Artar COO believes astute investors and end-users want permanent benefits, not eye-catching incentives
Bigger, smarter, intelligently designed and offering more for the buyer’s money – these are factors that one developer says will be needed to sell residential property in an increasingly demanding UAE market.
“We’ve all seen the offers of expensive luxury cars, golf memberships and exotic holidays rolled out to entice buyers, but investors and end-users alike are a lot more astute these days and look much more carefully at what they are getting for their money,” said Okbah Abdulkarim, COO of Artar Real Estate Development, in a statement announcing its upcoming Mada Residences tower in Downtown Dubai.
“They are far more interested in the design and spaciousness of an apartment, the quality of fittings and materials throughout and how all this adds up to making living there a better experience.”
With property experts predicting an upward trend in late 2017, the onus is on developers to make their projects stand out with genuine permanent benefits rather than eye-catching promotional incentives, added Abdulkarim, whose company will deliver the Mada Residences the second quarter of 2018, according to the statement.
“Our two-bedroom apartments are unique for Downtown in that they come with a maid’s room,” he said. “They are also a good deal more spacious than the average for the area, starting at 1600sqft. Each home is intelligently designed to offer genuine liveability, meaning more space and easy movement for residents.”
These are the reason the project is attracting buyers, he added, but the company is already looking to raise its standards for future projects in the UAE.
“We’re also doing research to find the best solution to ensure those who live there can tap in to the huge range of attractions found in the Downtown area. This is the basic standard that we’re setting for ourselves in the UAE, but we’re already looking to improve in many areas with future projects because the trend for buyers to demand more for their money is already set.”
According to Artar’s statement, the Mada Residences offer 193 “larger-than-average” one-, two-, three- and four-bedroom luxury apartments, a minute’s walk from Dubai Mall and within easy reach of other major attractions such as the Dubai Opera. The developer believes the 30-70 payment plan offered is also the shape of things to come as more developers allow buyers to pay the bulk of the purchase price after completion, its statement added.