While prices in locations such as Burj Khalifa District or Downtown may be at the upper limits of what the market can sustain, Business Bay can still offer scope for investors, according to a Gulf News report.
The Business Bay area has been listed among the top 10 global urban hotspots to watch out for by Knight Frank, the specialist consultancy. Residential towers in the area range between AED1,500-AED1,700 a square foot. “All of the premium addresses such as the Executive Towers, Churchill Towers and Windsor Manor are having peak occupancy levels,” said Niraj Masand, partner at the property services firm Banke M.E. “There’s a lot of new build happening that could tie in with investor interest.”
Among the other global picks are Williamsburg in New York, Paris’ 16th arrondissement, Cape Town CBD in South Africa and London’s Victoria Park.
“As prices have risen in some target markets, the opportunity for developers to attract buyers to alternative markets within the same cities, or even alternative city markets is a trend we expect to see expand in 2015,” explained Liam Bailey, Knight Frank’s Head of Research.