- In 2013, it was announced that the the large area previously known as The Lagoons and that had been put-on-hold following the 2009 financial crisis was going to be redeveloped as a joint venture between Emaar and Dubai Holding. The master-community was re-branded as Dubai Creek Harbour.
- In October 2014, Emaar announced the first project within Dubai Creek Harbour called Dubai Creek Residences. The Dubai Creek Residences are part of the Island District.
- This project has what is probably the best location of the entire master-development, situated right on the creek itself.
- There are a total of 6 towers, two of which are 40 storeys tall and will contain 1, 2 and 3 bedroom units with sizes ranging from 880 - 2,154 q. ft. The towers are divided into North & South Residences, with each having 3 towers. - The project was sold out over a 3 month period with sales events held in Dubai, Abu Dhabi, London and Moscow.
- Initial launch prices ranged from AED 1400 - 1700 per sq. ft. - Iconic six tower development similar to Emaar 6 Towers in Marina and The Residences in Downtown Dubai. - The towers were completed in January 2019 and have been in demand from tenants. We have noticed many tenants shifting from Downtown Dubai into Dubai Creek Residences, as these are brand new apartments, with rents currently lower than Downtown Dubai. In addition to the larger apartment sizes and lower rents, the facilities/amenities are much more upgraded in these towers, compared to Downtown Dubai and in the long-run, Dubai Creek Harbour as a community will offer much more.
- These towers will almost assuredly always have the highest capital values even as the entire master-development of Dubai Creek Harbour matures and there will be a demand for these units, due to the larger sizes, location, and the views.
- These towers are situated in front of marina berths.
- The creek facing units have probably the best skyline view of any project in Dubai.
Current Prices in Re-sale Market (Q1-2020)
- 1 Bedroom on average has a re-sale price between AED 985,000 - AED 1,050,000
- 2 Bedroom on average has a re-sale price between AED 1,700,000 - AED 2,500,000
- 3 Bedroom on average has a re-sale price between AED 2,950,000 - AED 3,300,000.
Annual Average Rent (Q1-2020)
- 1 Bedroom apartment rents range from AED 70,000 - 75,000
- 2 Bedroom apartment rents range from AED 85,000 - AED 100,000
- 3 Bedroom apartment rents range from AED 125,000 - AED 150,000
Dubai Land Classification & Escrow Account Details:
Land Number: 113
Project Number: 1597
Real Estate Developer: Emaar Properties
Trust Account Number: 00110575430019
Account Trustee Name: Noor Bank