When it comes to the global trends, Dubai is at every front and as the city is evolving continuously, there may be an expected change in the landscape as well.
The one thing that is constant about the market of Dubai is that the real estate is changing with time. As the time has passed by, we have noticed the fact that the market is changing from those who are purely investing in property to those who are buying properties to reside in the locality for future residence plan. Similarly, there has been a steady growth in areas such as the Jumeirah Golf club, the Arabian ranches, with a high-rise suppression of the master communities to a low rise. Other than that, it has been noticed that there is a high demand of the newer homes designed in a contemporary manner.
All those who are looking forward towards investing, the serviced residences are a great way to do hands off investments. The property is managed completely there and all that needs to be done is to rake the results.
– Andrew Cummings, Co-Founder and Managing Director of LuxuryProperty.com says
For investors, a serviced residence is a fantastic hands-off investment where the property is fully managed and all they have to do is rake in the returns.
The shift can be divided into two lines on a rough basis, such as villas and apartments. It is being noticed on a very aesthetic level for the villas. And for several years, Dubai has had a special place in its heart for the Mediterranean architecture. You can go to the very historical neighborhoods that consist of villas in Jumeirah or Umm Suqeim, or maybe even the older houses in Emirates Hills and you will also be able to locate older houses with roofs that are gabbled and doorways with columns in the stucco houses. However, if you look at the villas that are just being constructed, you will find a landscape that is a lot different. The areas you will find them in are District One and Dubai Hill. The architectural lines are sleek, the floors and glass ceilings are minimal with an interior that focuses mainly on colors and shapes that are fast, bold, along with villa designs focusing on the norms. Arabian style homes are also being built in the city, with a twist in the designs. These incorporate the elements that have been mentioned above to create something that has a touch of tradition, very cry, and is also unique at the same time.
The transactions that have been done recently help in the demonstration of the trends. A contemporary villa was sold for 90 million dirhams in Dubai, Emirates Hills last year during the month of September. It was followed by Palm Jumeirah, which was sold for 51 million dirhams. If you get into the comparison, it will be noticed that the older villas have a transaction that is much lower and the homes with a makeover that is modern are being sold at higher prices. But that is done before the new owners move in.
When it comes to apartments, the trend is similar. You will rarely find an apartment that does not include a combination of stark interiors and walls that are made of glass. But when it come to the perspective of the buyers, the main element is the lifestyle. The residences that have been serviced and branded are under high demand. These offer homes that are beautiful and well designed with services that can be compared to the five-star hotels. In fact, some of the projects from last year are being serviced by leading hotels such as W Residences, One Palm and Atlantis Residence.
Those who are looking forward towards investing, a residence that is serviced and managed fully is what they look for. Those who are homeowners, this is literally like a resort vacation for them. Several packages for services are available, which include facilities such as housekeeping, a convenient lifestyle is ensured and peace of mind as well. These become a major point of selling.
So once again, what is the proof? The transaction is proof. W Residence has had very good sales since they opened and even the One Palm made it to the headlines in 2017. It was the most expensive penthouse in Dubai. This had hugely impacted the developments that were done previously such as the Dubai Marina, Emirates Crown, where a decline in the prices has been seen. Despite the location being prime, it lacks the lifestyle.