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The Museum of The Future stands on the city skyline among commercial and residential properties in Dubai, United Arab Emirates, on Tuesday, Oct. 13, 2020. Dubai real estate stocks were once the stars for investors betting on the city’s booming economy. But their fall from grace has been spectacular and seems set to continue, given an abundance of unsold homes and scant prospects for a recovery in the oil-rich region. Photographer: Christopher Pike/Bloomberg

Economy

How property projects in the United Arab Emirates are sold within hours

Driving this demand are high net worth individuals, foreign investors, and residents keen on seizing the opportunity presented by lower price points compared to other major cities worldwide.

ABU DHABI: Property projects in the UAE continue to experience rapid sales, often within hours, 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 keen on seizing the opportunity presented by lower price points compared to other major cities worldwide.

Wasl, a leading property development and management company, recently sold out its entire inventory of 600 units in Park Views Residences Tower A within just 36 hours of its launch, according to Khaleej Times report.

Situated within the Wasl1 master development overlooking Zabeel Park in Al Kifaf, the 42-story tower witnessed an overwhelming response, reflecting the allure of high-quality projects coupled with prime locations and attractive pricing, according to Mohammad Al Bahar, head of business management at Wasl.

Wasl1, comprising 13 multi-purpose towers with over 3,500 residential units and 150,000 sqft of retail space, underscores the ongoing demand for such developments.

Meanwhile, Abu Dhabi-based Aldar Properties reported a similar success story with its Haven by Aldar project, selling out the first two phases in record time.

More than three-fourths of the units were acquired by foreign investors and expat residents, generating over Dh 3.1 billion in sales. This marks Aldar Properties’ inaugural residential venture in Dubai.

In addition, Binghatti Holding CEO Muhammad Binghatti revealed the successful sales of their uber-luxury apartments, with starting prices exceeding Dh20 million. Projects such as Mercedes-Benz and Bugatti have seen remarkable traction, with over 30 units sold despite the hefty price tag. Similarly, at Burj Binghatti Jacob & Co Residences, approximately 25 units were recently snapped up.

Likewise, Danube Properties has observed swift uptake of projects like Oceans shortly after their launch, signaling continued investor confidence in the UAE real estate market.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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