Emaar to Develop Townhouses at Arabian ranches

Emaar has recently purchased some land from the Dubai Properties Group in Dubai near Arabian Ranches Development. This was disclosed by the spokesperson of Emaar who did not disclose the property’s value. However, the company has decided to develop this piece of land into a neighborhood of mixed use.

Dubailand is situated in the Gulf and was one of its best developments with extra-ordinary chances of success and it was announced after the property slump had hit the global real estate and the Dubai property market as well. The worth of the project was AED 335 billion while it was decided that it would be developed on a land double to Disney World. Residential developments, themed sectors and the Mall of Arabia were to be developed there. The project involved numerous developers who were developing it as a joint venture.

Due to the economic recession that had hit the market quite severely, this project was put on hold. However, it was revealed last month by the media that Emaar had bought the property and was to develop a townhouse project in there. The project will have 4000 single and double storey houses and this is a clear indication that the Dubai property has finally started to show signs of recovery as the dead projects are being taken up, though in a different manner. The high quality properties of the city are showing an upwards trend and even the Emaar’s own Arabian Ranches have shown a highest quarter to quarter increase that is 16%. A 16% increase within three months indicates the strong potential of the project.