Investors now more choosy and boutique designer lifestyle buildings are the ‘in’ thing in real estate
By Sandrine Loureiro
Special to Properties
The recent announcements of mega projects in Falcon City, Dubailand and City of Arabia may have been the final confirmation that we are experiencing a property “spring time”. However, the response of the market to the familiar call tells us a lot about the mindset of Dubai investors today. It was as if there was a collective shrug, perhaps some water cooler conversation, then business as usual. If asked, an investor response was often “we’ll believe it when we see it.”
Investors and stakeholders in the current Dubai property market are busy looking for tangible shorter term options with reputable developers that are honing in on the growing end-user market. Reputable developers like Emaar are leading the way, and most developers are treading the same path.
As mega projects remain on the drawing board, boutique “designer lifestyle” buildings are becoming the new black. Damac’s Fendi building, as it has become known, has all the hallmarks of a quintessential Dubai property: investment opportunity and desirable living presented in a nice designer package – that’s how investors like it. It’s a smart move to have the interiors by Fendi Casa, which takes a lot less collaboration than working with a celebrity architect, and twice the impact on branding and conversion of sale. As many developers will admit, the decision of what to purchase often comes down to the female’s choice of interiors, while the male focuses mainly on the square footage.
While the high-end market seems to be well-catered for, projects that promote a stronger community environment seem to be slow off the market, despite the need. Finished family-friendly communities are in high demand as more end- users are settling in Dubai, so it is puzzling that developers are not capitalizing on this and unveiling plans addressing this segment.
Jumeirah Village Circle, one of the last communities close to the city and among the anticipated community developments, is now the most affordable option for many families. Most would prefer the landscaped communities of Emirates Living, but decide on Jumeirah Village as a shorter term option. It is interesting to imagine what impact a few trees in Jumeirah Village Circle could have on the demand for that neighborhood. That’s another makeover we’d like to see.
The writer is Residential Consultant, Betterhomes.