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Dubai / Emirates Business
One of Dubai’s largest real estate brokerages, fäm Properties, has topped AED1.3 billion in residential property sales at City Walk, the new destination developed and managed by Meraas in the heart of Jumeirah.
Firas Al Msaddi, the fäm Properties CEO, said that the bulk of sales were to first-
time buyers of buildings, while just over AED325 million worth of sales were in the secondary market.
He believes the volume of sales delivers a strong message to both developers and investors about the importance of understanding, and capitalising on, the dynamics of supply and demand in the Dubai
property market.
“It shows how important it is that developers study the current type and volume of property supply as well as demand in today’s market,†he said. “This will allow them to create an exclusive product with unique specifications and features that fashion a new type of living experience, rather than duplicate something already
in good supply.
“At the same time, there’s a lesson here for investors about picking developments and properties that deliver new and more attractive lifestyle offerings to continuously attract end-usersâ€.
City Walk is the only freehold, modern, low rise development in Jumeirah with exclusive retail and entertainment components. The five-and six-storey pavilion-style City Walk Residences are complemented by many first-time shopping, entertainment, hospitality and wellness options.