Dubai-based developer Emaar Properties PJSC is committing 96 billion dirhams ($21 billion) to build two luxury neighborhoods in Dubai, aiming to capitalize on the thriving real estate market, as reported by Bloomberg on Thursday.
The two projects, The Heights Country Club and the Grand Club Resort, with estimated costs of 55 billion dirhams and 41 billion dirhams, respectively, are now available for sale, according to a statement from Emaar.
While Emaar has not disclosed the number of homes or the expected completion date for these developments, they will feature luxury villas and townhouses. The combined cost of the projects surpasses that of Emaar’s signature Downtown Dubai development.
The company anticipates that these new developments will significantly enhance sales and profitability. Emaar is among several developers launching projects in Dubai, which has emerged as one of the world’s most active property markets. The rising demand, driven by a global influx of residents, has contributed to the city’s recovery from an extended downturn. Despite mortgage rates reaching their highest levels in two decades, property prices in Dubai are nearing record highs.