Property Buyers Queue Up: New Projects Sold Out Within Hours Of Launch
Real Estate Market Comes Back
Dubai is witnessing investors and end-users queuing up to grab a slice of properties being launched by reputed developers.
Investors & Buyers
- UAE-based property developer Nshama’s 200-plus units of Shams Townhouses located in Town Square were snapped up by investors.
- Long queues of potential buyers were seen outside Nshama Townsquare Sales Centre.
First-time Buyers
According to Jeff Raju Kuruvilla, a sales manager who has been in the business for over nine years, there is an increase in the number of first-time home buyers.
He also quoted that he had a lot of clients who are buying their home in the UAE for the first time in the last couple of months.
Recent fluctuations of the stock market have also contributed to the interest in real estate in Jeff’s opinion.
Why the project had people lining up?
According to real estate industry sources, the Nshama project is oversubscribed and was sold out within three hours.
Townhouse Prices with Square Feet
1. The townhouses were attractively priced at Dh1.62 million for a three-bedroom house with a built-up area of 2,100 sqft; and Dh2.1 million for a 4BHK with a built-up area of 2,381 sqft.
2. The buyers were offered to pay 10% downpayment, 40% during construction and 50% upon handover in 2024.
Property Investors & End Users
1. Dubai has in the past seen investors and end-users queue up in the wee hours on the day of the project launches by major developers like Emaar Properties.
2. Danube Properties saw long queues ahead of its Gemz project which was also sold out on the same day. The project was snapped by end-users and brokers.
3. Master developer Nakheel saw a strong response with long queues of investors on the day of the sale of its 360 units of phase two of Murooj Al Furjan West. The three- and four-bed units in Al Furjan were offered for a starting price of Dh1.85 million in September 2021.
Covid-19 Pandemic Recovery
Dubai’s real estate has been witnessing a strong recovery post-Covid-19 pandemic, led by villas and townhouses, with foreign investors flocking to the emirate after the successful handling of the pandemic.
Latest Data by Dubai Land Department
1. 6,651 real estate sales transactions worth Dh18.3 billion – the highest May on record in terms of real estate sales volume and value in the last 13 years.
2. 51.5% increase year-on-year for sales volume and a 65.4% increase in sales value when compared to May 2021.
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