Dubai, UAE; October 22, 2018: Dubai Creek Harbour, the six square kilometre mega-development, located only 10 minutes from Dubai International Airport and the iconic Burj Khalifa, is set to record an uplift in residential property prices by an average of 30 to 40% in the short-term, according to market estimates.
Featuring iconic attractions such as the Dubai Creek Tower and Dubai Square, the newly unveiled retail metropolis of the future, the prestigious waterfront development by the historic Dubai Creek is well-positioned to set new benchmarks in value appreciation and returns on investment. This makes the residential launches in Dubai Creek Harbour a compelling purchase for investors.
A comparison with the appreciation in property prices in Downtown Dubai with neighbouring developments gives strong evidence to the remarkable value that Dubai Creek Harbour investments will also deliver for customers. Since the opening of The Dubai Mall and the grand inauguration of Burj Khalifa, residences in Downtown Dubai, have recorded continued appreciation in property prices – in both the primary and secondary markets.
Value appreciation for Downtown Dubai residences, on average 38% higher than neighbouring Business Bay.
As the most sought-after residential location in Dubai, homes in Downtown Dubai that were developed by Emaar have continuously recorded a strong investor and market response. Market reports for July 2018 show the average price per square foot of residential property in Downtown Dubai was 38% higher than in residential developments in Business Bay.
The appreciation in property prices has been underpinned by the economic value addition gained through Burj Khalifa and The Dubai Mall, which is today the world’s most-visited lifestyle and retail destination, welcoming 80 million visitors annually for the past four consecutive years.
Market estimates project that Dubai Creek Harbour is set for similar or greater appreciation in property prices, delivering unprecedented value for investors. Driving this is the Dubai Creek Tower, an iconic observation tower set to welcome millions of visitors annually.
Dubai Square is also expected to lend further traction to residential property in the mega-development. Integrating indoor and outdoor, and delivering a social experience like no other, Dubai Square is designed for the new era of customers – digital, connected and tech-savvy – and will set a benchmark for retail experiences in the 21st century. At 2.6-million square metres (about 30 million square feet), it will be an astonishing retail, hospitality and residential district for the future that will welcome visitors from across the world. .
Further, a report by New World Wealth analysing the top prime property hotspots as part of their Global Wealth Migration Review highlighted that the average cost of Dubai’s’ prime real estate is among the lowest in the world, ranking at 34.
The first homes in Dubai Creek Harbour’s Creek Island Dubai will be handed over next year, with the remarkable progress in construction strengthening investor confidence.
Dubai Creek Harbour will be the closest lifestyle destination for the millions of visitors passing through Dubai International Airport. In addition to serving Dubai’s 3 million-strong population and more than 13 million unique transit passengers, it will also be a preferred lifestyle destination for high net worth investors in a geographic catchment area within four hours’ flight time of the emirate.
A one-of-its-kind modern master-planned destination, Dubai Creek Harbour is next to the Ras Al Khor Wildlife Sanctuary, which is protected under the UNESCO Ramsar Convention, and is a biologically diverse wetland reserve home to migratory birds including pink flamingos and over 450 animal species, as well as rich mangroves.
With over 7.3 million sq m of residential space, nearly 940,000 sq m of retail precincts, 300,000 sq m of commercial space, over 66,000 sq m of cultural space, 700,000 sq m of parks and open spaces, and 24 hotels with 5,800 rooms, Dubai Creek Harbour will serve as a strong economic catalyst for Dubai.
When completed, Dubai Creek Harbour will be home to over 200,000 people, and be a thriving economy that drives the tourism, retail and hospitality sectors of the city. More