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Demand for high-end properties with outdoor living spaces continues to grow this year, as lifestyle changes become a priority in the wake of the COVID-19 pandemic, UAE-based developer Nakheel said Wednesday.
The master builder of the Palm Jumeirah just clocked up “record” sales in January, with 133 transactions worth a total of 342 million dirhams ($93 million), the highest monthly sales so far.
The developer also sold 2.2 billion worth of properties, including 800 high-end family villas during the past year.
Its top-selling development, the Nad Al Sheba Villa, saw half of its premium homes snapped up in 12 months.
“2021 is off to a strong start, with Nad Al Sheba Villas continuing to attract buyers –- mostly end-users –- taking their first step on the property ladder or upgrading to larger homes,” said Aqil Kazim, Nakheel chief commercial officer.
Lifestyle changes
“Last year saw significant lifestyle changes in the wake of the coronavirus pandemic, boosting demand for more indoor and outdoor family living space. This trend looks set to continue,” Kazim added.
Investors piled into Dubai’s real estate market after the lockdown last year, mostly buying homes with exclusive outdoor space. Analysts said the experience during the lockdown prompted people to rethink their lifestyle and living choices.
“During the lockdown, search and demand data showed that people started looking for bigger properties. The search and demand data shifted from the traditional small family apartments to villa/townhouses… This trend has grown significantly since the lockdown started and continues to have an effect on the market,“ the Dubai Land Department said earlier.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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