Offplan launches keep prices stable at Silicon Oasis

29.04.2015
Prices in Silicon Oasis have averaged between AED600-AED700 a square foot over the last six months.

The steady pace of new off-plan launches happening at Dubai Silicon Oasis is ensuring prices remain relatively stable, according to a Khaleej Times report.

Prices in Silicon Oasis have averaged between AED600-AED700 a square foot over the last six months. With enough new supply coming direct from developers, there is little or no need to go via the secondary market and the higher charges (related to transfer/registration) that come with that route.

On Tuesday, Binghatti Developers launched a project - an eight-storey structure with 222 apartments. A pre-launch programme had seen 20% of the units being acquired by investors and the official sales programme commences on May 2.

“The reason we decided to go with a distinctive design was to stand out in a highly saturated market,” said Mohammad Al Jbori, CEO of Binghatti Developers, the recently created property arm of Binghatti Group. “There’s still a lot of buying activity being generated by end-users and that’s whom we are aiming for.”

According to market sources, launches that took place earlier in the year at Silicon Oasis were able to close out sales without too much difficultly. Developers have also been keen to clear their books by stretching a sizeable portion of instalments after handover, which also eases the cost of entry for prospective buyers.

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