Muscat: Gulf Cooperation Council (GCC) investors have not let regional economic concerns undermine their interest in Dubai residential property which is still seen as providing long-term financial security, says a Saudi Arabian developer establishing itself in the UAE property market.
Artar Real Estate Development says the Dubai market is experiencing a period of healthy stabilisation paving the way for strong growth in the build-up to Expo 2020.
And the company believes that prime locations such as Dubai’s Downtown district, where it’s Mada Residences tower is located, are particularly attractive for Saudi and other GCC investors who want the best of both traditional and multicultural worlds.
“Dubai remains an appealing investment destination for regional investors due to its central location, shared religious and cultural values and cosmopolitan lifestyle, world-class infrastructure and a broad range of facilities for businesses and tourists,” said Artar chief operating officer (COO), Eng Okbah Abdulkarim.
“Prime location projects such as ours position investors strategically for long-term growth. Current selling prices are close to construction costs and I can’t think of a better time to buy. You get great value for money right now,” he said.
“We have not experienced reduced enquiries due to oil prices as our property, unlike others in Downtown, appeals to a wide range of end users and investors. We are not reliant on the type of buyers affected by the drop in oil revenue. In fact the current situation in Saudi is a great motivator to invest in Dubai due to a more diversified economy, large mega projects and events such as Expo 2020 Dubai which are driving the economy forward,” he added.
Abdulkarim, who answered questions from investors and media during a Mada Residences live tweeting session on Tuesday, believes that 2017 will be a year of consolidation leading to a surge in property investment next year.
“We’re in the middle of a healthy stabilisation phase which I feel will lead to steady and mature market type growth rates leading up to 2020,” he said. “We feel that in early 2018 Downtown in particular will see strong demand from the usual GCC investors as we approach the reality of Expo 2020.”
Backed by 50 years of regional experience, Artar picked its Mada Residences location seeing Dubai’s Downtown district as one of the world’s prime central city locations for investment and living.
“We’re a one minute walk to The Dubai Mall Extension, two minutes from Business Bay Marina, the Yacht Club, Promenade and an RTA Water Taxi Station. It is genuinely hard to think of a city with such a huge wealth of dining, entertainment, retail, leisure, cultural and other facilities in one location,” he said.
With the majority of apartments sold and Artar pledging that Mada Residences will be completed on time in second quarter of 2018, a topping out ceremony will take place next month.
“Due to the overwhelming success of our first project we’re considering a second to be announced in the near future,” said Abdulkarim. “We’re looking to cement our position as one of the best boutique developers in Dubai.”