UAE Real Estate Market in 2023-2024: 5 Important Projects

12:06 am  |  06.09.2023

A selection of the five most anticipated premium projects in Dubai and other emirates, key features, and benefits of the announced residential complexes.

In 2022, the UAE real estate market recorded intense growth. Dubai surpassed its own sales and trade volume peaks over the past 12 years, according to CBRE. Between January and November 2022, over 82,000 housing transactions were recorded in the emirate, exceeding the 2009 record for the same period. At the same time, average prices for the year increased by 9.5%. 

READ: Top Projects of Last Year: Dubai Property Market

Experts expect the real estate market growth trend in Dubai and other emirates to continue in the next year. In 2023, Knight Frank projected real estate prices in the emirate to increase by 13.5%, the highest among the 25 major cities worldwide participating in the rating.

ORLA by OMNIYAT with the Largest Penthouse in the Middle East

Residents will enjoy 5-star services, including a 24-hour concierge, doorman, porter, valet, and florist, all managed by the Dorchester Collection.

ORLA is an ultra-luxury residential project from OMNIYAT, which will be built on top of the «crescent» iconic island of Palm Jumeirah.

The project will include more than 90 luxury residences of various types with unique layouts, including three exclusive Sky Palace penthouses. The UAE will soon be home to the largest area measuring 4,645 square meters, not only in the country but also in the entire Middle East. This three-story residence offers a private lobby, an elevator, and a 35-meter infinity pool for maximum comfort.

READ: Alternative Payment Methods: Buying Property in Dubai

Residents of the ORLA complex will have access to luxurious facilities, including a 150 m white sand beach, a club, swimming pools, a private cinema, a cigar bar, lounges, a fitness club, a spa, a business center, and a restaurant.

Thanks to the unique location of the complex, you will be able to enjoy a 270-degree view of the Arabian Gulf and the unique horizon of the city.

Burj Binghatti Jacob & Co Residences: the World’s Tallest Residential Skyscraper

The expected completion date for the Burj Binghatti Jacob & Co Residences tower is the second quarter of 2026.

In November 2022, the joint project of the premium real estate developer Binghatti and the famous watch and jewelry brand Jacob & Co – Burj Binghatti Jacob & Co Residences was launched. The design tower with the shining «crown» will be built in the prestigious Business Bay district of Dubai and will become the tallest residential building in the world.

The apartment complex will feature luxury apartments with 2 and 3 bedrooms, named after gemstones (Sapphire Suite and Emerald Suite), as well as exclusive penthouses with 4-7 bedrooms of three types, which have been named the most famous Jacob & Co watches: Fleurs De Jardin, Astronomia, and Billionaire. All penthouses will accommodate private infinity pools.

Residents of the complex will be able to use the concierge service and order the services of a personal cook, driver, bodyguard, etc.

One Canal with Exterior by Sean Killa 

Commissioning of the complex is planned for the end of 2024. AHS Properties was founded in 2021 but has already established a stable niche in Dubai’s premium real estate portfolio of over USD 550,000,000.

One Canal is a residential development from the AHS Properties ultra-luxury property developer, located on the shore of the Dubai Water Canal in Al Safa. The 9-storey complex is expected to become one of Dubai’s landmarks thanks to its unique architecture. The building’s undulating shape, reminiscent of a sea canal current, was designed by Sean Killa, who also designed the Museum of the Future.

All units will be equipped with a private swimming pool on the terrace, a private elevator, a teppanyaki cooking station, and facilities for the staff. Penthouses will be installed luxury furniture brand Fendi Casa.

There are also luxurious indoor facilities for residents, including an indoor swimming pool with a relaxation area, a world-class spa, a cigar lounge, a cinema hall, a gym, and a yoga studio. Residents of One Canal will have access to a 24/7 on-site concierge service and the Lujo mobile app for premium concierge services.

Palm Jumeirah Residences AHS Properties

The interior design of the Palm Jumeirah Residences will be done by Design Studios 1508 London and Hirsch Bedner Associates.

Palm Jumeirah Residences is another premium project by AHS Properties that was also designed by Sean Killa. So far, details on this complex have not been announced, but it is expected that this low-rise building will be located on the Palm Jumeirah and become a «twin» of One Canal. It will also offer luxury penthouses and Sky Villas with spacious terraces and private pools.

READ: Top Finished Projects for Investors: Long-Term Rental Information

DIFC Living and Innovation Two 

The project is planned to be completed in 2025.

In November 2022, Dubai International Financial Centre announced the launch of DIFC Living and Innovation Two. This is the first DIFC multifunctional complex that will combine residential and commercial facilities.

The new complex will include more than 170 premium residences. It is expected that this property will be in high demand by employees of organizations, offices, and co-working spaces located in the DIFC. DIFC Living and Innovation Two residents will have direct access to Gate Avenue, an entertainment area featuring more than 300 stores, fashion boutiques with products from world brands and local designers, and elite restaurants.

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