Dubai – “ASWAQ”
Dubai’s residential property market is still attractive to the Gulf Cooperation Council (GCC) investors despite the regional economic concerns, says Artar Real Estate Development, a Saudi Arabian developer establishing itself in the UAE property market.
Dubai residential property is still seen as providing long-term financial security as the Dubai market is experiencing a period of healthy stabilisation paving the way for strong growth towards Expo 2020.
Artar opines that prime locations such as Dubai’s Downtown district, where the Mada Residences tower is located, are particularly attractive to the Saudi and other GCC investors who want the best of both traditional and multicultural worlds.
Artar’s chief operating officer (COO), Eng Okbah Abdulkarim said, “Dubai remains an appealing investment destination for regional investors due to its central location, shared religious and cultural values and cosmopolitan lifestyle, world-class infrastructure and a broad range of facilities for businesses and tourists. Prime location projects, such as ours, position investors strategically for long-term growth. Current selling prices are close to construction costs and I can’t think of a better time to buy. You get great value for money right now.”
Abdulkarim believes that 2017 will be a year of consolidation leading to a surge in property investment next year. Answering to questions from investors and media during a Mada Residences live tweeting session recently, he said, “We’re in the middle of a healthy stabilisation phase which I feel will lead to steady and mature market type growth rates leading up to 2020. We feel that in early 2018, Downtown in particular, will see strong demand from the usual GCC investors as we approach the reality of Expo 2020.”
Abdulkarim said, “Due to the overwhelming success of our first project we’re considering a second to be announced in the near future, and we’re looking to cement our position as one of the best boutique developers in Dubai.”
With the majority of apartments sold, Artar says that Mada Residences will be completed on time in the second quarter of 2018, and a topping out ceremony will soon take place next month.