Meraas, a prominent real estate developer in Dubai, has revealed Design Quarter at Dubai Design District (d3), the first residential community within the creative hub, as Dubai’s property market surges to new highs after the pandemic-induced slowdown. This exciting development, which includes 558 units across three towers, marks a significant milestone in Dubai’s real estate landscape. With construction scheduled to begin this year and completion expected in May 2027, Design Quarter at d3 offers unique opportunities for creative living in a prime location.
As the Dubai property market continues to rebound on higher oil prices, government policies, and changes to visa rules to attract more investment, the value of property deals in the emirate reached a new high of Dh528 billion ($143.7 billion) in 2021, up 76.5% annually, with 122,658 transactions, representing a 44.7% annual increase. Despite global macroeconomic pressures, Dubai’s real estate market remains resilient, as noted by S&P Global Ratings in a recent report.
Design Quarter at d3, developed by Meraas, offers a range of one, two, and three-bedroom lofts, duplexes, and penthouses with stunning views of the Burj Khalifa and Dubai Water Canal. The project boasts an array of amenities, including a double-level infinity pool, gym, gardens with jogging tracks, tennis courts, and basketball courts, providing a vibrant and modern lifestyle for residents.
Dubai Design District (d3), a member of Tecom Group, is renowned for its creative brands, designers, studios, and entrepreneurs. It hosts various events and experiences, such as Dubai Design Week, Dubai Fashion Week, and Sole DXB, to promote the region’s design scene and strengthen Dubai’s creative economy. The project also features fashion and lifestyle boutiques, art galleries, studios, and restaurants and cafes, creating a dynamic and vibrant community.
With positive cash flow expected for Dubai’s property developers in 2023 for the fourth consecutive year, driven by healthy pre-sales and favorable payment terms, this is an opportune time to invest in Dubai’s real estate market. Revenue growth for developers will primarily come from new and recent sales, as noted by S&P Global Ratings, with residual cash collections of about 20% to 30% of the total on handover, indicating favorable payment plans for investors.
Meraas’ unveiling of Design Quarter at Dubai Design District marks a significant milestone in Dubai’s real estate landscape, offering unique opportunities for creative living in one of the most dynamic and vibrant communities in the city. With the emirate’s property market reaching new heights and a positive outlook for the future, investing in Dubai real estate presents exciting prospects for investors and residents alike.
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