Binghatti Avenue project launched
The project extends over an area of about one million square feet, and consists of a 35-storey residential tower
Dubai — Dubai property market is a safe haven for global and local investors due to high demand despite the Covid-19 crisis, says a developer.
Binghatti Developers has launched the second phase of the ‘Binghatti Avenue’ project in Dubai Healthcare City, Al Jaddaf area, with a total investment of Dhs600 million.
The project extends over an area of about one million square feet, and consists of a 35-storey residential tower comprising 665 residential units consisting of 454 one-bedroom apartments, 110 two-bedroom apartments and 86 three-bedroom apartments, in addition to 28 ‘townhouses’ of three bedrooms.
The facilities include a gymnasium, swimming pool, children’s pool, children’s play area, retail store, large reception lobby, bicycle parking, 7 floors of covered car parking, and a panoramic elevator.
“We are pleased to announce the second phase of our latest real estate project in Dubai, to reflect the great confidence in the future of real estate investment in the emirate of Dubai, especially after maintaining the buying momentum , despite the Covid-19 crisis,” said Muhammad Binghatti, CEO of Binghatti Developers.
“The real estate market in Dubai has maintained its attractiveness among local and international investors, despite the effects of the outbreak of the pandemic, as data from the Land Department showed that 10,728 new investors entered the market, representing 70 per cent of the total number of investors throughout the first nine months ending in30 September,” he added.
The CEO said that the real estate market has become more mature after a healthy correction as it supports the investor and the end-user together. That correction increases the opportunity to achieve a profit margin of investment for the end-user and thus helps in supporting the economic recovery through vital movements in the real estate market.
Binghatti pointed out that the price equation has become reasonable to serve the interest of the end-user. Prices in Dubai market are currently very suitable for purchase, the cost has become reasonable and the selling price suits all buyers. There is also a sense of greater responsibility on all sides by the developer and the consultants. Even the real estate brokers reduced commission rates to adapt to market conditions.
“Historically, demand increases after each crisis in the real estate sector, as investors search for safe haven, while the real estate sector is of low operational costs, unlike other sectors,” said Binghatti.
He attributed the increase in domestic demand to the reluctance of individuals to travel abroad due to the pandemic, which increased the flow of local liquidity and raised the savings rates, and also encouraged the re-injection of this liquidity into the real estate sector.
Regarding the “ Binghatti Avenue” project, the CEO affirmed the state-of-the-art design and architecture, as well as the eye-catching surrounding landscapes. The “Al Jaddaf” area was chosen due to its privileged location as it is surrounded by Dubai Creek and the Zabeel community. The area has ever-upgraded infrastructure that it is continuously developing into a hospitality oasis.
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