CORAL REEF APARTMENTS by Damac Properties in Maritime City, Dubai

Coral Reef by Damac Properties

Coral Reef in Dubai, UAE is a new development in the Dubai Maritime City resort community on the Persian Gulf. The tower includes 48 residential floors and a six-level podium with public spaces. Featuring spectacular design and iconic Babolex sculptures, the project is a collaboration between developer Damac Properties and renowned artist Vincent Faudemer. Exquisite apartments ranging from 72 to 169 sq. m with one to three bedrooms are available for purchase. The price of the residences starts at AED 1.66 million (USD 452,000). Completion is scheduled for 2028.

Location

Coral Reef in Dubai Maritime City is located close to the beach, promenade, and Sheikh Rashid Road, which leads to the city’s main road artery, Sheikh Zayed Road. Thanks to the convenient road interchange, residents will have easy access to any neighborhood in the emirate.

The new resort community is being built in close proximity to the sea and other popular communities. Dubai International Airport, Downtown Dubai with the Burj Khalifa skyscraper, and the Business Bay district are all within a 20–25 minute drive. Popular shopping centers such as Bur Juman and Dubai Mall can be reached in 15–20 minutes.

Properties in Coral Reef for investments

Real estate in Coral Reef is an excellent option for investments, primarily due to its location. Dubai Maritime City is an exclusive area where there is no old-stock real estate and ill-conceived public spaces. The neighborhood is being built in accordance with the new requirements and standards of the premium class.

After construction is completed, apartments in Coral Reef will increase in price by 20–30%. In addition, the value of the asset will continue to grow even after the project is handed over. Over 2022, finished apartments in the emirate rose in price by 14%. The cost of properties in Dubai in developing locations is growing especially fast. As new infrastructure appears in the community, prices here will increase, and for the investor, it is a great opportunity to earn on resale in a few years.

For those looking to buy apartments in a new development to rent out, the annual returns will be significant. According to forecasts, real estate in Dubai Maritime City will bring owners an income of at least 5.8% per annum for apartments with two bedrooms and 6% for one-bedroom units. The maximum return can be obtained if you buy an apartment with three bedrooms in Coral Reef. In this case, the potential ROI is 8.7%.