Pandemic drives demand for larger apartments, says luxury developer

  • Property investors recognise the need for extra space, leisure facilities and a resort location after recent lockdown, says Seven Tides CEO
  • Over 450 units sold to date, despite tough trading conditions; Central Asians, Europeans, Russians and Arab nationals dominate investor profiles

 

UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has witnessed a surge in demand for its two and three-bedroom apartments at its Seven Palm development on Palm Jumeirah.

According to research and data from Property Finder, a trend developed after the lockdown highlighting an increase in searches for properties with outside space such as gardens, balconies and pools – a clear indication that people are now valuing personal, outside space in their homelife.

Abdulla Bin Sulayem, CEO, Seven Tides said: “The lockdown experience has made many residents re-evaluate exactly what they want from a living space, whether that is for a short leisure break or a longer term residential lease, especially those with small children.

“Seven Palm should tick all of the boxes to match this trend, with spacious layouts complemented by floor-to-ceiling windows which maximize natural light and additional balcony space of up to 150sqft, not to mention spectacular views.

“Add to that a host of amenities, including a rooftop swimming pool, fully equipped gymnasium, beach access, lush landscaped gardens and an array of restaurants,” he said.

So, to encourage potential investors that fit this profile, Seven Tides has decided to launch a special summer promotion, specifically for its two and three-bedroom apartments, for which buyers can save up to as much as AED 177,000, which is valid until the end of August.

Sales figures at Seven Palm have been particularly impressive since the relaunch of this project, despite tough trading conditions with more than 450 units sold to date, underlining the argument that a compelling proposition, based on quality, return and potential capital appreciation, will always attract investment.

More than 43 different nationalities have invested in Seven Palm over the last seven months with Central Asians accounting for 32% of sales, Europeans 27%, Russians 17% and Arab nationals 11%.

The overall development was rebranded ‘Seven Palm’, at the end of 2019 with both component projects rebranded to ‘Seven Palm Hotel Apartments’ and ‘Seven Palm Residences’, respectively.

Apartment prices in Seven Palm range from AED 649,888 to AED 3,388,888 and both projects come with a flexible post-handover payment plan. Construction work is now over 40% complete and hand over is estimated to be in Q2 2021.

To cope with the consistent demand, Seven Tides’ sales office is also open seven days a week and has taken on more administrative staff to deal with increased sales enquiries from investors and brokers, as well as managing a new sales booking system that deals more efficiently with volume.

Image renderings and a video of the project are available and can be viewed here: https://www.seventides.com/projects/sevenpalm/

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About Seven Tides

Based in Dubai, United Arab Emirates, privately owned Seven Tides is an internationally oriented holding company established in 2004. Currently focusing on hospitality and real estate sectors, Seven Tides thinks progressively, works creatively, partners strategically and acts quickly. The result is a current portfolio of offerings from landmark hospitality acquisitions and commercial buildings to residential towers and multi-use complexes in the gateway cities of London and Dubai.

For more information, please visit: www.seventides.com