DAMAC Canal Heights 2 Business Bay Dubai

DAMAC Canal Heights 2 is the second phase of DAMAC's de GRISOGONO-branded project on the Dubai Water Canal in Business Bay. It is a single tower of ground plus 44 floors with 375 homes: studios, one to three-bedrooms and three and four-bedroom duplexes. DAMAC builds it through its subsidiary Resta Real Estate Development, and construction began in June 2023.

Studios of about 445 sq ft trade from about AED 1.29 million (about Rs 3.32 crore), while DAMAC's own current list starts at the one-bedroom, AED 2,828,000. Handover is printed as March, Q3 and Q4 2027. The first thing to get straight is which Canal Heights you are looking at.

Canal Heights 2 is not Canal Heights

Both phases sit on the same canal bank, share the brand and are often sold by the same agents, so listings mix them up. The first phase is about a year closer to handover and has no three-bedrooms or duplexes. Ask for the tower name on the Oqood or SPA of any unit you are offered.

At a glance

Price and unit pricing

We print AED 1.29 million because propsearch gives it as the cheapest studio currently available, with a band up to about AED 1.42 million. One portal summary shows studio asks from AED 1,080,000, which may be an older or smaller unit; treat it as the floor of the resale market, not a price you can count on. The source listing carries no price, and EZRE's "from AED 2.8 million" is DAMAC's one-bedroom figure.

The gap between DAMAC's list and the resale market is the notable fact on this page. DAMAC asks AED 2,828,000 for a one-bedroom, while one distress listing offers a one-bedroom at AED 1.85 million and calls that 25.7% below market, which would put the market near AED 2.5 million. The developer's list reflects what DAMAC wants for remaining stock; the resale asks show what owners will take. Compare both, unit by unit, before paying either.

Against the district, a studio at about AED 2,900 per sq ft is well above Business Bay's average of about AED 2,002 in 2024 and AED 2,090 in the first half of 2025. For DAMAC's other canal project in our current set, see Canal Crown, where the launch studio was AED 1.12 million.

Payment plan and total cost

DAMAC's current published plan is 5% on booking, 55% during construction and 40% at handover, with nothing after. Earlier releases were sold on 20/60/20, and a 60/40 split is also quoted. A low 5% entry is attractive, but in a tower under construction since 2023 many milestones are already reached, so a large part of the 55% will fall due soon after you book.

Worked example: DAMAC's AED 2,828,000 one-bedroom on 5/55/40

On a resale studio

A resale buyer pays the seller what they have already paid DAMAC plus their premium, then takes over the remaining instalments. On a AED 1.29 million studio the 4% DLD fee is about AED 51,600, and DAMAC charges a transfer or NOC fee on off-plan resales. Get DAMAC's statement of account for the unit so you know exactly what is still owed at handover.

Service charge. Not published. Premium Business Bay towers charge about AED 22 to 30 per sq ft a year against a district average near AED 14.75; on a 445 sq ft studio that is about AED 9,800 to 13,400.

Location and connectivity

Canal Heights 2 stands directly on the Dubai Water Canal in Business Bay, beside the first Canal Heights phase and near DAMAC's Canal Crown. Downtown Dubai, Burj Khalifa, Dubai Mall, DIFC and Sheikh Zayed Road are across the district, and Business Bay Metro station on the Red Line serves the area. The sources checked do not print drive times for this plot, so we give none.

This stretch of canal will carry a lot of new DAMAC stock between late 2026 and 2028: two Canal Heights towers, Canal Heights 2 and the two Canal Crown towers. That is good for the promenade and shops once it settles, and a real issue for anyone planning to let a studio in 2027, when many similar units will reach the market together.

Every project we track in the emirate is on all Dubai projects, and the full list is on our projects page.

Amenities and specifications

Quoted: interiors designed with de GRISOGONO, the Geneva jeweller, across studios, one and two-bedrooms and the three and four-bedroom duplexes, with canal frontage and views towards the Burj precinct. The duplexes are what set this phase apart from the first, which stops at two bedrooms.

