Off plan property projects in UAE continue to sell like hotcakes – in a matter of days if not hours. This is happening even as the real estate market is predicted to grow slower this year after a strong rally over the past three years.
High Demand from Wealthy Buyers and Investors
Expectedly, those driving the demand are high-net-worth individuals, foreign investors, and residents who are snapping up the latest luxury projects to cash in on lower-price tickets compared to other major cities around the world.
Wasl’s Park Views Residences Tower A Sold Out in 36 Hours
The top property development and management company, Wasl, marketed 600 Park Views Residences Tower A units within 36 hours of the launch. The 42-story Park Views Residences Tower A is an element of the Wasl1 master development overseeing Zabeel Park in Al Kifaf.
“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,” said Mohammad Al Bahar, head of business management, Wasl.
With over 3,500 residential units and 150,000 sqft of retail space, Wasl1 is a master development comprising 13 multi-purpose towers.
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Aldar Properties Sold Out First Two Phases of Haven by Aldar
Abu Dhabi-based Aldar Properties conveyed it sold out the first two phases of Haven by Aldar in no time, with more than three-fourths of units purchased by foreign investors and expat residents.
The master developer projected 468 units in the sooner phase and 318 in the second. In calculation, it sold 786 villas and townhouses, yielding over Dh3.1 billion in deals. It is the foremost residential development in Dubai by the company.
Binghatti Holding’s Luxury Apartments Selling Well
Muhammad Binghatti, CEO of Binghatti Holding, recently told Khaleej Times that they are also selling their uber-luxury apartments successfully in their most delinquent projects with starting prices of Dh20 million-plus.
“We have exceeded more than 50 percent 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.
Danube Properties Projects Like Oceans Sold Quickly
Similarly, Danube Properties has also witnessed some projects, such as Oceans, being snapped up soon after the launch.
