End-user needs driving Dubai project decisions
The move from investment-driven development is reshaping how projects are sized and designed, an official from the city's real estate sector told ConstructionWeekOnline
End-user choices are driving development decisions in Dubai, a professional from the emirate's real estate sector told ConstructionWeekOnline.
Mustafa Jassem, group business development manager at Lootah Real Estate Development (LRED), said this trend is reshaping how residential units are sized and designed.
LRED's most recent launch is Shamal Residences in Jumeirah Village Circle (JVC), which features 259 studio and one-bedroom loft apartments.
Jassem said the development of Shamal Residences was a learning curve for LRED, "in terms of the community, buyers' preferences, and the type of buyers we receive".
He continued: "We received a lot of interest from international investors, local investors, and even end-users, who want to own an apartment and consider their annual rents as part of their future investments.
"This gave us a clear indication about how much the market is changing from an investment-driven real estate market into one driven by end-users."
Jassem said this factor was also considered when LRED designed The Waves, a 135-unit project comprising two G+4 buildings, in JVC.
"End-users became our focus, so we [incorporated] these factors into our designing process and start building around it."
The Waves' groundbreaking ceremony was held in September 2016, and the twin-tower project is due for completion in the third quarter of 2018.
Project works are rapidly progressing, and the LRED team also expects early handover, "which is also good for the buyers", Jassem told ConstructionWeekOnline.