Interest surges for off-plan projects near EXPO 2020 site says Bayut
A recent report from Bayut revealed that the off-plan developments near Dubai’s EXPO 2020 site have been garnering a high amount of interest from investors.
According to the searches conducted on Bayut, Dubai South, Meydan City, Mudon and Town Square are some of the areas that prospective buyers and tenants are most interested in. Besides the attractive location, the fact that these projects are backed by acclaimed builders such as Emaar, Meydan, Sobha, Dubai Properties and Nshama definitely adds to the interest in these projects.
While a few units have been handed over in Dubai South and Meydan, investors can still find a large portfolio of reasonably priced properties in these emerging districts. Dubai South also offers one of the best options in terms of ROI with rental yields going over 11%. The studio apartments for sale in Dubai South average at AED 385k, while 3-bedroom villas are at AED 1M. In Meydan City, prices are predictably higher with 3-bedroom villas going for an average of AED 3.3M and studios averaging at AED 450k. However, the premium amenities of the neighbourhood, which includes a golf course, equestrian centre and mall easily justify the higher price tag.
When it comes to rentals Town Square and Mudon are the emerging areas gaining popularity with Bayut users. The Arabella Townhouses in Mudon and the Hayat Townhouses in Town Square are the most popular out of all sub-communities within the two areas. Prices have come down slightly for villas in both Mudon and Town Square in the first quarter of 2019. The average price for a 3-bed villa in Mudon is AED 125k and in Town Square, a similar unit is priced at AED 100k. As a result, both areas are extremely attractive alternatives for people who had to rely on areas which are further away such as Mirdif and Al Warqa’a which offer properties at a similar price point.
Haider Ali Khan, the CEO of Bayut said: “We can be optimistic about the growth of areas near EXPO 2020 such as Dubai South, Meydan City, Town Square and Mudon in the next few years. They are well-integrated neighbourhoods which already offer a high ROI to investors. This could improve further when more handovers are completed and tenants have a wider portfolio of properties to choose from.”
Offering a complete suite of real estate services and insights, Bayut is already a great success story in the UAE with 50M searches performed in 2018 and having the most number of real estate agencies on board than any other website in the region. Bayut has recorded impressive growth in the recent past, growing over 100% year-on-year over the last 5 years.