Optimistic real estate recovery flourishes with new interest in luxury developments
“I see a continued buyer’s market in the medium term as competitive pricing and payment plans continue to attract customers. With the recent increase in the number of people moving into villas, developers are trying to make community living as attractive as possible, providing residents with countless amenities.
The pandemic has placed considerable emphasis on larger living spaces and the inclusion of high-end facilities. As the world has adapted to a semi-permanent work-from-home system, developers are eager to start building new properties with larger living spaces to meet demand from potential investors and organizations. .
McLoughlin says: “At DAMAC, we believe that the current transition to working from home is a sign of our times and we have seen this development definitively embraced by global entities, especially when planning future real estate exhibitions, such as Cityscape Global did it with its hybrid model approach this year. As developers, we welcome change with open arms in our efforts to expand our portfolio and innovate. “
“About 19,056 new units were launched in 2021, which is the lowest since 2012 according to CBRE. One of our main goals in participating in Cityscape is to improve our relationships with our existing customer base and to continue to grow our plethora of units.
With the aim of advancing their inclusion in the rapidly digitized real estate sector, DAMAC has modernized its DAMAC Living app, orienting it towards making all home-related processes available to residents and owners at the push of a button. , thus eliminating the physical visit of the offices. necessary for administrative tasks.
“The pandemic has made us rethink how we can improve our digital presence. We are developing our IT team to meet our vision of being a technology leader in the real estate industry. Not only have we implemented virtual home tours, but we are exploring other areas of virtual reality to enhance the home buying experience. “
Likewise, Farhad Azizi, CEO of award-winning Dubai-based developer – Azizi Developments, echoes DAMAC’s sentiment to enhance the buyer’s experience by advancing living spaces.
“We announced the addition of new facilities in our flagship Riviera community, including a 3.2 km running and cycling track that runs through the entire community, numerous basketball and tennis courts, playgrounds, as well as as many parks and greenery. We want to make sure that this development meets – and exceeds – all the expectations of our stakeholders. We are not here to build simple buildings; we want to enrich the lifestyles of future generations ”
Major developers are confident in the influx of buyers to the region, especially with their luxury developments across Dubai.
“We are very confident that by 2023 the remaining 20% of unsold units will be sold, in line with the UAE’s 2021 vision to instrument iconic luxury properties – given that they are well differentiated in terms of location, price, size, amenities and lifestyles offered. We plan to pursue the very feasible and lucrative opportunity to convert some of our properties into hotel units, for which there is a high demand due to Expo 2020. We are already in negotiations with hotel providers to explore such options. and consider leasing and other income generating assets to continue our growth and profitability.
“Although the exhibition lasts only six months, the decade following the event, known as the ‘Expo effect’, maintains the positive impact that the Expo has traditionally had on the economy and the real estate market of Canada. host country. We are seeing that previous host cities such as Milan and Shanghai are experiencing an increase in property prices after the event, and with the UAE’s rapid response to the Covid-19 pandemic, international investors can see firsthand. hand the resilience of the market. Azizi has received noticeably increasing demand from European investors over the past two quarters, with sales to mainland nationals increasing by nearly 40%.
The value of transactions in the luxury residential sector increased by 25% in the first quarter of 2021 compared to the previous year according to Luxhabitat Sotheby’s. The brokerage house notes the rebound in home sales in the second quarter of 2021, with the total volume of transactions for the domestic market in Dubai increasing to more than AED 16.7 billion, compared to AED 5 billion during the same period last year.
According to Chris Speller, Director of Cityscape Group, “In terms of future trends, Expo 2020 has opened a new course for investors in areas close to the Expo 2020 site. Although the occupancy rate of the property is still Low, the expansion of Maktoum airport anticipated a dramatic increase in tourism to these regions. With improved infrastructure, including new metro links, additional commercial and residential spaces, the region is developing rapidly. There has been an influx of tourists working from home from Dubai and this is expected to increase steadily. “
The live and in-person event will be conducted in accordance with Informa AllSecure, enhanced health and safety standards that raise the bar for safe, hygienic, productive and high quality organized event experiences. The Summit returns with the support of its main sponsors Colliers, JLL, Kohler, Land Sterling, LWK + Partners, Regus and WhiteBricks, on the 7the and 8e November.
Registration for Cityscape Global, the summit and the live, in-person exhibit taking place from 9e-11e November to DEC, is now open. For more information visit: www.cityscapeglobal.com
Cityscape, owned by Informa Markets, first took place in 2002 in Dubai and has since grown beyond exhibitions to become one of the largest real estate data and media portfolios in the world.
The Cityscape Portfolio provides industry professionals with up-to-date material, matchmaking and micro-analysis via in-person lectures and exhibits, data trend analysis, insightful webinars, podcasts and personalized articles. . With a focused content and data platform, Cityscape Intelligence, and with events taking place in the Middle East, North Africa, Asia and Turkey, the Cityscape brand is operating in the real estate market over a wide range of markets including Dubai, Abu Dhabi, Egypt and Saudi Arabia, and with expansions on the horizon in Europe and Asia.
For more information visit: www.cityscapeglobal.com
About Informa Markets:
Informa Markets creates platforms for industries and specialized markets to exchange, innovate and grow. Our portfolio includes over 550 international B2B events and brands in markets such as healthcare and pharmaceuticals, infrastructure, construction and real estate, fashion and clothing, hospitality, food and beverage, and health and nutrition, among others. We provide opportunities for our clients and partners around the world to engage, experience and do business through face-to-face exhibits, specialized digital content, and actionable data solutions. As the world’s leading exhibition organizer, we bring a wide range of specialty markets to life, opening up opportunities and helping them thrive 365 days a year. For more information, please visit www.informamarkets.com.
© Press release 2021