Construction

wasl says The Nook has received a strong response from local investors

Developer’s investment strategy targeted Emirati youth and small Arab families

Dubai-based wasl properties (wasl), a subsidiary of wasl Asset Management Group, has said that it has received a strong response from local investors for its key development, ‘The Nook’, which are the first two buildings within the wasl Gate development on Sheikh Zayed Road in Jebel Ali.

In a statement, wasl highlighted the success of its investment strategy, which targeted major groups, especially Emirati youth and small Arab families. It said that it had achieved its intended goals during the campaign, with notable sales of units within The Nook development.

Launched in October 2018, wasl’s strategy is tailored to encourage youth to save and invest in real estate, while finding a balance between the fundamental necessities of life and investing in the future. The strategy revealed the emergence of millennial investors in Dubai’s real estate market. This demographic contributed heavily to the sale of studio apartments and one-bedroom units; the statement added.

The developer also said that it had gain market insights that will enable it to focus on and target various segments of society in the future, so as to meet the significant demand from the youth and small Arab family sections of the market.

“One of the most important results we achieved was attracting this segment of the youth, especially locals, in a manner not experienced before and for them to understand the vision and the feasibility of investing in the real estate sector to secure their future,” said Zainab Mohammed, chief property management and marketing officer.

“I am pleased to see them take such investment decisions at an early age as this will greatly benefit their families in particular and the society as a whole,” she stated.

According to her, since the project’s launch, a total of 144 apartments had been sold, including the full inventory of studios (21) and one-bedroom units (65) besides 46 two- and 12 three-bedroom apartments.

Around 50% of the investors were in the 25 to 39 age group followed by 30% in their 40s and 50s. As for the nationalities of the investors, 50% were Emiratis, 10% Arabs and 40% overseas buyers.

This success of the sales is attributed to several factors, including the ability for investors to book their apartments for a down payment of 2% without the need to settle any registration fees. Additionally, government employees received an additional 2% off from the total unit value.

The Nook is considered to be ideal for young people as it enjoys a prestigious location within wasl gate – the master development – offering a variety of recreational options that accommodate their lifestyles and passions, as well as being a conducive climate that inspires innovation and embraces entrepreneurial projects, ideas, and opportunities, explained Mohammed.

The project will also host a new mall by Al-Futtaim, Festival Plaza – scheduled to be completed by Q4 2019, hosting Dubai’s second IKEA and ACE establishments – a number of restaurants, coffee shops, family entertainment and leisure outlets, and a new concept hypermarket, she added.

Moreover, the project’s location on Sheikh Zayed Road, in proximity to Ibn Battuta Mall and Energy Metro Station, is another major attraction for investors.

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