ON THE HOME FRONT
MEGA RESIDENTIAL PROJECTS ARE HAULING THE UAE’S CONSTRUCTION SECTOR BACK TO BUSINESS
Areport by real estate investment and advisory firm JLL states that “the UAE construction projects’ market rebounded during 2021, with the residential sector being the highest performer within construction asset awards.” With the trend expected to continue through 2022, the market is witnessing several successful residential project launches.
The work-from-home concept rung in by the Covid-19 pandemic is proving to be profitable for the construction sector. Home buyers are now demanding spacious and luxurious living spaces in all-inclusive communities featuring a range of leisure facilities such as parks, gyms, and swimming pools as well as commercial outlets such as restaurants, schools, and retail outlets. The sentiment has been further bolstered by the UAE government’s new visa legislation that allows property investors to get a Golden Visa when they buy a property worth Dhs2m.
Dubai
Prominent property developers across the UAE are cashing in on the trend, announcing a slew of high-end mixed-use projects. Nakheel’s master plan for its Dubai Islands (formerly known as Deira Islands) development includes a diverse mix of residential, retail, and hospitality offerings. In addition to 20km of beaches and two square kilometres of parks, open spaces, and golf courses, the Islands will be peppered with nearly 80 luxury and wellness resorts and boutique hotels, enhancing Dubai’s holiday appeal. Earlier this year, the Dubai-based master developer also launched Tilal Al Furjan, a collection of 220 luxury villas that overlook its flagship Al Furjan master community. Nakheel also began work on its Murooj Al Furjan development that sold out last year.