubai Canal, which will become a river so needed in the center of Dubai and will drastically transformation its banks.
And it’s coming really soon. Currently, the Canal now connecting Business Bay with the Arabian Gulf is being filled with water, and its full handover is scheduled as early as next month. This will be followed by further improvements to be made on the banks of the new Canal, and here the field for developers’ activity will be really great.
The first building to be completed on the banks of the Dubai Canal will be presented by Tanmiyat developer. This will be The Court Tower, which, despite its name, has no relation to judiciary. This is a mixed residential, office and commercial property project worth USD 300 million to construct. And it will be finished in April 2017, Tanmiyat said.
At the moment, the building has reached 80 per cent completion, and almost all the apartments in the complex are already sold out off-plan, and offices are booked by future tenants — this is how great is the interest of property buyers and international companies to such high-quality real estate in the center of Dubai. Apartments yields in The Court Tower and other buildings of its kind in the neighborhood are not less than 10 per cent, and 7.5 cent for offices After Dubai Canal official opening house prices in these buildings are expected to grow by 15 per cent immediately. And now the cost of apartments in The Court Tower reaches USD458 (AED1,680) per square feet (psf), while offices start at USD 381 (AED1,400) psf, which isn’t too expensive in comparison with similar properties in other European centers.
And this is how Dubai Canal partially filled with water and its surroundings look like now:
