As well as with Damac’s Akoya Oxygen, second phase property sales in Bellevue Towers from another major Dubai developer Dubai Properties hastened after a stunning success of the first phase sales.
Back in June, Dubai Properties (DP) was just offering the first batch of apartments and penthouses in its Bellevue Towers in Dubai's area of Business Bay, and now we’re going to face another long queue lining up to snap up these investment-attracting units. It is also appropriate to recall just how popular Business Bay and Dubai Marina are, according to all Dubai sales transaction ratings. These locations alternately overtop each other in the charts by the number of transactions in the sales sector, as well as in the rental sector.
Bellevue Towers is a complex of two towers, conveniently located close to the shoreline in Marasi Business Bay, with 300 apartments and penthouses located on 23 floors and having a great view of the center of Dubai and the tallest world’s building, iconic Burj Khalifa. In addition to one, two and three bedroom apartments and penthouses, three bedroom lofts will be also offered for sale.
Marwan Al Kindi, executive director – sales and sales operations at DP, said: "Our decision to bring forward the launch of the second tower of the development is in direct response to market demand for customised, high-end properties”.
Meanwhile, the International Monetary Fund has noted that the quality of real estate loans in the UAE continued to improve despite sliding home prices. Dubai is now coping much better with a real estate downturn than it did in 2008: in three years a part of non-performing loans in the construction and real estate development industries shrank from 12.3 percent in 2013 to 7.5 percent by March 2016, the IMF said.
As a result, falling property prices "do not appear to pose systemic risks for the financial sector," the IMF concluded.