Dubai Creek Harbour has been frozen for six years, with a giant half-built tower that seemed like a death sentence for thousands of investors. Emaar’s most ambitious project was paralyzed in December 2020, and the surrounding properties became the riskiest bet in the Emirati market.
In January 2026, Mohamed Alabbar confirmed that the construction tender will be launched in three months. The design was completely redesigned, and Emaar is ready to move the first crane. Properties in Creek Harbour average AED 2,445 per square foot —50% less than Downtown Dubai— but that window closes as soon as construction begins on The Tower, the project that will turn the area into the next global architectural hub.
The Project That Emaar Abandoned (and Why It’s Coming Back Now)
Emaar launched The Tower in 2016 with a design by Santiago Calatrava, promising to surpass the Burj Khalifa as Dubai’s iconic center. Construction began, but in December 2020 everything stopped: the design wasn’t working, the pandemic hit, and the project entered review. For six years, the land remained empty and properties were sold at panic discounts.
Alabbar’s announcement changes everything. The tender comes after multiple design revisions focused on aesthetic excellence and visual impact. Emaar seeks to repeat the Burj Khalifa effect: an icon that redefines an entire area. The new concept prioritizes architectural identity and global appeal, turning Creek Harbour into a first-tier tourist and commercial destination.
Why It’s Exploding Now
Three factors converge in February 2026 to detonate the real estate market in Creek Harbour:
- Confirmed construction momentum: Tender in three months means cranes operating before summer 2026, automatically driving prices up
- Q1 2025 appreciation: Existing properties rose 27% in the first quarter of 2025, even before the official reactivation announcement
- Record transaction volume: 405 sales worth AED 1.1 billion in Q1 2025 demonstrate anticipated institutional confidence
- Strategic price gap: AED 2,445/sq ft vs AED 4,500-5,000 in Downtown Dubai = 50-60% discount window that disappears with the first construction phase
| Metric | Verified Data | Source |
|---|---|---|
| Current average price | AED 2,445/sq ft | Q4 2025 |
| Q1 2025 appreciation | +27% | Creek Harbour Market |
| Q1 2025 sales | 405 units | AED 1.1B volume |
| Discount vs Downtown | 50-60% less | 2025 comparison |
| Gross yield | 5.9-6.1% | Completed units |
The complete redesign eliminates the technical risk that paralyzed the original project. Emaar doesn’t launch public tenders without validated engineering.
How It Affects Investors (and Your Wallet)
Faced with this scenario, those who bought in 2020-2022 during the paralysis face immediate appreciation. One-bedroom apartments that cost AED 1.15 million in 2024 now start at AED 1.45 million, and premium complexes show higher increases.
The consequences are direct. Institutional investors are stockpiling inventory anticipating the bullish cycle that follows iconic projects. Retail buyers now compete with funds moving eight-figure amounts. Developments like Emaar’s Creek Bay, launched in February 2026, start at USD 1.61 million for three bedrooms. Speculation doesn’t wait for construction to finish: it starts when construction is confirmed to begin.
What This Move Means for Dubai’s Market
Beyond the immediate impact on Creek Harbour, the reactivation of The Tower reveals Dubai’s strategy for 2026-2030: development based on architectural icons that define entire districts. Emaar doesn’t build isolated towers; it builds urban ecosystems anchored in emblematic structures. The Burj Khalifa transformed Downtown Dubai from desert to global financial center in a decade.
The Tower seeks to replicate that formula in an area with 6 square kilometers of waterfront still unexploited. Dubai went from depending on oil to turning architecture into an economic engine. Creek Harbour is positioned as “the next Downtown”, with planned transportation infrastructure and commercial zones. Those who buy now at pre-construction prices will be positioned at the epicenter of 2026-2035 real estate growth.
Dispelling Doubts We All Have
Q: Can Emaar cancel the project again?
A: The public tender in three months and the complete redesign indicate irreversible financial and engineering commitment.
Q: Are current prices speculative or real?
A: The 405 transactions in Q1 2025 worth AED 1.1 billion are closed sales, not projections.
Q: Is it worth buying before construction starts?
A: Historically, properties near Emaar icons rise 40-60% between construction announcement and final delivery.
Q: What if the design changes again?
A: The new concept has already passed multiple revisions; Alabbar confirmed the focus is aesthetic, not technical.
What Will Happen to Creek Harbour in the Next 12 Months
Looking ahead, the window to buy below AED 3,000/sq ft closes with the start of construction. Emaar’s residential developments near the construction site will see accelerated appreciation —between 15-25% in the first year according to historical patterns of iconic projects. Already completed complexes like Creek Beach and Creek Rise will capture demand from investors who missed the initial entry.
The real test comes when Emaar awards the construction contract. If the contractor is a top-tier global firm, the market will interpret absolute seriousness. Meanwhile, each month that passes without buying is a month where available inventory decreases and prices adjust upward. Dubai doesn’t build giant towers to leave them half-finished twice.
