It has just been announced that the Dubai’s luxury real estate is up for a stronger comeback between global investors. It is currently shaping up, along with the stretch of water that starts with the Creek Harbour in Ras Al Khor. The water runs through the Water canal along Shaikh Zayed Road and ends at the Dubai Harbort (which adjoins the Palm).
“The stretch will create different price points at the luxury end of the marketplace. There’re a limited number of plots directly overlooking the water and selling prices will also be determined by how close they are to the sea on the Jumeirah side. “On the Al Habtoor City side of Shaikh Zayed Road, top-of-the-line prices are around Dh2,100 a square foot to Dh2,500. On the Safa Park side, where the Canal has opened, future prices could begin around Dh2,500 because those plots go all the way to the sea. After that you will have Dubai Harbour — while hospitality will dominate, there could be some residential options available on freehold.” said Niraj Masand (Partner at the property services firm Banke).
On a forecast, the Dubai Harbour might take four years to develop its vision of sprawling mixed-use destination and the focus would be on the Dubai Lighthouse (a shyscraper that will feature a hotel and 1,400 marina.
Looking back at 2009, before the financial crisis there was much headway made on the initial ground work for “Dubai Waterfront”, which was to be a multiphase mini-city in its own right and it was around this time the crises occurred and the plug was pulled too implement the centrepiece of the new Dubai that was being created.