The new South Bay project will be home to over 800 villas and townhouses in Dubai.
Inayat-ur-Rahman, Business Editor
W Capital Real Estate Brokerage report assessed the strong momentum and exceptional performance of the real estate market in Dubai, as the sector concluded the first half of this year on the upward track, to be the strongest first half performance ever, with nearly 43,000 sales transactions , the total value of which exceeded Dhs114.5b.
“The real estate sector continued to break records in terms of sales and transactions, with the first half recording the best performance ever, as sales topped Dhs114.51b,” said Walid Al Zarooni, Chairman of W Capital.
Al Zarooni added that the real estate market in Dubai during the month of June 2022 also maintained the continuous momentum recording 8,833 real estate sales transactions worth Dhs22.69b, which is the highest number ever for the month of June since 2009.
The same month sales transactions in 2009 amounted to Dhs22.92b.
When compared the overall performance of June 2021, the last month witnessed an increase in transactions by 42.6%, with an increase in value of 55.4%.
Al Zarooni stated that the exceptional performance of the real estate market in recent months is due to attracting foreign investors. The increasing demand, the high real estate prices and the high return on investment, also encouraged the influx of foreign investors.
“Undoubtedly, the Dubai Expo 2020 , which concluded late March, had a great impact on the good promotion of investment and residence in Dubai and increased the demand for buying real estate,” the chairman added.
Al Zarooni (a pioneer in the real estate brokerage sector in Dubai) stressed that these data are strong evidence of the increasing investment attractiveness enjoyed by the Dubai real estate market.
He stated that they make an clear indication of the continued positive trend towards investment opportunities in the wake of various government initiatives, including the new investor categories that were recently added after the issuance of the golden visa laws, which makes the Dubai real estate market one of the best investment destinations regionally and globally in the long term.
He noted that the real estate market in Dubai has witnessed a radical change, especially in the past few years with remarkable transformation in investments, attracting foreign investors and DFI after it was focused on local investors. That was achieved thanks to the advanced infrastructure in addition to the distinguished lifestyle that includes the world class hotels and restaurants and the exceptional amenities Dubai offers, which made it the best destination for work, life and investment.
Al Zarooni expected the market to continue upward trend during the second half of this year with the influx of more foreign investors, thanks to the stimulating measures taken by the UAE government, such as modernizing visa procedures, besides economic stability.
Al Zarooni also suggested that the continuous changes affecting the labor law in Dubai, with the availability of mega projects, will attract larger numbers of investors.
South Bay: Dubai South Properties announced the launch of South Bay, a new master development in the heart of The Residential District at Dubai South. The new project will be home to over 800 villas and townhouses and more than 200 waterfront mansions. It will also feature a 1-kilometre long crystal lagoon, more than 3 kilometres of a waterfront promenade, and multiple beaches for swimming.
Townhouses and villas at South Bay will be spread across a built-up area ranging from approximately 2,900 to 4,800 square feet in a mix of three-, four-, and five-bedroom townhouses and semi-detached villas, whereas the mansions, which will all be on the waterfront, will feature five-, six-, and seven-bedroom standalone villas with a maximum built-up area of around 13,000 square feet. The project is located strategically on Expo Road and hosts several world-class amenities, such as a community shopping mall, a fitness complex, kids’ clubs, swimming pools, a water sports club, waterfront cafés, a pet park, and a lake park, to name a few.
A spokesman from Dubai South Properties said: “The launch of South Bay comes in light of our successful sell-out of all the residential projects we had launched over the past few years. With the Expo site now transforming into Expo City Dubai by October and based on the huge demand for premium properties in the area, this project will be an ideal option for those seeking quality living with world-class amenities at competitive prices. At Dubai South, we are always aligned with the government’s mission of making Dubai the best place to live, work and visit.”
Other amenities in The Residential District include a school in the near future, public parks, sports courts, retail shops, a hypermarket (opening in October), a mosque, a petrol station, and a public bus route connecting The Residential District to the Expo Metro station.
South Bay’s sales will launch in September, and customers may register their interest now. More information on the project will be announced in due time.