Realty buying frenzy
Despite the fact that property prices have been skyrocketing, buyers haven't been deterred in the least. In fact, most developers agree that their new developments are fast-moving, especially those in prime locations.
More than Dhs100 million has been invested in a new Downtown Dubai real estate development project during a two-day pre-launch sales event. Dubai-based Sherwoods and property development company Pacific Ventures said it recorded strong demand from investors in the Burj Pacific project. Over half of the apartments in the development have already been sold. Prices for a one-bedroom apartment start at Dhs1 million.
At Palm Jumeirah, Dubai-based real-estate firm SKAI Holdings has announced that 98% of its units at Viceroy Palm Jumeirah have been sold and that it has secured Dhs2.4 billion following the sales. Arady Developments said that units at its Central Park Residences has sold out following a two-day sales event. The project, located in Dubai International Financial Centre, consists of 426 apartments across 527,000 sq. ft.
Property is attracting regular investors in the region but also celebrity investments. Major Bollywood stars have reportedly purchased new realty in Dubai, making the property value of these developments all the more higher. Movie stars like Aishwarya Rai Bachchan and Sohail Khan are among some of the names local media have been focusing their attention on.
Interested investors should keep their eyes peeled for some of the new projects that have been announced. Shaikh Holdings has announced that it is in the final phase of villas at its Sanctuary Falls development in Jumeirah Golf Estates with prices ranging from Dhs8.9 million to Dhs22 million (payment plan includes 40% payable during construction and 60% on completion). The market is preparing to welcome 20,000 apartments and 3,500 villas this year, according to a research report by the National Bank of Abu Dhabi.
Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. Dubai's realty sector is truly thriving and it is an exciting period for the industry as well as for interested investors. We hope that our round-up of stories and expert opinions has helped you get a better idea of where the market is heading. Be sure to catch our next issue to know more about the latest in industry trends.