26 October 2016
Tanmiyat's The Court Tower will be the first building to be handed over along the Dubai Water Canal

Property prices in areas alongside the Dubai Water Canal are likely to increase by up to 15 percent when the new waterway opens next month, Dubai developer Tanmiyat Global, who is set to handing over the first keys to owners in 2017, said on Wednesday.

Tanmiyat’s flagship project, The Court Tower, is currently 80 percent completed and is expected to be delivered to owners in April next year, making the $300 million tower the first to be inhabited along the Dubai Water Canal.

Units at the tower range from 1,400 dirhams ($381) per square foot for offices to 1,680 dirhams per square foot for apartments, but Tanmiyat said it expects the price of buildings and land plots along the canal to rise by 15 percent after the completion of the new canal next month.

“Due to extremely competitive prices we have already sold 88 percent of our units and we expect this to move to 100 percent by the end of the year,” CEO Mohammed Bin Odah said in a press statement. “Savvy landlords who have invested early can hope for an estimated rental return of 10 percent for apartments and 7.5 percent for offices once the area is fully functioning.”

Located along the Business Bay area, the canal will create a new marina area at the heart of Dubai’s business district and will include a variety of residential, shopping and dining facilities, such as floating restaurants and yachts clubs.

Authorities began releasing water into the 2 billion dirham canal project this week as part of the initial testing process, Gulf News reported on Monday.

© Zawya 2016