World’s tallest residential towers now in Dubai

Dubai will be home to the four tallest residential towers in the world by the end of this year, and two are almost ready for handover.

Pictured to the left and right of this picture taken from the ArabianMoney editor’s home are The Torch (mainly hidden by surrounding skyscrapers) and 23 Marina, respectively 348 metres and 395 metres tall with 676 and 291 apartments.

Princess and Elite towers

By the end of year Tameer Holding says they will be joined by the 107-storey Princess Tower and 91-storey Elite Residence. The first 414-metre tower has 763 apartments, while the second 381-metre tower has 696 units.

The former holder of the title of world’s tallest residential tower was the Q1 Tower on the Gold Coast in Australia at a mere 323 metres. Towers have to be more than 90 per cent for residential use to qualify for this title.

The four world’s tallest towers add a total of 2,426 apartments to the growing inventory of apartments in Dubai. Both the two towers being handed over this summer are said to be fully sold but it is not known how many of these units will enter the rental market.

Apartment oversupply

Estimates for the number of new completions in the city this year range from 10,000 to 30,000, and despite the recent stabilization of rents this oversupply is still expected to exert further downward pressure on property prices.

In October it will be three years since the Dubai property crash and normally by this time in the market cycle prices are on rock bottom. That may not prove to be the case with so much new real estate flooding the market, even with an influx of new residents after the Arab Uprisings.