UAE developer Arada has launched a Dh5 billion ($1.36 billion) project in Dubai including residential, retail and leisure facilities, as demand for luxury property continues to soar in the emirate.
The three-tower luxury seafront development, W Residences at Dubai Harbour, has been unveiled in collaboration with Marriott International, the developer said in a statement on Tuesday. It features 400 branded apartments, ranging from one-bedroom units to five-bedroom homes that include rooftop penthouses with pools.
The three towers will be connected by a podium featuring amenities such as “Dubai’s longest infinity pool, at 200 metres” offering a sea view towards Ain Dubai, a residents' lounge, a music recording studio, a sports simulator room, a games room and an in-house cinema. The complex will also have a fitness centre, a yoga and Pilates studio, a wellness spa, guest suites, co-working spaces and a children's club. The project is set to be completed in 2027, Arada said.
W Residences at Dubai Harbour will add “another new luxury destination” to “Dubai’s iconic skyline”, said Prince Khaled bin Talal, vice chairman of Arada.
Dubai’s property market has recorded strong growth amid wider economic momentum in the UAE, with investors snapping up new units.
The emirate recorded 18,038 transactions in September – a monthly high – with residential sales accounting for 95 per cent of those deals, Property Monitor said in a report this week.
Transactions last month surpassed the previous record of 17,139 set in May, “highlighting continued growth – and confidence – in the sector, which is on track for 30 per cent year-on-year growth by the end of the year”.
Total sales so far this year have exceeded 131,000 – just under 2 per cent less than for the whole of 2023, the report found.
The demand for luxury property in particular has been soaring: the number of home sales in Dubai for units priced at more than $10 million rose 8.2 per cent quarter-on-quarter to 92 deals, provisional third quarter data from consultancy Knight Frank showed. The average sales price stood at $15.3 million.
Meanwhile, home listings for the segment fell to 1,622 this year from 3,316 between the first to the third quarters of 2023, highlighting “the fast pace at which luxury units are being sold and not returning to the market” due to the “buy-to-hold” and “buy-to live” mentality that is prevalent in Dubai’s luxury homes market, Knight Frank said.
In the second quarter, Dubai remained the top market globally for the number of sales of homes priced at more than $10 million, with 85 deals, according to Knight Frank. New York (72) and Hong Kong (61) ranked in second and third place, respectively.
Dubai Harbour – between Palm Jumeirah and Bluewaters, is home to two cruise terminals spanning 120,000 square metres, a vast marina, residential developments and leisure facilities. The district is also expected to benefit from a new bridge project that will link the area directly with Sheikh Zayed Road.
W Residences at Dubai Harbour is Arada’s third project in Dubai, following Armani Beach Residences at Palm Jumeirah and Jouri Hills at Jumeirah Golf Estates. The developer has launched projects with a total value of Dh60 billion and completed 10,000 homes so far.
