The engineers of Dubai faced the rush of launching real estate plans at the highest peak. Truth be told, April and May have been the busiest months, as this business picks up all of a sudden in mid-2011.
It would be counted as the strongest launch in the month of March. The one that came up during the Cityscape Global events can be excluded, but still, it could be counted as the strongest. The numbers increased rapidly, because of the dispatch of projects which were labeled as ‘affordable’ from the company, Nshama. This one is situated in its Town Square development, and there is also another one that is MAG Properties. That one, however, is in Dubai World Central.
The high-end companies were very active in project launches, and so were the private ones (Cayan, Palma and RP Global, etc.). This made the deals very tough for exclusive places.
There is a stress on launches right at the beginning of Ramadan. Actually, Ramadan promotes the rush of launching projects, followed by Eid, and then, finally comes the summer break.
Now, there is a question and doubt, are there buyers for these new launches? There is no lack of interest about the affordable ones. But surprisingly, the exclusive ones have buyers as well, although they do not offer any long payment plans.
Sameer Lakhani says, the launches which are off-plan and are connected with government entitles and the private real estate companies kept their prices lower by 20% of the ones in secondary markets. Furthermore, he adds, that this has come back with a strong response. And, this response made the secondary market lower their price gradually.
It comes as no surprise that developers from the United Kingdom have come to Dubai for these projects and have presented their achievements. And, even the native real estate companies spread their span in London and other European countries.
The research by Knight Frank shows that there are strong reasons to do so. In the UK, 58% of the native investors demand a real estate firm named ‘Middle East Capital Tracker’. The golf territories have raised interest in 19%, and 12% were found looking at the European countries. US own only 5%, but the eagerness is increasing gradually.