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European investors spent around AED 60 million on flats at the Oceana Residence in January, according to the property’s manager, Asteco.
Unit sales averaged almost one per day.
“We have had a very busy January,” said Ian Hollingdale, head of project, Asteco.
“Almost half of the investors are British; Russians account for around 25% of our sales, with the French, Dutch and Belgians making up the bulk of the rest.”
Oceana Residence is a gated community, developed by Seven Tides and located on The Palm Jumeirah.
According to Hollingdale, a growing number of purchasers in the development are end users, rather than investors speculating on value appreciation.
“Of course, some owners will rent out their apartments when they are not in use, but the buyers’ sentiment has changed and by modifying our marketing strategy, we have successfully managed to appeal to that profile,” he said.
Prices are around AED 1.8 million for a 1237 ft² one-bedroom apartment and AED 3.7 million for a three-bedroom 2,239 ft² apartment.
Hollingdale also claims to have a waiting list of people wanting to rent in the development.
“Owners wishing to rent their properties will find no shortage of tenants, with prices starting from AED 160,000 for one bedroom apartments up to AED 230,000 for a three bedroom apartment,” he said.
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