As a standout example, the branded residences market in Dubai has evolved significantly over the last decade, as the space for high-quality, well designed property became more competitive.
Maria Morris continued “At The Royal Atlantis Residences on the Palm Jumeirah as an example, the values at its core are delivering the very best homes in terms of design, architecture and interiors of course; but more than that its discretion and privacy; first-rate experiences and service. These key components are what truly distinguish this development and our best-in-class branded residences here in Dubai certainly tick all the boxes.”
According to a survey conducted by Knight Frank amongst 160 global developers across 22 nations, almost six in ten global developers have delayed projects in response to the spread of the virus, as it broke down supply chains and prompted a wholesale rethink of how and where people want to live. Of those with delayed projects, more than four in ten are now making changes to designs that were once considered complete.
Flora Harley, Associate, Knight Frank said: “While it is still too early to confirm the lasting impact of the pandemic on the development landscape, it is clear that it has accelerated pre-existing trends and prompted new ideas for current and future developments.
While developers will likely temper their urge to radically reshape development designs initially, Knight Frank’s survey confirms a desire to consider potential Covid-19 inspired changes, including:
• Space for home offices: Three-quarters of developers are more likely to consider advanced telecommunications and space for home offices to allow for continued flexible home working
• Healthier and greener living: 38% of developers are more likely to consider facilities for bicycles, compared to only 17% that are more likely to consider parking space availability
• Urban appeal: Whilst 41% of respondents said they would be looking to develop in a mix of locations, cities, second-home and rural areas, 45% said they were more likely to solely focus on cities
• Mixed-use schemes: A third of developers are considering adjusting the mix of residential and commercial elements in schemes. From rentable desk space and individual pods to business suites, it will be interesting to see what this will look like in practice in the future
• Closer to home: Following a period of unprecedented restrictions on movement, two in five developers said they would be more likely to be sensitive to the requirements of the domestic market
• Virtual viewings: Almost two-thirds of respondents see sales geared towards virtual offerings from now on. This enables a more inclusive sales process with buyers able to have the architect or designers speak directly to them, via webinars for example, enabling more interaction with the developer and a better experience
With housing delivery a high priority in many markets, the research also examined some of the biggest constraints that developers are facing.
Flora Harley continued: “According to our survey respondents, funding is the biggest barrier to global development, with just under a third citing it as their biggest concern. Some markets have seen a reduced number of lending facilities offered to developers.
“At the moment there is decreased bank appetite for developer lending and in some markets the pre-sales requirements make it hard to begin construction. One way for governments to spur construction would be to facilitate lending, perhaps through a combination of guarantees or loans. This would crucially remove one of the biggest hurdles in development and enable ground to be broken.”
Second to funding, was the threat of further property market taxation and regulation, with planning and travel restrictions also seen, but to a lesser extent as barriers to overcome in the near-term.
Read the full report here - https://bit.ly/3hHsb2M
For all media & PR enquiries, please contact:
Thomas Farmer, Thomas.Farmer@me.knightfrank.com
Knight Frank has grown to become the world’s largest privately owned global property agency and consultancy company and has a strong presence in the Middle East with offices in Dubai, Abu Dhabi, and Saudi Arabia.
Together with its New York-based affiliate Newmark, Knight Frank has an impressive global footprint network across 60 territories, 520+ offices and 21,500 property professionals and as the world’s leading international property consultant, they continue to build on their long-term global presence across the residential and commercial property and service sectors.
For further information about Knight Frank, please visit www.knightfrank.com or www.knightfrank.ae
© Press Release 2020