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To avoid mistakes of the past and prevent oversupply at the Dubai housing market developers have become more cautious and before launching new projects tend to explore the market thoroughly scanning the real demand for a particular housing type.
Sometimes these research results exceed their highest expectations, as in case with Casa Dora townhouses cluster at Serena project in Dubailand from Dubai Properties. Affordable housing is surely always a ‘hot-selling offer’, but this time potential buyers’ interest to the project developer has described as "phenomenal."
The first phase of Serena project named Bella Casa was also sold earlier this year within few days after the sales start.
Such interest is even more indicative of a real demand, because one and two bedroom apartments and townhouses with a separate maid's room in Serena clusters couldn’t be considered a lower priced offer, it is more a middle-class housing offer with a mixed-income and a decent return on investment.
On the opposite end of the Dubai real estate market there is a segment of a super-premium housing, where increased buyers’ activity is also recorded. For the first eight months of the year Dubai’s brokers managed to sell a number of penthouses in areas such as Dubai Marina, Palm Jumeirah and Culture Village worth over AED 78 million in total, while one of the penthouses sold in August and situated in Palazzo Versace was purchased for AED 20 million alone.
Dubai Land Department notes that, with a competent political manipulation of a supply/demand balance at the real estate market, a total cost of real estate sales transactions in the emirate can easily reach AED 300 million by the end of 2016 and exceed the last year's mark of AED 267 million.
