Pandemic Drives Demand for Larger Apartments in the UAE

August 17, 2020

The COVID-19 pandemic in the world forces governments to lockdown. As most of us have been locked down in our house or apartment for a very long time, we now mostly demand larger apartments. And many of us want to change apartments with a larger one. The change has a huge impact on property markets around the world.

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.

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.

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.