‘PHOBIC’ NOTIONS OF OVER-SUPPLY PERSIST AS DUBAI FACES UNDER-SUPPLY IN SOME PROPERTY SECTORS – REAL ESTATE CHIEF
Shortage of premier homes in key locations favoured by buyers seeking 2018 handover – Al Msaddi
A UAE real estate expert says “phobic” perceptions of an over-supplied Dubai residential property market persist when there is currently an under-supply of premier homes that will be ready for occupancy in some areas next year.
Firas Al Msaddi, CEO of fäm Properties, one of Dubai’s largest real estate brokerages, highlights a shortage of developments offering individuality in key locations favoured by buyers seeking handover in 2018.
“There’s still a phobic notion in the market regarding supply and demand,” says Al Msaddi. “While some property sectors may be over-supplied at present, others are under-supplied, especially when you consider what will be ready to live in next year.
“This is certainly the case with the kind of spacious apartments offering exclusive features, extra quality and amenities that are in demand now from selective buyers in prime areas like Downtown Dubai.”
Added Al Msaddi: “We also need to consider that over-supplied products today might be under-supplied in the near future in a progressive city like Dubai, which has a proven long-term ability to attract new residents and foreign investments through successful planning and execution.”
His comments came as ARTAR released the Signature Collection of nine elite 4-bedroom apartments at the 36-storey Mada Residences tower in Downtown Dubai.
With spacious layouts ranging from 2,852 sq ft to 3,234sq ft, the luxury residences come with Bianco Venus marble floors, generous European designed kitchens and some of the largest terraces in the Downtown district
Views from the terrace areas – two measuring 9,530 sq ft – highlight the appeal of homes desired by astute investors and end users. The Dubai Mall is a minute’s walk away, with a huge range of other dining, entertainment, retail and leisure facilities on the doorstep.
“When you’re talking about just one new residential property, and one of this standard, to be handed over next year in a location like Downtown, you begin to see a clearer picture of supply and demand in Dubai,” said Al Masaddi.
Mada Residences offer the only two bedroom apartments with maids rooms in Downtown. The Signature Collection of apartments boast stylish marble and mosaic finishes, walk-in showers and high end free standing bathtubs. Floor to ceiling glass throughout is 8mm thick double glazed to reduce standard heat and noise by 30%.
Topping out was completed recently two months ahead of schedule and the development is on course for completion as planned by Q2 2018. A fully furnished 23rd floor show apartment is now open.