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Dubai's real estate market experts explain why investors, among which there are both real estate developers and individuals, go hunting for distressed and delayed off-plan properties with postponed handovers terms.
Real estate sales prices for properties in central Dubai areas increases constantly, thus it is hard to find affordable property offers available today in areas such as Dubai Marina, JLT, Downtown Dubai and Business Bay, while delayed and distressed projects, surprisingly, are still there. However, these projects are not destined to remain delayed forever, for Dubai’s housing market steadily moves into an active development phase. Therefore, such off plan property items are becoming increasingly popular among investors.
“Luxury properties in these prime areas are considered as long term trophy assets and the current prices are highly attractive for such investors,” said Robin Teh, Country Manager – UAE at Chestertons Mena. “Furthermore, regional tensions have also attracted luxury property buyers from other parts of the Middle East. We foresee a favorable outlook for luxury properties in 2016.”
Recently, the Select Group developer announced that it is taking on a whole delayed tower in Dubai Marina in order to hand it over into operation in the near future, and now investors are looking atCulture Village, where the construction of 18-storey Riah Towers stopped some time ago will soon be started over again. Jumeirah Village Circle is another priority area for investments in such projects. Thus, soon there will be no delayed real estate projects on the map of Dubai.
Prices for luxury real estate in JBR currently stand at about USD 620-650 psf, whereas a similar accommodation in The Residences in Downtown is priced at up to USD 950 psf, while the average psf price for properties in the world's tallest building Burj Khalifa ranges at USD 950 - 1300. Therefore it is not surprising that developers are looking for opportunities to capitalize on acquiring distressed property assets to give them new life and sell them later at a higher price. But there surely is a "but." In case of stalled projects revival some time will be spent on regulatory clearances, which is not very suitable for impatient customers.
So, if you want to buy a house in Dubai here and now, without any encumbrances and hidden pitfalls in the form of delayed handover etc., contact IMEX Real Estate, and we will offer you a wide choice of ready luxury residential units at a reasonable price in JBR, Dubai Marina, Business Bay and other Dubai premium areas. Our experts will help you choose the most profitable option for investing in Dubai’s real estate.
