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DUBAI – Long queues to buy real estate suggest the industry has returned to pre-pandemic levels.
Potential buyers are lining up to snap up Dubai’s lucrative real estate, suggesting the industry is rebounding to pre-pandemic levels.
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Photos and videos posted on social media on Tuesday night and Wednesday morning showed long queues for a deal as master developer Nakheel launched 360 units as part of the second phase of Murooj Al Furjan West. The new range of townhouses in the main community of Al Furjan has three- and four-bed units starting at AED 1.85 million.
Long queues to buy a home in Dubai are a nostalgic pre-pop feature and one of the barometers of market confidence.
Nakheel told Khaleej Times in a statement that it has taken every precaution and applied the highest hygiene standards to ensure the safety of customers and employees. This includes a “large dedicated waiting area”.
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“Safety and well-being are always our top priorities,” the statement added.
Property consultant Marwa said she expected buyers to wait in line for all the units to be sold.
Farooq Syed, chief executive of Springfield Properties, said Nakheel’s latest launch had received an “excellent response”. “After Covid, ready townhouse prices have risen very fast as people prefer larger areas and a communal lifestyle than living in tall vertical structures. Also, Nakheel is (one of the few) … developers are launching townhouses near Sheikh Zayed Road.”
He added that the plot size and built-up size of the townhouses are good compared to other townhouses on the market.
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Fathi Akram Skaik, managing director and business owner of Noble Empire Real Estate Brokers, said the first phase of the project was sold out “within hours”.
“The new launches prove that there is still a lot of demand for townhouses. I think we will still see demand for townhouses and small detached houses in the future,” Skaik added.
Krishma Gehani, Senior Account Manager at Homes4Life Real Estate, said Expo 2020 Dubai will start in just over 20 days and will bring in a lot of international investment.This will rise further in five and ten years Issuance of golden visas to owners, she says.
(Contributions from Waheed Abbas and SM Ayaz Zakir)
sandhya@khaleejtimes.com
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