Dubai-based real estate brokerages, FÄM Properties, announced that its residential property sales in the Dubai project, City Walk, handled by master developer Meraas, were approximately AED1.3bn.
FÄM Properties has revealed that the majority of sales consisted of first-time purchases of buildings, with just AED325mn coming from sales derived from the secondary market.
It has become increasingly apparent that investors and developers must pay greater attention to the demand and supply factor when making decisions to develop and handle new properties. The volume of sales is a tell-tale sign to the major and minor players in the market that they must focus on the demand and supply factor in the Dubai property market.
CEO of FÄM Properties, Firas Al Masaddi, said: It shows how important it is that developers study the current type and volume of property supply as well as demand in todays market. This will allow them to create an exclusive product with unique specifications and features that fashion a new type of living experience, rather than duplicate something already in good supply.
At the same time, theres a lesson here for investors about picking developments and properties that deliver new and more attractive lifestyle offerings to continuously attract end-users. We were the first real estate company to start promoting City Walk to investors after Meraas launched sales, and we have channelled a great deal of capital investment under our control into the project because of its unique appeal.
City Walk is the only freehold, modern, low rise development in Jumeirah with exclusive retail and entertainment components. The five-and six-storey pavilion-style City Walk Residences are complemented by many first-time shopping, entertainment, hospitality and wellness options.