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Dubai: Despite subdued oil prices, immense sums of money are still being poured into mega projects in the UAE, and the list of new developments coming on stream – from malls and commercial complexes to villas and skyscrapers -- just keeps on growing.
As of October 2017, more than 11,600 projects worth $805 billion are being built across the UAE, up by 16.3 per cent from the 10,002 active projects under construction in 2016 which were valued at $776.9 billion. That’s roughly $28 billion increase in expenditures in just one year, figures from BNC Network showed.
A huge chunk of the total outlay, estimated to be $21.6 billion, has been earmarked just for building 10 residential projects, including sky-high apartments, townhouses and other types of communities that are up for completion between 2019 and 2025.
These upcoming new communities, which are mostly located in Dubai, will definitely increase the supply of new flats or villas in the UAE, and widen the options for tenants.
For those looking to stay longer in the UAE, it might be worth checking out what these upcoming neighbourhoods are. Here are the top picks from the 10 biggest ongoing housing projects by value:
Meydan Heights South
Project cost: $800 million
What is it: A 720,000-square-metre residential community featuring 2,200 two-storey villas. This will provide accommodation for Emirates airline pilots, but the general public is welcome to live there.
Location: Nad Al Sheba 1
The Residences – Marina Gate
Project cost: $796 million
What is it: This will consist of three towers offering 1,200 residential units, with two of the towers designed to have 19 penthouses and 18 duplex marina villas.
Completion date: Late 2019
Location: Dubai Marina
Aljada Residential City – University City
Project cost: $6.5 billion
What is it: This massive development sits on a 224-hectare site in Sharjah and will have residential and commercial spaces, with an estimated population of 70,000 individuals. It will feature a business park that will be exclusive to the tenants in the area, an adventure complex for the little ones, skate parks, and extreme sports centre, and many more.
Completion date: Early 2025
Location: Sharjah
Jebel Ali Gardens
Project cost: $2 billion
What is it: This is Nakheel's mixed-use development consisting of 42 buildings that can accommodate 3,000 residents. There will be green areas and landscaped parks spread over more than 102,000 square metres.
Completion date: Early 2020
Location: Jebel Ali
The Villages
Project cost: $6.8 billion
What is it: The biggest housing project under construction in terms of project cost, The Villages will offer around 20,000 residential units. This development is so big it will have a botanical garden and farm, as well as a school and some retail shops and healthcare facilities.
Completion date: Late 2022
Location: Dubai South
Mina Al Arab
Project cost: $1.3 billion
What is it: This project is for residents who love living near the sea. Located in Ras Al Khaimah, it will feature a beach and waterfront apartments, villas and townhouses. There will be a private beach clubhouse, as well as restaurants and entertainment venues.
Completion date: Third quarter of 2019
Location: Ras Al Khaimah
© Al Nisr Publishing LLC 2017. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)
As of October 2017, more than 11,600 projects worth $805 billion are being built across the UAE, up by 16.3 per cent from the 10,002 active projects under construction in 2016 which were valued at $776.9 billion. That’s roughly $28 billion increase in expenditures in just one year, figures from BNC Network showed.
A huge chunk of the total outlay, estimated to be $21.6 billion, has been earmarked just for building 10 residential projects, including sky-high apartments, townhouses and other types of communities that are up for completion between 2019 and 2025.
These upcoming new communities, which are mostly located in Dubai, will definitely increase the supply of new flats or villas in the UAE, and widen the options for tenants.
For those looking to stay longer in the UAE, it might be worth checking out what these upcoming neighbourhoods are. Here are the top picks from the 10 biggest ongoing housing projects by value:
Meydan Heights South
Project cost: $800 million
What is it: A 720,000-square-metre residential community featuring 2,200 two-storey villas. This will provide accommodation for Emirates airline pilots, but the general public is welcome to live there.
Location: Nad Al Sheba 1
The Residences – Marina Gate
Project cost: $796 million
What is it: This will consist of three towers offering 1,200 residential units, with two of the towers designed to have 19 penthouses and 18 duplex marina villas.
Completion date: Late 2019
Location: Dubai Marina
Aljada Residential City – University City
Project cost: $6.5 billion
What is it: This massive development sits on a 224-hectare site in Sharjah and will have residential and commercial spaces, with an estimated population of 70,000 individuals. It will feature a business park that will be exclusive to the tenants in the area, an adventure complex for the little ones, skate parks, and extreme sports centre, and many more.
Completion date: Early 2025
Location: Sharjah
Jebel Ali Gardens
Project cost: $2 billion
What is it: This is Nakheel's mixed-use development consisting of 42 buildings that can accommodate 3,000 residents. There will be green areas and landscaped parks spread over more than 102,000 square metres.
Completion date: Early 2020
Location: Jebel Ali
The Villages
Project cost: $6.8 billion
What is it: The biggest housing project under construction in terms of project cost, The Villages will offer around 20,000 residential units. This development is so big it will have a botanical garden and farm, as well as a school and some retail shops and healthcare facilities.
Completion date: Late 2022
Location: Dubai South
Mina Al Arab
Project cost: $1.3 billion
What is it: This project is for residents who love living near the sea. Located in Ras Al Khaimah, it will feature a beach and waterfront apartments, villas and townhouses. There will be a private beach clubhouse, as well as restaurants and entertainment venues.
Completion date: Third quarter of 2019
Location: Ras Al Khaimah
© Al Nisr Publishing LLC 2017. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)
