Market is reviving, prices are going up, says DLD chief - Emirates24|7

Market is reviving, prices are going up, says DLD chief


Last year, developers were just concentrating completing their projects and no new project was launched at Cityscape Global. This year, the mood is upbeat with developers are once again using the global platform to launch new projects.

Developers admit there is demand for quality properties and location does play an important part. Apartment prices in Dubai Marina, Downtown Dubai and Palm Jumeirah have increase since begining of the year with the number of transactions also increasing.

Dubai Land Department Director-General Sultan bin Mijren told Emirates 24|7: "The property market has revived in Dubai and we are seeing increase in number of transactions compared to last year. Prices are going up in certain locations, but overall the market sentiment has improved."

On day one of Cityscape, Meydan, the developer of the world's biggest horse-racing complex, announced two projects: Hadaeq Sheikh Mohammed Bin Rashid project, a new 190,000 square metre housing scheme in Nad Al Sheba and Meydan Tower, a 72-storey tower, on Sheikh Zayed Road.

The Hadaeq Sheikh Mohammed bin Rashid will be a new community consisting of a collection of neighbourhoods built across the Nad Al Sheba landscape.

The new settlement will be centered on “garden living” with infrastructure designed to resemble the English and French countrysides as well as Japanese gardens. The development will span 5,088,959sqm and will be connected by canals and waterways.

The Hadaeq will house 1,700 villas and apartments while 60 per cent of the lands will be green. It will have schools, shops, parks and its own tram system.

Victory Tower, earlier called Meydan Tower will house residential, commercial and leisure facilities and will be the group’s first development outside of Meydan City. There will be 256 serviced apartments, three penthouses and a 100-room hotel. Retail space will occupy 40,000 square feet with every 30 floors having their own facilities and private amenities. Details of the height, cost and completion date are yet to be announced.

Sobha City

India's Sobha Group unveiled the master plan and model of its multi-billion-dollar Sobha City. Spread across 8 million square feet of land in Meydan City, it comprises 280 villas, 13 high-rises, garden apartments, a shopping mall, hotels, retail complex and international schools.

"We will start construction of infrastructure and villas by early next year, but the project launch will possibly be a little later," Ajay Rajendran, Vice-Chairman, Sobha Group, said.

FalconCity of Wonders

Falconcity of Wonders announced by "Taj Arabia", is an actual replication of Taj Mahal which will be larger than the original monument and will be surrounded by landscaping including the famous Mughal Gardens and architecturally themed landmark buildings.

Dubai-based Link Global Group will develop this new landmark, which is expected to be completed by end of 2014. Falconcity of Wonders includes several historical and modern icons of architecture from around the world such as The Pyramids, The Hanging Gardens of Babylon, The Eiffel Tower, The Taj Mahal, The Great Wall of China, and The Leaning Tower of Pisa.

A brochure available at their stand revealed the company was soon launching mixed-use real estate projects within the existing project which would include investment opportunities in apartments, hotel apartments, villas, retail and commercial space.