DUBAI – With a combined value of close to $240 billion, Dubai's biggest real estate projects will massively redefine the emirate's landscape in the next decade. MEED Projects, which tracks various construction projects across the region, has compiled the latest data on ongoing property developments in Dubai and has listed the top ten projects that will have a massive impact on the city's socioeconomic landscape in the coming years. The biggest in terms of value is Meraas Holdings' Jumeirah Gardens project, estimated at $89.5 billion, is due for completion in 2021, followed by Dubai Holding's Dubai Land development, valued at $61 billion with a completion date set in 2020. The ongoing $16.7 billion Dubai World Central development that will be completed in 2030 came in next, followed by Limitless' Downtown Jebel Ali project, estimated at $14.6 billion set for completion in 2020. Rounding up the top five is the Al Jadaf Area Development Culture Village (Arabian Bays) project by Dubai Holding which has a budget of $11.6 billion to be completed by 2017. MEED released the data ahead of the forthcoming Dubai Real Estate 2020 conference, scheduled on June 9-10, 2014 at the Grosvenor House, an event that aims to provide clarity on the viability of Dubai as a long-term, sustainable real estate investment opportunity. Endorsed by the Dubai Land Department, MEED's Dubai Real Estate 2020 conference will address the development and sustainable evolution of Dubai's real-estate market – the world's fastest growing real-estate market, according to Forbes magazine – with fresh insights from leading local and international property experts. “Dubai is shaping up as an intelligently master planned megacity, which is quite a departure from its initial development stage expected of a fast booming economy. We now hear of aerotropolis community concepts – cities build around airports – which will most likely emerge in Dubai as it gears up in a big way to develop the Al Maktoum International Airport as a centrepiece development in time for the World Expo 2020 event,” said Julio Armando De Quesada, Head of Corporate and Investment Banking Group, Mashreq With residential property prices returning to an upward direction in recent months, and a fresh new wave of projects over the next 8 years in the lead up to World Expo 2020, real estate analysts generally see Dubai's property sector booming in a big way. Among the highly touted projects include the ongoing Business Bay project, currently valued at $11.2 billion, which is expected to be fully completed in two years' time; as well as the Muhammed Bin Rashid City, which is being developed jointly by Dubai Holding, Emaar, and Meydan Sobha at a cost of $11 billion for completion in 2023. Emaar's Downtown Dubai development project, with a budget of $10.9 billion, is expected to be fully realized in 2020, the time when Meydan also hopes to complete the full development of its Meydan City project at a cost of $7.3 billion. Added to this, the Dubai Government's Expo 2020 build-up, which will cost $7 billion and will be in place by 2019. “As the market revives there is an imperative need for more accurate, real-time and definitive information on Dubai's real estate sector to manage the risk of overheating of the sector,” said Edmund O' Sullivan, Chairman, MEED Events, organizers of Dubai Real Estate 2020. The event will create a platform for Dubai's regulators and leading real estate institutional investors, government and private developers, lenders, advisors, consultants and property professionals to discuss issues and identify solutions for the emirate to move towards a more mature real-estate market. — SG
