All of the apartments at The Pinnacle, an 11-story residential tower with a mix of studio, one-, and two-bedroom apartments located within Dubai Hills Estate development, have been sold out within eight months of its launch, according to JLL, a leading specialist in real estate, investment management, and development consultancy services.
It further strengthens JLL’s position in the thriving residential market in the UAE, which has been founded on great service delivery and strategic alliances and comes after its success with the ZZEN One project.
JLL’s primary residential business has been growing steadily since its launch in 2020, driving the success of projects like Rosebay Living and ZZEN One, the latter of which saw a record sale of all of its apartments within eight months of its construction completion.
The company has been participating in the sales of notable developments like One at Palm Jumeirah and Address Beach Resort JBR in addition to The Pinnacle in Dubai Hills Estate.
JLL’s growth journey in the sector has also been supported by the market’s sustained strength, which has been witnessing a significant influx of local and foreign investors eager to make the UAE their home. This is in addition to JLL’s strong credentials.
According to JLL, the country’s residential market is growing, with Dubai and Abu Dhabi both adding 38,000 and 6,000 units to their stock in 2022 as a result of the new visa changes, concentrated government initiatives, and the UAE’s overall economic recovery.
This has expanded the range of opportunities for developers, and JLL, with its established local knowledge, worldwide expertise, and creative thinking, it stated.
It has been in the lead when it comes to offering clients solutions and helping them take advantage of the UAE’s status as one of the best places to live.
“With UAE demonstrating a strong economic momentum, many international buyers are looking to make the country their home base. We are seeing increased demand from our offices in UK and other offices in France and Germany. This is opening up new opportunities for developers and real estate companies within the country,” said Will McKintosh, the senior director and head of residential and investment for Mena, at JLL.
“Understanding the growth impetus, we will continue to strengthen our residential service offerings to ensure the long-term success of our clients and the projects we undertake,” he added.