Dubai South and District 2020 are where buyers are heading for affordable homes
Dubai: Are you looking for a house in Dubai? With the promise of a large space and a fairly affordable price? Then head south.
Over the next few weeks, several launches are planned in Dubai South with apartments and villas under 1 million dirhams up to 3 million dirhams with generous built-up areas and green spaces. The developers are ready to take full advantage of the afterglow of Expo 2020 – and seize the potential that will be District 2020, which is the new destination that will emerge on the site.
Stratum, which until then only intervened in the field of property management, embarked on property development, with the launch of a small high-end building. A two-bedroom apartment would be in the range of 1.2 million dirhams and up, and according to the developer, the plan meets the need for residential options that District 2020 will create.
In terms of square feet, developers are still keeping rates at Dh600-Dh1,000, and property values have remained stable over these years.
From being an owner association company, we felt that becoming a developer was a natural progression. We want to take advantage of the fact that Dubai continues to evolve into a market dominated by end users.
– Saeed Al Fahim of Stratum
District 2020 – which will retain some of the Expo’s legacy pavilions – will begin full-scale operations from October, with blue-chip companies such as Siemens Energy and DP World among major tenants. These and future workers will also need housing, and this is what developers believe will fuel demand for new off-plan projects in Dubai South.
“The District 2020 land has not yet been released to developers – but my project is as close to District 2020 as possible,” said Saeed Al Fahim, CEO of Stratum, whose portfolio includes more than 10,000 buildings. in the United Arab Emirates. The company also operates as an OA (owners association) management company in several properties in Dubai.
“Stratum has purchased five plots in Dubai South and the goal is to create a 250 million dirham community in time. We are looking to break new ground in the next two months and only then will we start considering a sales plan. The sales effort will not be the standardized model we saw in Dubai, but organized towards a select group of end users.
End users are the focus
Indeed, Dubai South could well be the city’s next big end-user destination, catering to the residential needs of the many who already work in the ‘districts’ inland. Additionally, over the next six to 12 months, District 2020 will add its own momentum.
The pipeline keeps growing
Dubai South, the master developer, is also in the fray, selling the latest release of villas – 788 of them – at The Pulse Beachfront. The Dh900 million project includes three-, four- and five-bedroom villas, with prices starting at Dh1.35 million. (To spice up the quality of life for future residents, there will be a 200-meter-wide “beach lagoon” with a beachfront and a “half-Olympic” swimming pool.
The completion of the initial phases is scheduled for the third quarter of 2024, which is directly connected to Dubai South,” said a spokesperson for the developer.
How are prices changing?
Across Dubai South, “We anticipate an approximate price increase of around 15%,” said Husni Al Bayari, chairman of D&B Properties. “Emaar villas in Dubai South (among the first to be launched there) are still considered affordable compared to anywhere else in Dubai. We believe that over the next five years the areas around Dubai South will continue to develop, especially with the arrival of Dubai World Central Airport and District 2020, which explains the steady price increases.
Dubai South will help boost sales in surrounding communities such as Jebel Ali Downtown. One of the best things about this human-centric community is the connectivity – everything in the area is less than 15 minutes away
– Husni Al Bayari of D&B Properties
“Off-plan sales are expected to take off in the next two to three years once the full master plan is complete.”
The coming weeks and the launches that will take place set the stage for this.