Exciting time for realty
As we move into the new year, developers in the UAE appear to be fully-charged and ready to go with a series of new projects that will either enter the market in 2015 or at least begin the construction process.
Local developers are also reviving projects amid a surge in prices and new measures such as limiting mortgages and a doubling of transaction fees which have helped stabilize the market.
One of the most important developments that will set off in 2015 is the AED25-billion Mall of the World project - which is set to take 10 years to complete. Dubai has its ambitions set high with the shopping mall, hoping to later utilise micro-climate technology within the shopping destination so that visitors can experience snow or rain while in Dubai.
Earlier in November, Danube Properties launched a revolutionary new project - Glitz by Danube. It has been a game-changer not because of its luxurious features, but rather the fact that it targets end-users. “We are targeting [the] mid-income segment. People who are on salaries that are between Dh25,000 to Dh40,000 a month,” said Rizwan Sajan, Danube’s founder and chairman. “When you are talking about a property that costs Dh1m you are talking about paying Dh10,000 per month.”
There is an apparent shift in the way developers approach the market today, with a greater awareness of the needs of end-users and the demand that exists in the market today. At the same time, there is a surge in projects with Expo 2020 coming up in the future.
Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. There are a host of exciting new projects that will hit the Dubai realty scene in 2015, which promises to be, if nothing else, a year fuelled with development. The concern remains on whether there is sufficient demand from end-users for the ever-increasing supply and that's something that's yet to be seen as we move forward in the new year.