Developers must target new-age home owners
The evolving definition of an ideal living space is now beginning to blur the lines between luxury and functionality — leading to the conceptualisation of smart residential projects that let the owners indulge in comforts that take their quality of living up a notch, but at the same time, also go easy on their wallets.
So, while luxury living continues to dominate the real estate sector in Dubai, there is now a rising demand for spaces that answer the need of a new customer segment known as millennials. A 2016 research study commissioned by dubizzle revealed that 44 per cent of participating millennial expats were keen to buy a home in the UAE within the next three years. Identifying the unique needs of this young, tech-savvy and connected new crop of young individuals, therefore, becomes the first step in conceptualising and designing concepts that best complement their fluid lifestyles.
Akoya Imagine, a cluster of homes surrounded by the lush greens and fairways of the international golf course is one such example. Set at the heart of the Akoya Oxygen master development, Akoya Imagine presents a collection of colourful villas aimed at young couples and families, whose residential needs are more unconventional than traditional home-dwellers.
In the context of the conversation on millennials, it is important to consider that as Dubai’s real estate market evolves and approaches maturity, there is an even greater need for developers to integrate — within their strategies — plans for projects that cut through all customer segments across the market.
Having identified the long-term impact of such a strategy, Damac Properties has committed itself to bringing to market a wide mix of products that appeal to its customers as attractive and lucrative investment opportunities. From less than Dh1 million to tens of millions — the range is broad, which essentially translates to a comprehensive product offering that has something for everyone.
Driven by the same sentiment, Akoya Relax was launched in November 2016. Designed as a community that places the greatest importance on the well-being of its residents, the development offers what most young dwellers increasingly seek today — a better work/life balance and experiences that help them de-stress and lead a peaceful, hassle-free lifestyle. Choice is still key as they are given the option to take their pick from a range of cosy villas with different sizes and floor plans to choose from, in addition to many other complimentary benefits.
Within the millennial segment are also a number of first-time homebuyers such as newly-weds or new parents, with little to no experience of living on their own. In an effort to cater to the needs of these individuals, Akoya Fresh was launched last year. Inspired by its name, the villas offer a separate kitchen and living areas, as well as a sunny backyard where kids can be themselves and parents can enjoy complete peace of mind — an ideal first home for young families with everything they need, including the option to pay over a period of three years.
As the new-age home owner continues to cause the shift towards emerging real estate needs and fresh expectations, real estate developers need to stay on top of their game to keep this new wave of customers effectively and constantly engaged through innovative offerings that best resonate with their idea of a home and inspired living.