Real estate developer Tameer has announced the delivery of Princess Tower, which the CTBUH now officially recognizes as the World's Tallest Residential Building. At 413.4 meters (1,356 feet), the Princess moves past its Dubai neighbor, the 393-meter (1,289-foot) 23 Marina.

Princess Tower contains 763 individual apartments, including several penthouses. Eight retail shops are located on the ground level. The tower features a recreation center on the 97th floor, free internet zones and easy access to public transport.

Tameer, which is backed by Saudi Arabian investors, delayed construction of the Princess while the Dubai property market floundered in the wake of the economic downturn.

“The ability to face these exceptionally challenging market conditions were only achieved with the help of Tameer owners, the support and trust of our clients, Federico Tauber, President of Tameer, said in a statement.

A few weeks ago Tameer completed the 380-meter Elite Residences, a block away from the Princess.

“With the flourishing sophistication of the UAE’s real estate market and immense demand for more unique and exclusive developments, Tameer ventured into building state-of-the-art projects such as Princess Tower and Elite Residence," Mr. Tauber said.

Mr. Tauber said there are signs that the market is recovering. About 98 percent of the apartments in Princess have been sold, he said.

“The market has already come back,” Mr. Tauber told Gulf News. “We see this year as a year of consolidation and 2013 as a year for growth.”

A list of the tallest residential towers can be found here.