Emaar Properties is planning to launch two luxury developments in Dubai with a combined development value of AED 96 bn, according to a statement. The neighborhoods — The Heights Country Club and The Grand Club Resort — will house high-end villas and townhouses in the city.

The details: The AED 55 bn Heights Country Club will cover 81 mn sqft in Dubai, while the AED 41 bn Grand Club Resort spans 60 mn sq ft adjacent to Emaar’s Oasis estate. Emaar did not disclose a timeline for their expected handovers.

Remember: Activity levels in Dubai’s real estate market have more than doubled since 2021, with transactions climbing 29% y-o-y in 2023 to surpass the 100k mark for the first time. Increased demand comes on the back of a high influx of foreign buyers turning to Dubai’s property market to safeguard their investments amidst geopolitical tensions and sanctions.

The luxury segment is on the rise: Transactions for luxury properties in Dubai grew 63% y-o-y in 2023. The emirate saw a record 431 units valued at over USD 10 mn handed off last year, owing to its ability to appeal to the international elite as “one of the most affordable luxury markets in the world,” according to a report by Knight Frank.

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