Jun 27, 2015
The race on the “affordable” mountain in Dubai is using the lion’s write about of interest regarding property developers in the emirate. The rebound of housing market in 2013 noticed developers focussing for the high-end residential options in order to lure luxury hunters to Dubai as well as secure enough investments to pay off their debts. Effectively that worked, so what on earth now?
Now, the tables have turned so that as the ever increasing number of expats push the ever increasing property prices regarding prime properties to help greater bounds, developers are converging to capitalise for the largely untapped mid-end sector on the emirate’s realty Jumeirah Park for Rent.
From the wake of slowdown in the transactional activity as well as property experts claiming a downward pattern in property rates and rentals, affordable residential models is emerging being the need on the hour. Previously it was reported that the government has approved applications in excess of 200, 000 work visas in the first quarter regarding 2015. This shows that 200, 000 residents – really probably tenants – have previously entered the emirate and are looking for affordable housing.
Maintaining aside the the latest launches of Binghatti Coders in Dubai Silicon Oasis as well as Nshama’s Town Sq development in Ing Barsha, the moves by simply Dubai Municipality to help augment existing reasonably priced rental stock by simply allotting over 100 acres of land in Al Quoz 3 & four and Muhaisnah four to developers to create affordable housing pertaining to rent targeting inhabitants earning between AED 3000 as well as AED 10, 000 per month, are setting completely new trends in market.
If the pattern witnessed in H2 2014 is to continue during the H1 2015 in the wake of slowed up transaction levels as well as softening prices in select areas, buyers may start viewing the mid-end units in the secondary market seeing that value-for-money investment options specifically in the completed or near to completed developments. Exactly what your views?