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Property Finder: Emaar, Una soar as Dubai sees 902 co-living deals

Emaar's Collective, Collective 2.0, and Socio at Dubai Hills Estate are among popular developments for co-living spaces in Dubai

The Collective 2.0 at Dubai Hills Estate.
The Collective 2.0 at Dubai Hills Estate.

Digital real estate platform Property Finder has revealed an uptake in co-living projects across Dubai since the concept was launched in 2017, with 902 transactions registered for co-living spaces in Dubai to date, which the real estate firm said had proven popular among millennials looking for “affordable” accommodation in Dubai.

Emaar projects, such as Collective, Collective 2.0, and Socio at Dubai Hills Estate generated the highest sales in Dubai, while Nshama’s Una was priced most competitively among co-living projects with a studio costing around $122,514 (AED450,000) to buy.

Property Finder said that despite all of Dubai's co-living projects still under construction, off-plan sales had gathered traction in 2019.

Emaar has sold 221 off-plan homes in Collective, 123 in Collective 2.0, and 193 in Socio, while Nshama has sold nine homes in Una.

Commenting on the findings, Property Finder’s director of research and data, Lynnette Abad, said: “We have started and will continue to see this trend grow here. Not only is it affordable, but it’s also popular with millennials as they want to be part of a community, yet have their own personal space. 

“We have also seen some creative schemes with Emaar and Dubai Multi Commodities Centre offering a trade licence and residency with a unit within a co-living project. This is an excellent incentive for those with small home-based businesses, or freelancers.”

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Construction Week - Issue 746
Jul 20, 2019