Dubai’s luxury residential market had a record year in 2019, even though prices continued to fall.
While the record volume of transactions for the overall Dubai prime home market grew by 22% to a record AED42.3 billion (US$11.52 billion) from AED34.4 billion in 2018, the average price per square foot went down by 3.72% year over year, according to a recent report by high-end property brokerage firm Luxhabitat.
Another wave of supply is planned for early this year, with a higher number of newly completed luxury developments set to hit the market than last year. More than 50,000 new homes are expected to become available in the coming months, according to a January report by Dubai-based real state company Cavendish Maxwell.
As such, developers won’t launch many new off-plan projects this year because of oversupply but are more focused on already existing developments, said Andrew Cleator, luxury sales director of Luxhabitat.
Industry experts said the strong supply will drive Dubai real estate market to continue to be buyer friendly in this expo year. The mega-event, which will run from October 2020 to April 2021, is expected to draw tens of millions of visitors to Dubai and help boost the city’s housing market.
Below are some luxury properties that will be ready to hit the market this spring.
The W Residences, Crescent Road, Palm Jumeirah
Partnering with hotel chain Marriott International, developer Al Sharq Investment is set to debut the first branded residences by W Hotels in the Middle East this spring.
Located in the prestigious Palm Jumeirah island, a world-renowned residential and tourism destination, the W Residences contains a variety of floor plans priced from AED15 million to AED85 million.
The project has a total of 104 homes with a selection of two-, three-, four- and five-bedroom luxury apartments ranging from 4,800 to 15,000 square feet. Some units feature floor-to-ceiling panoramic ocean and skyline views, large balconies and gardens, and some even have their own pools.
Two single penthouses and three duplex penthouses take luxury to another level, boasting their own dedicated lobbies and private lifts.
The developer of the W Residences said the community will have the largest private residential beach in Dubai, where future residents can enjoy the beachfront sunrises and sunsets from their doorstep.
The project provides homeowners 24-hour security, 24-hour residential concierge, courtesy limousine service, in-residence catering, personal chauffeur service, along with security for events and parties in the development. Homeowners will also have access to all amenities in the adjacent W Hotel.
The W Residences will be completed this spring.
Number of units: 104
Price: AED15 million to AED85 million
Developer/Architect: Al Sharq Investment/Holford and Associates
Unit Sizes: Two-, three-, four- and five-bedroom apartments
Amenities: 250 meters (820 feet) of private beach, a residents-only clubhouse, outdoor infinity pools, lounges, barbecue areas, a fitness center, a running track and tennis courts, concierge services, limousine services, access to W Hotel facilities, including upscale dining such as Akira Back Dubai and Massimo Bottura’s Torno Subito.
Meydan-district-one">District One Phase 2, Al Meydan Road, Mohammed bin Rashid Al Maktoum City
Situated in the up-and-rising neighborhood Mohammed bin Rashid Al Maktoum City, Meydan-district-one">District One is linked to many key destinations and transportation centers in Dubai: Downtown Dubai, Dubai International Financial Center, Dubai World Trade Center and Dubai International Airport.
The second phase of Meydan-district-one">District One offers 400 villas and mansions in three distinct architectural styles: contemporary, modern Arabic or Mediterranean. All combine stylish functionality with chic aesthetics.
The contemporary homes are finished with clean, natural materials combined with deep, cool shades of grey that are an expression of minimalist living. The floor plan is ideal for open-plan living with lots of natural lights brought in by the full height glazing and strip windows.
Meanwhile, the Mediterranean-style homes boast beautifully arched openings, pitched terracotta roofs, stucco walls, and courtyard layouts.
The Modern Arabicstyle homes blend rich heritage with chic, modern aesthetics. These units feature a color palette inspired by the beauty of the Middle East’s golden sand and hues of beige, earth and natural woods.
All of the luxurious homes are just steps away from the stunning Crystal Lagoon, the centerpiece of Meydan-district-one">District One and the largest man-made lagoon in the world. It’s a seven-kilometer (4.3-mile) stretch of water created with a patent technology that keeps the water looking crystal blue all year long. The lagoon is fringed by 14 kilometers of man-made beaches and surrounded by parkland, waterways and woodlands.
