The strut is back – for developers in Dubai. And Cityscape Global 2021 provided them the platform and space to signal their confidence that the property market is not just in recovery mode, but into a full-fledged growth path.
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But this time, there are differences in the way developers are approaching that market growth. The best part is that they are not pushing hard with a rush of offplan launches and trying to cash in immediately.
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Yes, some have had launches in recent weeks, but they were well-thought out ones that were meant to meet specific needs in the market. A collection of luxury villas? There comes Nakheel with Jebel Ali Village.
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A touch of the exotic? Try Damac Lagoons, where villas start at about Dh1.5 million. But it is not just about the homes – the developer is creating a lagoon and giving a feel of the Mediterranean in its visualization of the Lagoons.
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There is Danube with Skyz, another of its factory-line of projects targeted at the mid-market buyer. The 1 per cent monthly payment plan is very much there, as the developer tries to ease the way for more residents to switch their status from tenant to owner. Rizwan Sajan, Chairman of Danube Group, said: “We kept planning for an eventual market recovery, even in 2020. For me, the best outcome was that we did not let go of anyone all through the Covid difficulties. We are as prepared as we can be for the market’s pick up.”
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In Abu Dhabi, Sharjah and Ras Al Khaimah, the same theme is on show. The smart developers are ready to offer what the buyer and future end-use wants.
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For the world’s rich, right now, they just want to make sure they buy a villa or penthouse in Dubai – before things start to get way more expensive. As Faisal Durrani of Knight Frank tells it: “Buyers, both domestic and international, continue to home in on the emirate’s larger, more luxurious properties. Covid has induced demand for larger homes in the world’s most Covid-secure cities.”
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Dubai is right up there on that list of cities where the wealthy want to have their post-COVID-19 futures. “The ultra-prime market in Dubai is mirroring the behaviour we have observed in the super prime bracket ($10 million plus homes),” said Durrani.
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It’s already apparent when it comes to Dh100 million and over homes. This year, Dubai has seen four such deals being struck so far this year, according to Knight Frank data, compared to seven such deals between 2010 and 2019. In 2020, there was one for Dh100 million plus.
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So, is Dubai property ready for another tilt at supercharged growth? The new initiatives – golden and green visas and those targeted at post-retirement domicile – are starting to hit their mark.
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More residents in Dubai and the UAE will be asking this question – ‘Should I be buying rather than keep on renting?’ Developers will be ready as and when residents decide on the answer.
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