The sources checked do not list the tower's amenities, the finish schedule, appliance brands, parking per unit or the service-charge budget, and we do not fill the gap with a standard list. Ask DAMAC for the specification schedule attached to the SPA. Final specification as per the SPA.

About the developer

DAMAC Properties, founded in 2002 by Hussain Sajwani, has delivered about 50,000 units and has more than 54,000 under construction. It announced 8,800 handovers for 2026 across DAMAC Hills, DAMAC Hills 2, DAMAC Lagoons, Chic Tower and Elegance Tower. Canal Heights 2 is registered through its subsidiary Resta Real Estate Development.

DAMAC's timing is the thing to plan around. A 2026 review of DLD data puts its average delay at six to twelve months beyond the SPA date, and snagging complaints after handover are more common than at Emaar or Sobha. Its SPAs usually carry a delayed-handover penalty after a grace period. Here, that means reading "2027" as "late 2027 or 2028".

For Indian buyers

Ownership. Business Bay is freehold for foreign buyers, resident or not, and the Dubai Land Department issues the title deed in your name. The UAE has no annual property tax and no VAT on a residential sale; the government cost is the 4% DLD transfer fee.

Remittance. The Liberalised Remittance Scheme allows USD 250,000 per person per financial year. A AED 1.29 million studio is about USD 351,000, inside a couple's USD 500,000; DAMAC's AED 2,828,000 one-bedroom is about USD 770,000, which needs two financial years even for a couple. Because the 40% falls at handover in 2027, plan that year's remittance early.

Golden Visa. The threshold is AED 2 million of property. DAMAC's one-bedroom at AED 2,828,000 clears it by about AED 828,000. Studios do not qualify, and a resale one-bedroom at about AED 1.85 million would miss by about AED 150,000.

Rent and tax. No Canal Heights 2 rent is published. Business Bay studios earn about 6.7% to 6.9% gross, about AED 86,400 to 89,000 a year on AED 1.29 million, falling to roughly 5.7% to 6.1% after a premium-tower service charge. Rent and any gain are taxable in India for an Indian tax resident; the UAE levies no income tax on the rent.

Pros

• Canal frontage in Business Bay in a single, smaller tower of 375 homes
• Built since June 2023, so handover is roughly a year away, not five
• DAMAC's current 5/55/40 plan asks only 5% on booking
• A resale market already exists - studios, one-bedrooms and distress listings - giving room to negotiate
• DAMAC's one-bedroom list price clears the Golden Visa threshold
• Business Bay studios earn about 6.7% to 6.9% gross

Cons

• Studios at about AED 2,900 per sq ft cost well above Business Bay's AED 2,000-2,100 average
• Three handover dates across 2027 and a developer that averages six to twelve months late
• 40% due at handover on DAMAC's current plan is a large final payment
• DAMAC's list for one-bedrooms (AED 2.83 M) is far above resale asks near AED 1.85 M - check which is real
• The printed DLD number may belong to phase 1, not this tower
• Sizes beyond the studio are not published by the sources checked

Who this is for

• Buyers who want a canal-side Business Bay unit with keys in about a year
• Resale bargain hunters willing to compare DAMAC's list with owners' asks
• Landlords targeting Business Bay and DIFC office workers
• Golden Visa buyers taking a one-bedroom or larger at AED 2 M or more

Who should look elsewhere

• Anyone who needs a fixed handover date
• Buyers who cannot fund 40% at handover or most of the 55% within months
• Value buyers who want Business Bay's average price per sq ft, not a branded premium
• Buyers who confuse this with the first Canal Heights and its earlier date

Our verdict

Canal Heights 2 is the second, single-tower phase of DAMAC's de GRISOGONO project on the canal, and it should not be confused with the first phase, which is two towers due about a year earlier. It has been under construction since June 2023, so the wait is short compared with Business Bay's new launches. The price picture is split: DAMAC lists one-bedrooms at AED 2.83 million while owners ask about AED 1.29 million for studios and one distress listing shows a one-bedroom at AED 1.85 million. That gap is the opportunity and the risk. A buyer who takes DAMAC's list price is paying a branded premium on top of an already high per-foot rate; a buyer who takes a resale unit must check exactly what the seller has paid DAMAC and what is still owed.

