Dubai’s Emmar unveils $21b luxury projects

Dubai-based developer Emaar Properties PJSC is investing 96 billion dirhams ($21 billion) to construct two luxury neighbourhoods in Dubai, to take advantage of the thriving real estate market, Bloomberg reported on Thursday.

The Heights Country Club, a 55 billion dirhams project spanning 81 million square feet, and the Grand Club Resort, a 41-billion-dirham development covering 60 million square feet, are now available for sale, according to a statement from the company cited by Bloomberg.

Emaar did not disclose the number of homes in the new developments, which will consist of luxury villas and townhouses, or the expected completion date. The combined cost of the projects is higher than Emaar’s signature Downtown Dubai development.

The new developments are anticipated to boost sales and profitability significantly, according to the company. Emaar is one of several developers launching new projects in Dubai, which has become one of the world’s most active property markets.

The surge in demand has been fuelled by an influx of people from around the world, helping the city recover from a prolonged downturn. Despite mortgage rates being at their highest levels in two decades, prices are approaching record highs.