Cyrus Engineer, Managing Director, Shapoorji Pallonji (SP) International Property Developers, commented: “The Dubai real estate market has seen considerable buyer interest in the past few quarters and the project has seen significant capital appreciation since its launch – a clear testament to its quality and to the faith that has been reposed by our clients and stakeholders.
We are now witnessing brisk sales and, while the pandemic has posed some challenges to the rapid progression of the project, our team remains committed to delivering a quality product that will stand the test of time. We are delighted to have Hayfin invest in this landmark project and look forward to a long-term and mutually rewarding partnership with them.”
Downtown Dubai was one of the top three prime areas in terms of sales volume in Q4 2021, with AED 3.2 billion worth of transactions conducted in this period, and the upscale neighbourhood has also experienced a 7% year-on-year increase in the average price-per-square-foot for apartments in Q3 2021.
A real estate consultancy also recently reported that Downtown Dubai saw average sales prices increase by more than 17% over the last 12 months, noting that properties with Burj Khalifa views command a premium on almost any other property.
The boom in Dubai's real estate market can be traced to several factors, including increased expatriate demand following the recent introduction of long-term visas and relaxation of employment visa rules, making it easier for those who want to live, work and invest in the city.
Constructive interest rates and mortgage financing conditions, along with the shift to remote working have also led buyers and tenants to seek more space and upscale offerings. Finally, government initiatives and the proactive management of Covid have also been very important factors.
Approximately 55% of Imperial Avenue’s project construction has now been completed. Construction is in full swing and the expected date of final completion of Imperial Avenue will be the fourth quarter of 2023.
According to analysis by Luxhabitat Sotheby’s based on data from the Dubai Land Department.