Dubai developers: completion dates are key to sale
Developers' main aim is to turn projects around in the fastest time.
Dubai’s developers are selling off-plan projects off the back of completion timelines.
The growing demand for completed properties, and the lack of stock, means developers are now more than ever focussed on delivering in the shortest time frames.
“Based on feedback we have had over the last three months, there’s a lot of demand build-up for ready properties, especially mid-tier ones,” said Juwaad Beg, CEO of developer Al Madinah Al Raeda Real Estate, told Gulf News.
“They are selling faster by attracting cash buyers and at the expense of pricier off-plan developments. This is where the action is, and it will get more so with the steady increase in resident visas being issued in Dubai.”
Beg’s company is about to launch a 750 unit at Dubai Sports City which he aims to complete in 24 months.
“Subject to Rera (Real Estate Regulatory Agency) approval for the project’s escrow account, we are in a position to launch within days,” said Beg.
“If Dubai’s resident base continues to expand as it has done in the recent past, there will be no shortage of tenants and potential buyers. The challenge would be to meet the construction schedules.”