Worth a look for a canal-side studio or one-bedroom with keys in 2027 or early 2028, bought on resale with DAMAC's statement of account in hand, not at DAMAC's list price. Confirm the DLD number for this phase, the completion date in the SPA, and who pays the 40% at handover before paying anything.

Talk to Realty Hunting for the current price list, the developer's latest payment plan and a site-visit plan.

Run this project's numbers yourself. The calculator opens on the price and unit size above; change the currency, the rent or the mortgage and it recalculates the fees, the cash you need on day one and the net rent.

FAQs

What is the price of DAMAC Canal Heights 2?

Studios of about 445 sq ft trade from about AED 1.29 million (about Rs 3.32 crore), with a band of about AED 1.29 to 1.42 million, and one portal summary shows asks from AED 1,080,000. DAMAC's own current list starts one-bedrooms at AED 2,828,000, two-bedrooms at AED 3,434,000 and three-bedrooms at AED 12,808,000. The launch figure was about AED 1.23 million.

How is it different from DAMAC Canal Heights?

Canal Heights (phase 1) is two towers of 34 and 40 floors with studios, one and two-bedrooms, due about Q4 2026. Canal Heights 2 is a separate single tower of ground plus 44 floors with 375 homes, adding three-bedrooms and duplexes, due in 2027. Both are DAMAC and de GRISOGONO, on the same canal.

What is the payment plan?

DAMAC now publishes 5% on booking, 55% during construction and 40% at handover. Earlier releases were sold on 20/60/20, and 60/40 is also quoted. On AED 2,828,000 the current plan means AED 141,400, AED 1,555,400 and AED 1,131,200, plus AED 113,120 of DLD fee.

When is the handover?

Sources print March 2027, Q3 2027 and Q4 2027. Construction began in June 2023. The SPA date binds DAMAC, and the Dubai REST app shows progress.

What is the DLD project number?

One page prints DLD number 2602 and escrow account 0205837430102 for 'Canal Heights' without saying which phase. Confirm the number for Canal Heights 2 on the Dubai REST app before paying.

Does it qualify for the Golden Visa?

The threshold is AED 2 million. DAMAC's one-bedroom at AED 2,828,000 clears it. Studios do not, and a resale one-bedroom at about AED 1.85 million would miss by about AED 150,000.

What rent and service charge should I expect?

Neither is published. Business Bay studios earn about 6.7% to 6.9% gross, about AED 86,400 to 89,000 a year on AED 1.29 million. Premium Business Bay towers charge about AED 22 to 30 per sq ft, about AED 9,800 to 13,400 a year on 445 sq ft.

Can an Indian resident buy here?

Yes. Business Bay is freehold for foreign buyers. Under the LRS each person can remit USD 250,000 a financial year; a AED 1.29 million studio is about USD 351,000, inside a couple's USD 500,000.

Compare with other Dubai projects

Also in Business Bay: Binghatti One Residences (from AED 1.3 M, handover 2026), Danube Bayz 102 (from AED 1.27 M, handover 2029), Danube Bayz 101 (from AED 1,175,000, handover 2028) and Binghatti Aquarise (from AED 1.15 M, handover 2027). See every Business Bay project with prices and handover dates.

More by DAMAC: Prestige Villas at DAMAC Hills 2 (from AED 1,239,000, ready), Canal Crown (from AED 1,120,000, handover 2027) and Damac Santorini (from AED 1.49 M, ready).

A similar budget elsewhere in Dubai: Azizi Ameer (from AED 1.3 M, handover 2027), Binghatti Twilight (from AED 1.3 M, off-plan) and Lacina Residences (from AED 1.3 M, handover 2028).

Read next: Apartments for Sale in Business Bay: Prices and Net Yields · DAMAC Projects in Dubai: Prices, Clusters and the Delivery Record · Off-Plan Property in Dubai: How It Works · Dubai Property Payment Plans: 1% Monthly, Post-Handover and More · The Cost of Buying Property in Dubai. Every Dubai project we track is listed on the Dubai section.