Luxury projects in Abu Dhabi and Dubai attract high-net-worth individuals, foreign investors, and residents with competitive pricing.
In the UAE, property projects are flying off the shelves in record time, often within days or even hours. This trend persists despite predictions of slower growth in the real estate market this year following a robust rally over the past three years.
Driving this demand are high-net-worth individuals, foreign investors, and residents seizing opportunities in the latest luxury projects, drawn by their comparatively lower price tags compared to major cities worldwide.
For instance, Wasl, a leading property development and management company, sold all 600 units of Park Views Residences Tower A within just 36 hours of its launch. Situated within the Wasl1 master development overlooking Zabeel Park in Al Kifaf, this 42-story tower exemplifies the appeal of prime location and attractive pricing.
Mohammad Al Bahar, head of business management at Wasl, remarked, “The turnout that Park Views Residences has witnessed is a shining testament that high-quality projects with a good location and attractive prices are a winning combination to attract buyers and investors.”
Meanwhile, Aldar Properties, based in Abu Dhabi, experienced similar success with Haven by Aldar, selling out the first two phases in no time. Foreign investors and expat residents accounted for over three-fourths of the purchases, with a total of 786 villas and townhouses generating more than Dh3.1 billion in sales.
CEO of Binghatti Holding, Muhammad Binghatti, reported significant sales in their latest projects, boasting starting prices exceeding Dh20 million. “We have exceeded more than 50 per cent in sales of Mercedes-Benz. Bugatti has been performing very well with 30 units sold since last month despite a starting price of D20 million. At Burj Binghatti Jacob & Co Residences, around 25 units were sold recently,” he added.
Similarly, Danube Properties witnessed rapid uptake of projects like Oceans soon after their launch.