BY SHEREEN SHABNAM
Dr. Brian Etemad Esq.
Despite current global economic challenges, demand for homes and office space in Dubai continues with more residents finding comfort in making the city their permanent home instead of returning to political and economic uncertainty back in their home countries.
More decisions are made to acquire a permanent home and there is an increased number of enquiries coming in for setting up businesses in the UAE because of the infrastructure development and progress rates the city projects leading up to 2020.
Most of the relocations are due to the stability Dubai provides and the fact that retailers as well see merit in moving their brands to the region.
Recent studies show that over 55% of the international fashion brands are setting up shop here. As a ripple effect, the new businesses create more jobs and more people move to the city needing places to stay in and increasing the demand more residential space.
The region also hosts an increasing population that is ready to spend, as seen in a recent study by Dubai Chamber of Commerce and Industry, UAE consumers alone will be spending over Dh750 billion by 2017. These projections will also help increase the city’s demand for real estate as more businesses venture into Dubai, particularly to capitalise on the Expo in 2020.
With more businesses relocating to Dubai, the demand for both homes and offices has increased in the resilient real estate areas in the city. Hence we anticipate that rents are not expected to fall any further after the recent slowdown, particularly as rental rates are now at a point where they are considered to be at fair market value.
Most of our clients are offering increased incentives, such as more amenities, rent free periods and fit out suggestions to attract tenants. We currently have fully fitted show apartments in Kempinski Residences Business Bay where phase one of the project has sold out and we have launched phase two to meet the demand.
In phase two, investors will be able to choose from a wide range of stylish residence layouts, with three themed interiors, ensuring this freehold property appeals to a diverse range of tastes and desires. In addition, every home is equipped with European-branded kitchens and appliances, home automation and security, and premium quality furnishings.
Due to its unique design and orientation, the Kempinski Residences Business Bay has a majority of its apartment units boasting unobstructed views of Downtown Dubai, the Dubai Water Canal, and iconic landmarks such as Burj Khalifa, Dubai Design District and Meydan.
We are also focusing on amenities in Kempinski Residences Business Bay which include five pools, three F&B outlets, a state of the art fitness centre, a luxury spa, squash court, exclusive members club and a kids adventure land. Concierge and hotel services with 24/7 valet parking will be available to all guests and residents.