- Russians, British, French, Italians & Indians top investor profiles by nationality
- Potential post COVID-19 tax hikes could drive further investment in 2021 from UK & Europe, says Bin Sulayem
As 2020 drew to a close, UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has recorded total annual sales of $152 million across two of its developments, Golf Views Seven City in in Dubai’s Jumeirah Lake Towers (JLT) and Seven Palm on The Palm Jumeirah.
Abdulla Bin Sulayem, CEO, Seven Tides said: “These are remarkable sales figures, when we consider what an extraordinary year 2020 has turned out to be. Most of the world was locked down during April and the pandemic has caused disruption throughout the year for many sectors of the global economy, not just hospitality and aviation.
More than 63 different nationalities invested a total of $125.5 million in Seven Palm last year, with Russians, British, and French, the top three in terms of sales volume, representing 18%, 9% and 8% respectively and 35% of all buyers sales, clearly enticed by the luxury beach resort lifestyle and winter sunshine.
“The pandemic has made end users re-evaluate their lifestyles. After the lockdown, residents started considering an upgrade to larger properties with spacious exteriors and leisure facilities on their doorstep,” said Bin Sulayem.
Seven Palm comprises ‘Seven Palm Hotel Apartments’ and ‘Seven Palm Residences’ – two towers connected by one of the biggest rooftop infinity pools within the region and includes studio, one, two and three bedroom apartments and two duplex penthouses.
Prices at Seven Palm range from AED 649,888 to AED 3,388,888 and both projects come with a revised and more flexible post-handover payment plan. Construction work is now over 57% complete.
“The coronavirus has also made developers and brokers adapt their business models, turning to technology to overcome the social restrictions, so that investors could still make an informed decision from distance, with sales support on-hand in real time,” added Bin Sulayem.
Over at Seven Tides’ Golf Views Seven City, project in JLT, of the 195 different nationalities that invested a combined total of $26.5 million in the project last year alone, 25% were French, 12% were Italian, 11% were Russians with 6% of sales were attributed to Indian nationals.
Located in Cluster Z, the project will be the most integrated building in JLT comprising 27 floors and featuring 2,617 residential apartments as well as 150,000 sqft of retail space, a hotel and restaurants. The development is said to be Dubai’s second largest single-structured building in terms of built-up area next to Burj Khalifa, at 3,500,000 sq.ft.
Golf Views Seven City is aimed at young professional tenants or end users, designed to provide everything a resident might want, with various retail options, entertainment, dining options, a gym and a health club. However, when residents do venture outside, they’ll discover a fast-paced and exciting urban environment, right on their doorstep. Valued at over AED1 billion, the project is due for handover in Q2 2023.
“Obviously, Golf Views is an entirely different investment proposition to Seven Palm but despite all of these challenges we have faced in 2020, the old adage still applies – offer a compelling proposition, based on quality, return and potential capital appreciation and it will attract investment,” said Bin Sulayem.
Looking ahead to 2021 he added, “Many investors in the UK and Europe fear higher income and property tax rates, as governments look to reduce public finance deficits, after borrowing record amounts of money to tackle the pandemic. Should that transpire, it could well drive even further investment next year.”
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.