A luxury Dubai-based developer is counting on the UK and Europe in order to help drive property deals at its projects this year after booking about $152 million in sales the previous year.
UAE-headquartered Seven Tides said it noticed 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 rather than the variability 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.”
Focusing 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.”
The numbers provided by Seven Tides revealed that a total of more than 63 nationalities invested a sum of $125.5 million in Seven Palm last year, with Russian, British and French investors the top three in regards to 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 contains Seven Palm Hotel Apartments and Seven Palm Residences – two towers joined by one of the greatest 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 price ranges from AED649,888 to AED3,388,888 at Seven Palm and it is almost 57 percent completed.
“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 financed a combined total of $26.5 million in the project the previous year, 25 percent were French along with 12 percent being Italian, 11 percent were Russians and 6 percent of sales were considered to be of Indian nationality.
The development, which comprises 2,617 residential apartments as well as 150,000 sq ft of retail space, a hotel, and restaurants, is provided to be Dubai’s second-largest single-structured building in regard to the build-up area next to Burj Khalifa, at 3,500,000 sq ft.
Costing at over AED1 billion, the project is due for handover in Q2 2023.