As we enter the second half of a tumultuous 2020, Dubai’s ready property market nonetheless looks on track for a buoyant H2 – according to internal projections by leading UAE real estate firm Appello Real Estate.
Despite the regional impact of the Coronavirus, this segment of the market has been seeing signs of upward movement in the last six months – and according to the Appello CEO, Naval Vohra, this is a trend potentially on the brink of a surge.
“An interesting side effect of so much uncertainty right now is that buyers appear to be psychologically and financially drawn to inventory that is complete – a pristine finished product they can touch and feel and enjoy,” said Vohra.
He points to strong recent examples of the direction things are headed, such as master developer Nakheel raking in Dh223 million from March to May for luxury villas in locations like Al Furjan and Nad Al Sheba.
Al Furjan’s four-bedroom villas and three-bedroom townhouses come with a community cycling track, swimming pool, nearby parks and a retail centre. Similarly, the gated Nad Al Sheba villa community offers four and five-bedroom villas in an area with a jogging route, cycling track and sports club.
Another key example Vohra points to is Dubai mega-project Town Square by Nshama which continues to see an uptick in inquiries, with the developer reporting around 800 people moving in since January, even with lock down going on.
Town Square has a range of properties and boasts the Town Square Dubai Recreational Park – a lush green area with a basketball court, skate park, Wave Rider, football pitch, kids play zone, outdoor cinema, and a trampoline park.
“The success of these three primary examples direct from the developer backs internal company stats we’re seeing that ready property in an enticing environment is where it’s at right now – and where it’s going to be at in H2,” explained Vohra.
“I would add that sales of villas and townhouses for ready property in the secondary market is also significantly on the rise.”
On the buying side, in H1 Appello Real Estate has seen an approximate 40% increase (YoY) in enquiries for ready property, notably in fully completed, community-oriented Dubai neighbourhoods.
Another trend Appello reports is that the percentage of end user buyer enquiries is going up.
“People are yearning for homes they can enjoy now in 2020, with green space on their doorstep, (safe) human interaction, a sense of wellbeing – and who can blame them?” adds Vohra.