David Godchaux, CEO of Core UAE, an associate of UK-based Savills commented on the construction of a new super-tower in Dubai Creek Harbour and explained what Dubai's mega-projects need to stay on top of demand.
As imexre.com reported last week, Dubai's largest developer Emaar plans to build a new Dubai skyline dominant in Dubai Creek Harbour, an iconic tower comparable to Burj Khalifa, which is going to become a new symbol of the city.
David Godchaux welcomed the commitment of local developers to implement such ambitious and large-scale residential and commercial real estate projects, but warned that in order to gain success such projects should not only be grand, but also comfortable for urban dwellers.
“In order for Dubai to retain residents and attract new people to the city, there must be an increased focus on more human, ‘livable’ developments,” he continued, citing Meraas’s City Walk development as an example.
“These offer more European-style, community living, where human connection is easier,” Godchaux concluded.
Dubai is the only place in the world where such mega-projects as Dubai Mall, MBR City, Falcon City of Wonders, Dubai Creek Harbour and many other super-large-scale developments can be implemented. Here, developers are not limited with a shortage of available land or even material costs. At the same time, “there will always be a demand from a certain category of investor for megaprojects here, which are perceived to be in the DNA of Dubai,” Godchaux believes.
As for the office property demand, imexre.com has already reported that a high-quality Grade A units are always in demand mostly due to the prestige of the new super-large-scale technoparks and especially in mixed-use developments. According to JLL, prices in this segment increased by 2.1% last year, and the vacancy rate fell by 18%.