Before the global market crash in 2008, Dubai’s property market was booming! Lavish launch parties, celebrity guests and limitless marketing budgets were the norm; allowing real estate companies to reap the rewards and live the high life in one of the largest ex-pat communities in the world.
Yet times changed almost overnight, with investors shying away from expensive developments and off-plan projects, towards more conservative ways to invest their money and assets.
So what has changed?
The UAE is continuing to see positive economic growth, particularly due to the rise in direct foreign investment into the region, which is reported to be close to US$7.7 billion by The World Investment Report 2012.
Indian buyers currently hold the top position for the total number of properties bought in 2011, with Pakistani and British buyers coming a close second and third respectively, highlighting the demand for property in the Emirate state.
The Dubai Land Department echoes this sentiment, claiming that ‘Increased investor confidence in Dubai properties and the growth of deals and transactions ... represents positive indicators for further growth’.
This trend has been noticed by property specialists like Knight Knox International; “People are starting to have more confidence in the stability of the market”, comments Property Consultant, Mike Sefton. “At the height of the boom, properties were selling for Dhs. 4,500 per sqft, yet the same properties are now selling for Dhs.1,700; a fraction of the price for the same quality”.
Sefton further comments “the demand for both off-plan and built developments is surprisingly similar, proving that investors are confident of long-term opportunities within the country”.
With an increasing amount of interest from their investors, Knight Knox International has recently launched four new developments, ranging from boutique apartments to serviced hotels, to cater for all tastes and requirements.
Located in the fast-paced hub of Burj district area, these sumptuous studios, 1, 2 and 3-bed apartments, managed as per 5-star international hotel standards, are the height of sophistication and taste. Starting at £405,135 for a studio, residents can expect 25-27% returns within four years from purchase. Due for completion February 2013.
Completed and ready now. A magnificent tower comprised of 680 apartments spread over a staggering 82 floors, Ocean Heights is a boutique development surrounded by five-star resorts and hotels as far as the eye can see. Ideally located at the entrance to Dubai Marina, residents can expect breathtaking views of the Persian Gulf and access to nearby golf courses and beach clubs. Studios start from £273,485 and can be purchased freehold.
Completed and ready now. Right in the heart of Dubai’s International Financial Centre, Park Towers is a magnificent two-tower project comprised of exquisitely designed 1, 2 and 3-bed apartments. Priced from £274,512, these completed residences offer stunning views and upscale facilities and amenities.
Burj Damac 4
Starting from as little as £153,000 for a studio apartment, the Burj Damac 4 is a luxury serviced hotel investment with 24-hr reception and concierge service. Managed by an experienced rental management company, investors can be assured that their property is frequently serviced to the highest of levels. Burj Damac 4 is due for completion in February 2014.
Knight Knox International
Market leaders at selling investment and lifestyle property in both the UK and overseas, Knight Knox International are specialists at selling property to the private investor market, gaining exclusivity on the majority of its projects, through long-standing and hard-won relationships with renowned developers and contractors.
To enquire about any of the properties featured in this release, or for further information on the full range of properties available through Knight Knox International call +44 (0)161 772 1370.