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Sobha expects Dubai property market to recover early 2017

Posted by Irish Manluctao on July 31, 2016
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Investors will pick all available apartments when market recovers: PNC Menon

Dubai-based Sobha Group is on the mark to deliver the first phase of residential units in the Dh14.68-billion Sobha Hartland in Mohammed bin Rashid City in December 2017, as it gears up to expected recovery in the emirate’s realty market.

“The real estate market is a cyclical and we have been in negative cycle for two years, which started in the second half of 2014. By the beginning of 2017, the market will change and we expect that the positive cycle will last for around 24 to 30 months,” company Chairman PNC Menon said.

“When the market picks up, there will be a herd mentality among investors who will end up picking all available apartments,” he added.

The first phase will comprise 70 villas and 200 apartments, while the community will house around 6,000 residential units.

The 8-million-square feet development includes two international schools (of which Hartland International School is up and running), nurseries, healthcare facilities, hotel, a mall and a clubhouse.

The community centre is expected to open in 2019, while work has stared on the hotel, which will is expected to be completed by December 2017. The entire project is slated to be handed over in 2021.

New project

Menon revealed that the company will soon announce a “budget housing” project in Dubai, with units ranging from 700 to 800 square feet and priced at around Dh1,000 per square feet.

“The project will be larger than District One in terms of land area,” the chairman revealed.