Emaar announces two new premium projects

Emaar Properties, Dubai’s largest property developer, has announced the launch of two luxury projects with a combined value of AED96bn (US$26bn) to be located in the new neighbourhood of The Oasis.

The projects in question are The Heights Country Club and Grand Club Resort, which are expected to boost profitability and residential sales in the new neighbourhood. It is known that they will include “a significant number of villas and townhouses”.

The AED55bn The Heights Country Club will be the largest of the announced projects, with 81 million square feet of space. Grand Club Resort will be a premium hospitality facility with a wellness centre.

It is worth noting that Emaar launched The Oasis project in June 2030. It will comprise 7,000 residential properties, including villas and mansions.

Knight Frank previously reported that luxury residential property bucked the trend of falling prices in 2023 and is showing growth of 3.1 per cent, as the rise in luxury property prices in cities such as Manila and Dubai offset price declines in New York and London.

Rising loan servicing costs, inflation rates and economic instability hit the global property market last year, causing a significant drop in the number of transactions. Knight Frank said this helped to keep luxury property prices down and boost the asset portfolios of the wealthy amid a recovery in stock markets.

Manila, the capital of the Philippines, topped the list of 100 cities with the highest growth in luxury property prices (up 26%) according to Knight Frank. It is followed by Dubai and the Bahamas with growth of 15% each. Luxury property prices in New York and London have fallen by 2% in 2023 and are now 8% and 17% below recent peaks respectively.

Source: The National

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