Despite some pessimistic data given recently in a report by Knight Frank, according to which Dubai’s luxury real estate market has slowed down, some luxury projects in Dubai are still in great demand. It’s all about location, location, location firstly, but the kind of offer and guarantees provided are also important, experts say.
Dubai developer Seven Tides announced yesterday that 90% of serviced apartments in its 2015-released Dukes Dubai complex on Palm Jumeirah man-made island is already sold out. The same happened to its second Palm Jumeirah project Anantara Residences Phase 2. In December 2015, as imexre.com has reported, 73 units in this iconic complex were sold out within days after the sales launch.
Abdulla bin Sulayem, CEO at Seven Tides, explains the success of both sales campaigns, firstly, with the projects’ excellent location on the ‘crescent’ of the artificial archipelago, with Anantara Residences also taking the advantage of the world famous brand, and the Dukes Dubai offering a quintessentially ‘Best of British’ lifestyle experience. Investors value such offers highly, that’s why Seven Tides is not experiencing the lack of demand.
According to data gathered by imexre.com experts, the Dukes Dubai is a collection of 227 exclusive serviced studios and one-bedroom apartments ranging in size from 376 to 872 square feet and with prices starting from AED 1.8 million.
Another project’s advantage is that it comes with a five-year developer-backed guarantee of 10 percent. In this respect, Seven Tides is not the only one to provide customers with extra guarantees, many of Dubai's developers now offer guarantees on rental income and return on investments, which creates an additional impetus for the further development of the property sector in Dubai.