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More than 80 per cent of the off-plan real estate units by DAMAC in Dubai South sold out. Demand for hotel apartments keeps growing in the short run to the Expo 2020, while investors rushing to buy out gainful units ahead of the influx of guests. Read more to find, whether it’s wise to buy serviced apartments now.
A small number of apartments from DAMAC in the new area of Dubai South are still available for sale to end customers and, especially, to investors, in its four hotel and residential developments in the area. These projects include both ready-to-move-in apartments and off-plan units under construction.
"As construction ramps up in preparation for Expo 2020, it is no surprise that investors are looking for real estate in this district to reap the highest rental yields early before demand drives prices up," said Niall McLoughlin, senior vice-president at Damac. "Investors and end-users are attracted to new, affordable communities that offer the same amenities available in busy metropolitan areas."
Damac Maison de Ville Tenora located in close proximity to Expo 2020 site is the first developer's project to be completed in area. Additionally, Damac Maison de Ville Celestia will soon be completed here too. This is an exclusive collection of hotel apartments scheduled for completion in 2018. Next year, Damac also plans to complete two hotel apartment towers of in the area of Jumeirah Village Circle —Tower 108 and Ghalia.
So, is it wise to invest now in purchase of serviced hotel apartments in the new developing and well developed areas of Dubai? Niall McLaughlin has his own answer to this question:
"As we near Expo 2020, sales and rental prices of units in Dubai South and the surrounding areas are likely to increase due to the rising demand by tourists and business visitors. It is expected that Dubai South will house one million residents and employ more than 500,000. When coupled with the anticipated 20 million visitors likely to come through Dubai in 2020, residential and hospitality units in this area will continue to be in demand," McLoughlin summed up.
