Developer Seven Tides says Russian, UK and Brazilian investors are leading rush to buy apartments
UAE-headquartered developer Seven Tides has announced that it has sold 260 apartments within its Seven Residences The Palm development.
The company revealed that Russian, UK and Brazilian investors have so far bought more than 38 percent of the project which is under construction and scheduled for completion in late 2020.
Russian nationals have been the top investors by volume in Seven Tides’ third project on Palm Jumeirah, buying 45 units (17 percent), while UK investors acquired 32 units (12 percent) followed by Brazilian investors who snapped up 24 apartments (9 percent).
Other notable investors came from Germany (8 percent), Poland (7 percent) and Belgium (5 percent).
The figures come as the UAE now has an estimated population of around 18,000 Russian expatriates and more than 55,000 Russian speakers from CIS countries. Meanwhile, the UAE is home to the third largest community of Brazilians in the Middle East.
In all, investors came from 14 different countries, including Pakistan, Algeria, Canada, Kazakhstan, Ukraine, Austria, Greece and India, Seven Tides said.
Abdulla bin Sulayem, CEO, Seven Tides, said: “Despite the tough trading conditions that many developers have been facing over recent months, Seven Residences The Palm remains a very attractive investment opportunity for investors from across the globe.”
The 14-storey two tower complex, joined at the top by an infinity pool, is located next to Seven Tides’ second development on Palm Jumeirah, Dukes The Palm, A Royal Hideaway Hotel. The development also features two restaurants either side of the pool, a gymnasium, direct beach access and various retail outlets.
Hotel apartments at Seven Residences The Palm come with a developer-backed 10 percent guaranteed return on investment (ROI) over five years. Price start from AED1 million for studios while one-bedroom hotel apartments start from AED2 million.
Residential apartments in the development start from AED751,029 for studios.