UAE: Why property projects in Abu Dhabi, Dubai sell out in hours

High-net-worth individuals, foreign investors and residents snap up luxury projects that are at a lower price as compared to other major cities around the world

Waheed Abbas

Published: Sun 24 Mar 2024, 2:23 PM

Last updated: Sun 24 Mar 2024, 10:45 PM

Property Projects in UAE continue to sell like hot cakes – in a matter of days if not hours. This is happening even as the real estate market is predicted to witness slower growth this year after a strong rally over the past three years.

Expectedly, those who are 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 as compared to other major cities around the world.

The leading property development and management company Wasl sold its entire 600 units of Park Views Residences Tower A within 36 hours of the launch. The 42-story Park Views Residences Tower A is a part of Wasl1 master development overlooking Zabeel Park in Al Kifaf.

Advertising

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

“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.

Wasl1 is a master development that consists of 13 multi-purpose towers, with over 3,500 residential units and 150,000 sqft of retail space.

Abu Dhabi-based Aldar Properties said it sold out the first two phases of Haven by Aldar in no time, with more than three-fourths of units bought by foreign investors and expat residents. The master developer launched 468 units in the first phase and 318 units in the second phase. In total, it sold 786 villas and townhouses, generating over Dh3.1 billion in sales. It is the first residential development in Dubai by the company.

Muhammad Binghatti, CEO of Binghatti Holding, recently told Khaleej Times that they are also selling their uber-luxury apartments successfully in their latest projects with starting prices of Dh20 million-plus.

“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 has also seen some of its projects such as Oceans being snapped up soon after the launch.

ALSO READ: