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29 February 2024

Top communities to recover in Dubai...

By Shuchita Kapur

Recovery in Dubai’s residential real estate sector will be most evident in communities such as Emirates Hills, Meadows/Springs, Arabian Ranches, Downtown and The Palm over other areas, say experts.

According to Charles Neil, Chief Executive Officer, Landmark Properties, recovery will be “mostly [in areas with] villas, regardless of area.”

“However, the Emirates Living projects, Downtown, Arabian Ranches, The Palm and selected high-end quality and well-located properties will make the most recovery,” he told 'Emirates24|7'.

Vineet Kumar, Head of Business Development, Asteco Property Management has similar picks.

“[Areas where recovery will be most evident are] Downtown Dubai [as] occupancy levels are high and this master plan will have limited inventory added to it. [Second is] Palm Jumeirah [because of its] unique proposition and has a high demand [and] Arabian Ranches [as] the build quality is better than some similar villa developments and the area has matured to offer a community lifestyle to its occupants,” he told this website.

This recovery, which was evident last year, is expected to continue in 2012 as well.

According to Q3, market report for Dubai’s residential market 2011 by Cluttons, market demand is originating from variables that one would expect in established marketplaces, where property specifications are seen as prime consideration for prospective buyers.

“This ‘Flight to Quality’ movement has seen a marked interest in residential locations such as the Palm Jumeirah, Meadows, Springs, and Arabian Ranches, which have seen value growth,” said the company in the report.

Cluttons stressed that finish location, amenities and a sense of community are now far more prevalent in buyer’s minds compared to those purchasing property three or four years ago. At the same time less desirable locations will continue to be under the stress of an oversupply.