Dubai’s Deyaar Development has unveiled one of the tallest residential projects in the UAE, rising to more than 110 floors, as the emirate’s property market continues to perform strongly amid higher demand from buyers.
Downtown Residences, with a height of 445 metres, will be built near Sheikh Zayed Road, Downtown Dubai and Business Bay, the Dubai-listed developer said in a statement on Tuesday.
The project, in the shape of a twin tower, will have 522 homes, including a mix of one to three-bedroom apartments, duplexes, penthouses and an exclusive “royal palace” at the summit. The project is set to be completed in the fourth quarter of 2030.
“We are confident that this landmark project will not only set a new standard for luxury living but also create exciting investment opportunities,” said Saeed Al Qatami, chief executive of Deyaar Development.
Dubai’s property market continues to perform strongly amid government initiatives such as residency permits for retired people and remote workers, as well as the expansion of the 10-year golden visa programme and overall growth in the UAE’s economy amid diversification efforts.
The emirate recorded real estate deals worth Dh761 billion ($207.21 billion) last year, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to 226,000, data provided by the Dubai Media Office shows.
The property market is also being supported by an influx of ultra-wealthy individuals into the emirate.
In the first quarter, Dubai registered 111 sales of homes valued at more than $10 million. It marks the “highest Q1 result on record” and a 5.7 per cent annual increase to a total value of $1.9 billion, according to a Knight Frank report.
House prices in Dubai surged by 19 per cent last year to Dh1,685 per square foot, with apartment prices up by 18.9 per cent to Dh1,640 per square foot and villas prices by more than 20 per cent to Dh2,009, Knight Frank said in a separate report in March.
However, ratings agency Fitch in a report last month predicted Dubai property prices would fall by 15 per cent this year due to oversupply in the market. It expects unit deliveries in 2025 and 2026 to double compared to 2022 to 2024, “which could cause a price correction”.
Downtown Residences will have five vertical zones, from the “urban oasis” at podium level to the sky mansion, along with outdoor facilities, vertical gardens and community spaces.
The development will have wellness and social hubs, playrooms, multi-function lounges, and social retreats. The tower's sensory oasis will have floating gardens, air yoga zones, AI meditation pods and luxury fitness spaces. The summit society, about 100 storeys up, will feature dining concepts, exclusive lounges and a grand screening room.
Downtown Residences will also have a residents club with AI-powered workspaces, private executive pods and networking hubs for business leaders, Deyaar added.
Earlier this year, the developer revealed that it plans to launch five new property projects worth Dh8 billion in 2025, with four projects to be built in Dubai.
It aims to hit Dh4 billion in sales this year amid continued demand for property in the UAE, he said. The company, which is majority-owned by Dubai Islamic Bank, also launched a similar number of projects last year and achieved total sales of Dh2.5 billion.
“The demand is still there,” Mr Al Qatami told The National at the time. “I think a lot of segments are moving to UAE and Dubai – the high net worth individuals definitely as well as young generation.”
Dubai is already home to the world's tallest tower, the 828-metre Burj Khalifa. Last year, Azizi Developments revealed plans for a Dh6 billion tower called Burj Azizi, designed to stand at 725 metres tall.
UAE developer Select Group is also building the 122-storey Six Senses Residences Dubai Marina.
