The conversation around most of Dubai’s majlis’ tonight will be the high demand for Mirdif Tulip, Mirdif’s first freehold project.
The entirety of phase I and phase II of Mirdif Tulip has sold out in the first week, as the launch of the project at Emirates Tower Hotel at the weekend was buzzing with buyers keen to secure property.
“At Saturday’s launch I said this project was about urban renewal, and although that’s the consensus the Traditional UAE investors told us this project is also about providing high quality developments in the parts of Dubai that have not had new developments for some time,” he added.
“I have been told conversations around various majlis’ have been focused on finding the next development like this, where investors know they can on-sell to everyone with full title-deed,” he said.
Mirdif Tulip is the first freehold development in Mirdif, and people of all nationalities (rather than exclusively GCC nationals) are able to purchase property in this designated development.
“Our clients have been asking if we have any other urban renewal projects in these traditional areas, as they want to see a variety of apartment types with freehold title in their portfolios,” said Mark Evans, head of land acquisitions at Sherwoods.
“The most successful offering in this development was a 1560 square foot, 3 bedroom apartment priced at 1,960,000 Dirhams,” Mr Evans said.
“If developers realise worldly buyers are used to well priced and compact homes, and then use the reduced space to present fresh and innovate design, they will find buyers lining up to consume their product,” he said.
“The success or failure of future developments will hinge on more than just price and return; developments will need to be innovative and offer a unique selling points to enjoy the same levels of success as Mirdif Tulip,” Mr Evans said.
Mr Rehman described Dubai’s property market as ‘new-development-release-weary’ and warned developers they had to look at innovative and creative solutions to grab the attention of potential clients.
“With buyers spoilt for choice in the new project market my advice to developers is clear; find good locations where buyers are comfortable investing, engage an established agency with a proven track record, and focus your product design on what clients are looking for, not what just makes good sense to your accountant”, he said.