Many impressive residential projects have recently been completed and new developments are springing up all over the emirate. We find out more about where to buy and why.
here’s a lot happening in Dubai at present and much is being done to support its ongoing prospects. Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) is rolling out a set of initiatives to deliver end-to-end ‘Only in Dubai’ experiences to ensure tourists enjoy an unforgettable stay in the emirate and encourage repeat visits. This is part of efforts to further strengthen and sustain the city’s world-class propositions.
One of the key pillars of Dubai’s Tourism Vision 2022-2025, the ‘Only in Dubai’ set of initiatives will deliver authentic and world-class end-to-end destination experiences across travel touchpoints that are tailored to relevant segments of tourists. The ultimate aim is to make Dubai the most visited city in the world, targeting 25 million visitors annually by 2025.
This is naturally expected to have a positive effect on the popularity of property purchasing in Dubai. Jason Hayes, founder and CEO of LuxuryProperty.com, believes that the fundamentals of the Dubai property market already remain strong. “While 2018 was a year with its fair share of challenges, it did provide plenty of opportunity for those who persevered,” he says.
“Moving into 2019, it is my expectation that the market will enter a period of stability. We have already seen the delivery of stunning projects such as The 118 Downtown, District One and some of the villas at Dubai Hills. This year, we look forward to the delivery of several more exciting projects, including the W Residences, Bluewaters Island and further homes at Dubai Hills.
“Early last year, the UAE government announced new initiatives that would offer five and 10-year residence visas for investors, and 100% foreign ownership for entrepreneurs. They have started going into effect this year and will undoubtedly prove to be key market drivers. The full impact of the initiatives will be felt later in the year, particularly in Q4 2019, when I believe there will be a return to modest single-digit growth.”
Maria Morris, partner – head of MENA Residential – Knight Frank Middle East, reports that, to date, almost 20 per cent of buyers at The Royal Atlantis Residnces on The Palm are British. “These buyers can appreciate that Atlantis offers something completely new in terms of apartment living in Dubai. Kerzner International, through their Atlantis and One&Only brands, has always redefined destinations and introduced awe-inspiring and never-before-seen experiences, and this next phase in Atlantis’s development is no exception.
“Furthermore, the properties represent Dubai’s first ‘super-prime’ branded residences. The designers engaged to mastermind the project have been drawn from a global pool of experts. As a result, buyers can expect architecture, interiors, on-site facilities and landscaping not just bar-raising for Dubai, but internationally. We are creating living experiences for highly discerning individuals. They have travelled the world, have the finest luxury goods at their fingertips and expect the very best in design, architecture and lifestyle.”