Emaar announces two Dubai projects worth $26bn

Emaar Properties, Dubai's largest listed developer, has announced two luxury projects in the emirate valued at a combined Dh96 billion ($26.14 billion) as the property market continues to grow amid strong investor demand.

The lifestyle projects, The Heights Country Club and Grand Club Resort, will be next to one of its current developments, The Oasis, on the outskirts of Dubai.

No specific details were revealed about either project, but Emaar said both “are expected to significantly enhance sales and profitability” and include “a substantial number of villas and townhouses”.

The Heights Country Club, valued at Dh55 billion, is the larger of the two planned developments, with the “retreat” covering an area of 81 million square feet, Emaar said.

The Grand Club Resort, with an area of 60 million square feet, has a development value of Dh41 billion. Emaar said the project will include a wellness centre and offer luxury hospitality.

“These developments are more than just projects; they are a powerful statement of our vision … representing the grandeur and transformative future of high-end living,” said Mohamed Alabbar, founder of Emaar Properties.

The latest launch comes as Dubai's property market grows due to strong investor demand on the back of favourable economic conditions and policies that encourage long-term residency.

Last year, the value of real estate deals in the emirate reached Dh634 billion, an annual growth of 20 per cent.

Property consultancy Knight Frank said in a report this week that prices of prime residential properties in Dubai rose by more than 16 per cent last year, the second-fastest pace globally.

Despite the record sales of luxury homes last year, Dubai is still ranked towards the bottom end of the most expensive prime markets globally, the report said.

With $1 million securing 979 square feet in any of the emirate’s three prime residential districts, the city was ranked 13th on the list of the world's top 15 prime residential markets.

In June, Emaar launched The Oasis, a $20 billion luxury waterfront property development with 7,000 residential units, including mansions and villas.

Emaar is also expected to announce details later this year regarding the tower being built at Dubai Creek Harbour, which had been touted to be the world's tallest. However, following the initial announcement, Mr Alabbar said it would be a smaller, more elegant structure than previously planned.

At this year's Sharjah Entrepreneurship Festival, Mr Alabbar said the new design had been approved and construction has started on the tower, which will not be as tall as Burj Khalifa.

“Everybody wants to have an apartment in Paris overlooking the Eiffel Tower, right? So we said 'listen, our buildings are only 50 storeys tall, why do we have to build something one kilometre tall?',” Mr Alabbar said.

“We changed our minds and we redesigned. In the coming months, we will show the tower. We did something like male and female [towers], so Burj Khalifa will be the male and Creek Tower will be the female.”

This month, the company reported a 70 per cent increase in its 2023 financial year net profit, driven by increased sales.

Net profit for the 12 months to the end of December rose to Dh11.6 billion.