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    January 26th 2019Buyers market demand, Creek Vistas

    Sobha Realty phases out launch to test market demand

    After a lull in project launches in the last quarter of 2018 the developers are beginning to test the waters.

    After Danube Properties launched Elz Residences in Arjan in December last year, developers like Sobha Realty is the latest to join the fray by launching apartments in its flagship community, Sobha Hartland.

    The developer has released around 200 units in the upper floors of its 28-floor twin tower project, Creek Vistas. This comes in addition to the approximately 250 units it had already launched in the towers in May 2018.

    The developer said two-thirds of the released inventory had already been sold in the project and the remaining will be released in the market shortly.

    What Do Industry Experts Have To Say?

    Tirthankar Ganguly, chief marketing officer, Sobha Realty, told Khaleej Times: “There was a huge demand from first-time home buyers towards the end of 2017. However, most affordable homes brought to the market by developers were compromising on quality, size and location. We weren’t willing to compromise on any of these points.”

    Creek Vistas offers one and two-bed apartments and the project will be delivered by mid 2021. The 1-beds span from 500 to 600 sqft and are priced from Dhs 800,000 to Dhs1 million. The two beds range from 800 to 900 sqft and are priced from Dhs 1.2 million to Dhs1.4 million. 

    “Buyers have been a mix of end-users and those aspiring to own an asset that will deliver good returns,” Ganguly added.

    Around 170 apartments in the first phase of Hartland Greens has already been handed over and the second phase will be ready by August. Around 50 Villas are scheduled for delivery and the project will be delivered this year.

    Ganguly affirmed that demand is always stable in the luxury market. The buyers never go by exuberance or market sentiment and these are long-term buyers. There is a steady stream of buying from people who have a long-term view of the market and who aren’t into trading units. 

    All rights reserved to the initial publisher for khaleejtimes.com.

    Collected and published by propertyeportal.com editorial team, get in touch with us at [email protected]

    What do Industry Experts have to say?