Developers change strategy for luxury property

In order to appeal to investors, developers are now offering their ultra-premium properties on an invitation basis only. Dubai developers are working on a new tack: offering premium off-plan units on a "by invitation" basis to appeal to investors, Gulf News has reported. “Purchasers at these price points — of AED15 million and over — tend not to be speculators and would expect a discreet service offering,” said Simon Townsend, regional Head of International Capital Markets at DTZ. “For completed properties, we are certainly not getting the impression that owners are regularly withdrawing the listings due to a lack of investor interest." “But the majority of launches in Dubai are targeting the mid-price markets suggesting that market dynamics continue to evolve.” Meanwhile those investors holding super-premium completed properties in their portfolio are even going for selective upgrades “as a business model because they’ve identified the gap in the market to meet the demand of certain high networth individuals,” according to a Luxhabitat spokesperson.

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