Dubai property developers lay it on the line

Dubai developers don’t seem to stop constructing and offering the best options for sale in the Dubai’s property market. Read out Market Insight to find out everything about the hottest offers of the week and the other news of the Dubai’s real estate world.

Serviced apartments with a view of Dubai Canal, luxury units at Palm Jumeirah, villas in Dubai Hills or a dream house in the MBR City — in Dubai you can get whatever you want and it’s always new.

Palm Jumeirah hottest property offers seem to fly off the shell. Last week Dubai developer Seven Tides revealed that 90% of serviced apartments in its 2015-released Dukes Dubai project were sold out. The same happened to its second Palm Jumeirah project Anantara Residences Phase 2 at the end of 2015, already mentioned of. Dukes Dubai is a collection of 227 exclusive serviced studios and one-bedroom apartments with prices starting from AED 1.8 million. Such highly seducing prices as for luxury segment together with a five-year developer-backed guarantee of 10 percent were a triggering bet to get property buyers’ attention, experts say.

As for other market segments and Dubai locations, it is obvious that developers keep in pace with the scheduled plans. One of the MBR City clusters named the Street of Dreams will see a handover of the first 97 second phase villas by Emaar in just few months. These units grouped around the 18-hole golf course were also snapped up by property buyers in a short term, for the popularity of this green eco-friendly Dubai location is rising in line with its infrastructure completion.

Transaction growth, however, remains highly localized in Dubai, experts have revealed. Most of the transactions were recorded at the mid-market with such areas as IMPZ, Sports City and Jumeirah Park being in greater demand in comparison with other Dubai locations, a report by Global Capital Partners based on DLD official data has recently revealed. The number of real estate transactions recorded in these Dubai areas increased by 30-40%, according to the data available by the end of January.

And while end buyers are looking for affordable options in remote areas of Dubai, property investors prefer high-income offers in central districts such as serviced apartments at the 63-storey Tower B in the Aykon City. First batch of these hospitality units was released last week by one of the leading Dubai's developers Damac. Luxury freehold hotel rooms with a view of Dubai Canal are offered at a price of AED 1 million (US $ 272,000). Taking into account Dubai’s plans to raise the number of visitors up to 20 million by the year 2020, had continually reported of, hotel rooms will increasingly be in high demand, experts say, making such offers of increasingly high interest to potential investors.

The fact that Dubai developers aren’t going to give it up to the forecasted slowdown keeping up with the planned construction pace was also confirmed last week y a new survey conducted by Reuters. It says that all real estate projects scheduled for completion in 2016 are expected to appear in the market right on time, when they will be needed, for the Dubai's development story still has a long way to go.

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