Former chief executive of Emaar’s Dubai operations has created his own construction company in Dubai to build elite properties in central areas of the city.
Robert Booth, head of Ellington, noted that the current state of Dubai’s premium real estate market gives confidence when looking to the future and launching new projects being sure of their successful completion and demand for premium units.
In the next three years Ellington is going to add about 2200 residential units to the Dubai’s property stock, and before 2020 another 10,000 units will add to the affordably priced property segment providing superior returns to investors and the company itself.
Booth said: “Dubai has evolved as a new global city all within the space of 10 years during which over $85 billion was invested in infrastructure projects. Simultaneously, the emirate’s population grew from 1 million in 2000 to over 2.5 million in 2015.
“The city will be home to over 3.2 million people by the time Dubai hosts the Expo 2020. The next four years will also witness an increase in the number of discerning customers who appreciate design and quality over price points. Dubai will continue to attract investment in its infrastructure and real estate.”
The company currently has seven Dubai real estate projects under development, including the AED 200 million Belgravia project in Jumeirah Village Circle (JVC) with 181 residential units, as well as villa projects on Palm Jumeirah man-made island, and a 17-storey DT1 tower with 130 apartments in Downtown area.
Luxhabitat recently revealed that the number of real estate transactions in Dubai’s prime residential market has doubled quarter-on-quarter in the first three months of 2016, with AED 3.2bn worth of deals completed in the 12 areas it monitors. 240 villas and 957 apartments were sold at an average price of AED 5.9 m for villas and AED 1.9 m for apartments. The three busiest areas for transactions were Dubai Marina, Palm Jumeirah and Downtown Dubai.