Wasl Properties, a subsidiary of Wasl Asset Management Group, has announced that 50 percent of investors in its The Nook residential project in Dubai are millennials.
The developer said half of the investors were in the 25–39 age group, followed by 30 percent in their 40s and 50s.
As for the nationalities of the investors, 50 percent were Emirati, 10 percent were Arab, and 40 percent were international.
Wasl’s investment strategy — launched in October 2018 — encourages the youth to save and invest in real estate.
Zainab Mohammed, chief property management and marketing officer at Wasl Properties, said: “One of the most important results we achieved was attracting this segment of the youth, especially locals, in a manner not experienced before and for them to understand the vision and the feasibility of investing in the real estate sector to secure their future.
"I am pleased to see them take such investment decisions at an early age as this will greatly benefit their families in particular and the society as a whole.”
Since the project’s launch, a total of 144 apartments were sold, including the full inventory of studios (21) and one-bedroom units (65). In addition, 46 two-bedroom apartments and 12 three-bedroom apartments were sold.
The Nook is located on Sheikh Zayed Road, close to Ibn Battuta Mall and will also host a new mall by Al-Futtaim scheduled to be completed by Q4 2019.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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