Dubai’s developers push ahead with high-end projects
Whoever expected Dubai property market to soften in 2016 was definitely wrong, the official statistics presented by the DLD last week can now confirm. The emirate has registered transactions worth US$ 18.6 billion in just 53 days of 2016, showing signs of 'thriving' property market.
And the official prognosis for the whole year of 2016 made by Sultan Butti bin Merjen, director-general of Dubai Land Department, is even better, for he predicts that the total real estate transactions in Dubai can reach up to US$ 81.6 billion. This will indicate the consecutive growth of real estate market for several years in a row, experts say.
And Dubai’s developers do certainly pin their hopes on this predicted growth pushing ahead with their planned launches. The Dubai Properties Group last week has announced an 8.2 million square feet affordable villas development in Dubailand intended to be developed across five phases and with the first to be ready in Q4-2018. The project called ‘Serena’ will feature clusters of four to six villa units, with Phase 1 to have two and three-bedroom townhouses and three-bedroom semi-detached villas.
Meanwhile, on the front of luxury housing this week was especially rich with new launches. Damac Properties once again has captivated high net worth property buyers with its mind-blowing concept of luxury apartments with car lifts in its Aykon City project. The development will be a part of the Dubai Canal extension project, featuring a six-tower cluster on Shaikh Zayed Road. Damac expects to generate AED 7 billion plus from sales across all phases of the Aykon City, mainly due to exclusive concept of merging investors’ passion for luxury properties and luxury cars.
Among other major and long anticipated Dubai real estate launches there was an upscale villa project in MBR (Mohammad Bin Rashid) City by Meydan-Sobha Group, as well as the Meraas-developed No 10 City Walk in Jumeirah 1, which is generating huge interest ahead of its second quarter completion, and the 90 luxury apartments Royal Bay Residence project by Azizi Developments on the Palm Jumeirah, presented last week. The last but not least one Azizi project has excited a special high-profile investors’ interest due to its exceptional capital growth potential usual for such prime areas developments.
By pressing forward with their planned project launches, Dubai’s developers are clearly stating their intent in creating demand now rather than waiting until the next upturn comes around, experts claim. Today, for the first time ever, Dubai’s experiencing a strong end-user demand from Emiratis and a wide variety of nationalities now having an opportunity to acquire freehold real estate in Jumeirah and other most sought after areas of Dubai, which will help Dubai real estate market to thrive throughout the whole 2016 and beyond.