As the end of an eventful first quarter swings into view, real estate investors are continuing the trend seen in 2019 and putting their trust – and cash – in Dubai’s re-emerging off-plan segment.
Exciting new developments are pumping life back into a still somewhat flat market, says Naval Vohra, CEO of luxury property firm Appello Real Estate – with less stereotypical projects holding special appeal.
In terms of market indicators, Vohra pointed to ELAN at Tilal Al Ghaf, a new residential development by Majid Al Futtaim comprised of elegant 3- and 4-bedroom townhouses; it sold out all 300 units in just a few days. Elan’s properties were sold from AED1.26 million for a three-bedroom townhouse and AED1.53 million for a four-bedroom townhouse. The development is spread over three million square metres at the junction of Hessa Street and Sheikh Zayed Bin Hamdan Al Nahyan Street.
This stylish development has a Dubai 2.0 feel about believes Vohra – hence the appeal to investors.
“The homes are striking, but the community also offers a surprising variety of lagoon water-sports such as kayaking, canoeing and stand-up paddling, as well as swimming and other water activities – and even has an outdoor cinema,” he said. “You can imagine a new, highly active generation thriving there.”
Appello Real Estate is receiving enquiries from investors for several highly attractive off-plan projects in Dubai, with a lot of interest locally and in the GCC as well as from India.
Vohra also marked Emaar Beachfront, the exclusive private island residential community in Dubai Harbour, as a hot spot.
“The area to watch there is South Beach,” said Vohra. “This is residential beach project at Emaar Beachfront with exquisite finishings offering a mix of one-, two-, and three-bedroom apartments. But what’s interesting is it will be the first to be listed under Emaar’s new Ease system – a short-term rental concept that provides global travellers stays in elegant homes handpicked by Emaar in their integrated communities.”
Vohra added: “It’s not surprising that Emaar registered 8,600 off-plan property sales overall last year, they just keep pushing the envelope and creating homes to appeal to a new, young and well-travelled demographic. This is a truly pioneering concept for Dubai that provides property management services, handling holiday homes on behalf of investors and providing high return on investment. It’s not hard to see the appeal for buyers.
“These kinds of projects are clearly really making waves. I think people can feel very confident about the Dubai market moving forward.”