Cityscape Dubai 2022, which concluded its activities yesterday, witnessed the launch of a package of new real estate projects, and the event recorded a wide turnout of visitors.
In statements to the “Economic Statement”, officials of real estate companies confirmed that development companies have become more innovative in offers and project quality and continue to offer better payment plans with a focus on quality facilities and services, and thus Dubai real estate projects offer an opportunity to the lifestyle improve, and Ayman Youssef, Vice President of Coldwell Company confirmed to Banker in the UAE that it is important to adopt long-term strategies that ensure future growth, by improving the prospects of a sustainable and balanced real estate market, in line with the demographics and changing trends in the region, explaining that this requires the launch of projects that add value and are in line with demographic changes and market demand, noting that the need to adopt Developers have more creative strategies and offers, in terms of product quality, amenities, and better payment plans, e n he pointed out that the best way for developers to deal with high interest rates is to find a balance between offering attractive payment plans and managing cash flows and margins, and can support the rise in financing costs. off plan properties with good payment plans. He pointed out that villas and townhouses with waterfronts are the most promising property units in the coming period.
Tayseer Al-Saati, executive partner at Luxpetat Sotheby’s International Realty, pointed out that real estate developers have started taking serious measures to mitigate the impact of the high interest rate on investors’ ability to bear purchase costs, with the aim of increasing sales and to ensure continuity, and in relation to the residential sector in Dubai, interest rates have helped. The record low over the past two years has indicated that home sales have reached pre-coronavirus levels in some major markets, particularly last February, when sales reached historic levels. .
He added, “More Dubai property buyers, especially end users, are starting to take advantage of developer-backed payment deals instead of taking out a mortgage and being exposed to increased interest rates, which means paying monthly installments directly to developers.”
He explained that the demand is mainly concentrated on residential apartments, the surface of which varies between 160 and 210 square meters, or apartments consisting of two to three bedrooms, specifically in projects and complexes located in the center of the country and near the Dubai International Financial Center. and on Jumeirah Beach, as for villas. The demand is concentrated on those consisting of four to five bedrooms, with areas ranging from 450 to 550 square meters, because their prices are reasonable and there is a possibility to easily resale, in addition to the value of the annual service and maintenance fees which are reasonable as the buyer considers the value he will spend. On the unit after its purchase, there must therefore be an appropriate estimate of the annual expenses so that the returns can be healthy, and logical spaces must also be chosen that match the market demand so that the rental price is not too high, and in accordance with the requirements of the tenants.
He said: The Water Canal and Peninsula are considered two promising areas in Dubai, and are expected to see a real estate boom and strong demand during the next phase, and this area will be highly valued by investors and real estate developers, so it will witness many new luxury real estate projects and projects for prestigious brands, and this will change it. The region is the concept of luxury residential buildings in Dubai during the next two years, and the “One Canal” project is one of the most prominent projects in the Dubai Water Canal.
“Developers are starting to focus on lifestyle offerings. For example, we’re seeing a large number of pet-care facilities in residential buildings, and we’re also starting to see a real focus on self-care facilities like outdoor Zen gardens to enhance serenity,” said Sean McCauley, CEO of Defmark Group. said. mental health, meditation rooms, salt and oxygen therapy rooms. To accommodate individuals who work from home or have a busy schedule, developers are introducing co-working spaces in their project facilities, and McCauley pointed out that Business Bay continues to offer great opportunities.