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Dubai has clearly emerged as an attractive alternative for global investors.
This is mainly because its property market offers better return on investment, competitive prices, a tax-free environment, transparency and strict regulations that ensure safer transactions.
With the Expo 2020 approaching, the Dubai real estate market continues to attract buyers from different parts of the world. Boosting investor interest in the residential, commercial and tourism sectors, the city is actively developing its planned projects.
With the city expanding at a fast pace, the current year will witness a number of high-profile and impressive projects in different areas coming to fruition.
For one, the ambitious Dubai Canal project that will connect Business Bay on Shaikh Zayed Road to the Arabian Gulf via a waterway running through Safa Park is expected to be among the most potential drivers of the real estate sector. It is being developed to give the area an artificial island status. When completed, it will comprise three districts: Gate Towers, Jumeirah and Peninsula (Beach).
Work on the project is well on track, and the real estate sector has a lot of hopes and expectations from it. It is more than halfway completed, with the work estimated to be concluded in August next year.
The project is expected to have both a direct and indirect impact on Dubai’s real estate sector.
Areas near the project are attracting property developers to capitalise on their waterside potential.
See related story: Dubai Canal mall, properties a boon for Dubai
The project is expected to enhance the economical state of the areas adjacent to it by transforming them into attractive waterfront business destinations. Globally, canal-side developments offer several opportunities to real estate players, allowing them to create new urban centres.
A slew of properties will be developed on the two banks of the Dubai Canal.
With its launch, the Safa Park area will become one of the city’s prime residential communities, with its own crystal lagoon and man-made beach.
Commendable value increases will be witnessed in buildings located on either side of the canal.
The three-kilometre-long canal will run alongside 4,500 apartments, 44 townhouses, 19 villas, 65,000 square metres of office space, 37,000square metres of retail space, a sports centre and a public park, transforming these areas to offer great value for investment.
The retail component of the project will stretch from Shaikh Zayed Road to Jumeirah Beach.
Dubai Canal’s primary attractions will be the huge retail area, hospitality avenues, recreational spaces, parks and commercial spaces. The residential districts along the canal’s banks will be on a high growth trajectory. Developers will build luxury flats, offering investors a high standard of living and quality lifestyle.
The traditionally strong areas of Jumeirah and Umm Suqueim will also continue to buzz with new property developments.
Properties in Business Bay will see higher levels of demand when the project is finally finished.
Considering the future growth of the region, there will be more localities that will witness a high demand for residential projects, aside from the adjacent areas. Developers are considering mid-segment and luxury residential developments in the vicinity.
Dubai is one of the most successful cities in the world that attracts property investments.
Maintaining this competitive edge, the Dubai Canal project will play a key role in the city’s realty sector.
This is the right time for investors to grab the opportunity as the project is expected to be instrumental in changing the face of Dubai.
Source: Manish Khatri, Special to Properties
Vice President, SPF Realty