Phase two of Meydan-district-one">District One recently commenced its handover process.
Number of units: 400
Price: AED8.5 million to AED21 million
Developer: Meydan Sobha
Unit Sizes: Four-, five-, and six-bedroom villa, with a select few seven bedrooms units.
Amenities: Access to a private beach, 8.4 kilometers of cycling and jogging tracks, landscaped outdoor spaces, and access to Meydan One Mall, which will house the world's longest indoor ski slope
La Côte, Port de La Mer, Jumeirah 1
Located on the southern tip of La Mer beach, La Côte at Port de la Mer is the first community of low-rise apartments in Dubai’s most historic district Jumeirah available on a freehold basis.
This community promises a marina-side laidback lifestyle, with terracotta roofs, whitewashed stonework, pastel exteriors and greenery that extends from the balcony to the marina underneath. Future homeowners can choose from one- to four-bedroom apartments, along with a few selections of five-bedroom two-story penthouses.
Slated for completion later this year, this Mediterranean-inspired project features large swimming pools, a gym, along with access to a private beach and a 192-berth superyacht marina.
With winding walkways across the community, future residents can enjoy the lush green terraces and views in the afternoon strolls. The walkways also connect to several waterfront fashion boutiques and restaurants as well as a selection of four and five-star hotels.
Number of units: 408
Price: AED1.3 million to AED6.6 million
Unit Sizes: One-, two-, three-, four-bedroom apartments and five-bedroom penthouses
Amenities: Covered parking, two swimming pools, security, built-in kitchen appliances, a terrace, beach and marina access, retail stores and restaurants
Creekside 18, Dubai Creek, Dubai Creek Harbour
Situated opposite Downtown Dubai’s soaring skyline, the Creekside 18 twin towers preside over the lush, palm tree-lined Dubai Creek Harbour waterfront, while Dubai International Airport is only a 10- to 15-minute drive away.
The 37-story twin towers comprise a total of 460 apartments, all with floor-to-ceiling windows that frame the views across the creek and flood the apartments with natural light. The glass-fronted homes have spacious balconies from which owners can savor unrivaled views of Dubai Creek Tower and Downtown Dubai.
Future residents of Creekside 18 will have dedicated parking and a convenient drop-off zone behind the reception area that connects directly to the main lobby. Serene swimming pools and intimately positioned sun loungers invite homeowners to make the most of the afternoon sun.
Other amenities include a fully equipped gymnasium, barbecue stations and children’s play areas. The twin towers are also just a short walk away from Emaar Square, the city’s new global retail destination.
The project will be completed in May.
Number of units: 460
Price: AED1.8 million to AED4.3 million
Unit Sizes: One-, two- and three-bedroom apartments
Amenities: Swimming pools, a fitness center, a park, play areas, access to a private beach and a marina that can host superyachts
BLVD Crescent, Sheikh Mohammed bin Rashid Boulevard, Downtown Dubai
BLVD Crescent is located across the Opera District and just five minutes away from Dubai International Financial Centre. The project has two towers, one that’s 39 floors and the other 21, which are connected by a podium.
Buyers can choose from one-, two- and three-bedroom luxury apartments and lavish penthouses, all featuring floor-to-ceiling windows that allow the sunlight to permeate every corner of the room and boast views of the Burj Khalifa and the Dubai Opera. The spacious penthouses, each with their own private terraces and balconies, also offer views of the shimmering Arabian Gulf.
Both towers are facing onto a shared landscaped podium level that boasts two infinity swimming pools, a children’s play area, and shaded relaxation areas. Sports and wellness amenities include a state-of-the-art fitness center, while the ground level provides a convenient restaurant and retail selection.
The project started handover earlier this year.
Number of units: 307
Price: AED1.7 million to AED4.3 million
Developer/Architect: Emaar/Brewer Smith Brewer Group
Unit Sizes: One-, two-, three-bedroom apartments
Amenities: Cube-shaped “floating” gymnasium, an infinity pool, a lounge and play areas
Source: Mansion Global