Dubai developer says UK, European investors could drive project sales in 2021

A luxury Dubai-based developer is looking to the UK and Europe to help drive property deals at its projects this year after booking $152 million sales last year.

UAE-headquartered Seven Tides said it recorded total annual sales of $152 million across two of its developments – Golf Views Seven City in Dubai’s Jumeirah Lake Towers (JLT) and Seven Palm on The Palm Jumeirah despite the uncertainty created for investors by the coronavirus pandemic.

Abdulla Bin Sulayem, CEO, Seven Tides said: “These are remarkable sales figures, when we consider what an extraordinary year 2020 has turned out to be. Most of the world was locked down during April and the pandemic has caused disruption throughout the year for many sectors of the global economy, not just hospitality and aviation.”

Looking ahead to 2021, he added: “Many investors in the UK and Europe fear higher income and property tax rates, as governments look to reduce public finance deficits, after borrowing record amounts of money to tackle the pandemic. Should that transpire, it could well drive even further investment next year.”

Figures released by Seven Tides revealed that more than 63 nationalities invested a total of $125.5 million in Seven Palm last year, with Russian, British and French investors the top three in terms of sales volume.

“The pandemic has made end users re-evaluate their lifestyles. After the lockdown, residents started considering an upgrade to larger properties with spacious exteriors and leisure facilities on their doorstep,” said Bin Sulayem.

Seven Palm comprises Seven Palm Hotel Apartments and Seven Palm Residences – two towers connected by one of the biggest rooftop infinity pools in the region.

Prices at Seven Palm range from AED649,888 to AED3,388,888 and construction work is now over 57 percent complete.

“The coronavirus has also made developers and brokers adapt their business models, turning to technology to overcome the social restrictions, so that investors could still make an informed decision from distance, with sales support on-hand in real time,” added Bin Sulayem.

At Seven Tides’ Golf Views Seven City project in JLT, of the 195 nationalities that invested a combined total of $26.5 million in the project last year, 25 percent were French while 12 percent were Italian, 11 percent were Russians with 6 percent of sales were attributed to Indian nationals.

The development, which includes 2,617 residential apartments as well as 150,000 sq ft of retail space, a hotel and restaurants, is said to be Dubai’s second largest single-structured building in terms of built-up area next to Burj Khalifa, at 3,500,000 sq ft.

Valued at over AED1 billion, the project is due for handover in Q2 2023.


Author: Arabian Business

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