Demand all over
Industry insiders say demand for studios is strong in all locations and across all income brackets in Dubai. However, expectations will vary depending on a buyer’s preferred area, says Mustafa Pooya, CCO of Select Group, a real estate development and investment company. In Dubai Marina, a premier community, studio buyers expect superior finish and amenities in line with the lifestyle of the area, says Pooya. It will have to be priced differently from studios in International City, Jumeirah Village Triangle or Dubai Sports City.
Studio One, a recently launched 31-story project by Select Group, is one of the new projects in Dubai Marina geared towards millennials and savvy investors. The building consists of 400 units, the majority of which are small-ticket residences – 158 studio apartments, 158 one-bedroom apartments and 84 two-bedroom units. Prices of the studios start from Dh574,000 with 70 per cent to be paid upon handover, offering budget-conscience buyers an opportunity to own property in one of Dubai’s most sought-after locations.
“In a market that people considered soft, we sold about 65 per cent of the Studio One units in a span of less than a week from our sales launch in October, which includes the sale of all studios, the majority of one-bedders and a fair number of two-bedders,” says Pooya.
The customer base is typically wider for smaller-ticket units, which are also sold faster, according to Pooya. “In Studio One, we are selling studios for Dh574,000 compared to our other development, Marina Gate, where we are selling a three-bedder for Dh4 million,” says Pooya. “When you go from a Dh574,000 product to a Dh4-million product, the customer base suddenly gets smaller since the investor can buy six studios in Studio One [for the price of] a three-bedder.
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