By Sam Bridge
Appello Real Estate says investors are continuing to target Dubai's re-emerging off-plan real estate sector
Investors are continuing to target Dubai's re-emerging off-plan real estate sector during the first quarter of 2020, according to broker Appello Real Estate.
Exciting new developments are pumping life back into a still deflated market, said Naval Vohra, CEO of Appello Real Estate, with "less stereotypical projects" holding special appeal.
He said 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.
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 which sold out all 300 units in just a few days. The development is spread over three million square metres at the junction of Hessa Street and Sheikh Zayed Bin Hamdan Al Nahyan Street.
Vohra also highlighted 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. “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.”