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Dubai’s growing luxury property market continues to attract potential homeowners to the city’s many developed and developing residential areas.
The diverse communities that make up the city’s unique demographic invite innovative home construction solutions, interior styles, amenities and other more specific service preferences.
Due to the expanding diversity in the city’s resident and investor profile, developers began to offer plots of land to buyers, allowing customised construction of residential units and enabling buyers to enjoy complete freedom of home design.
This popular trend gained momentum when developers started offering plots of land within master-planned communities such as Emirates Hills, today known as one of the most sought-after residential communities in the city.
Dubai Hills and Pearl Jumeira, among others, have followed suit and already harbour significant buyer interests prior to completion.
There are a few key reasons why buyers are beginning to look into plot purchase options in Dubai.
One among them is having the freedom of design and home customisation. Many high-net-worth individuals prefer customised homes and large land plots, allowing them to refurbish the land to cater to all of their requirements.
Many of these self-contained communities offer custom villa layouts to homeowners as an option.
Alternatively, they allow homeowners to design their dream homes subject to their set guidelines.
Buyers or homeowners can provide their own villa designs for exteriors subject to Dubai Municipality approvals. In addition to this, they can design interiors and furnishings, e.g. completely customisable kitchens and living spaces.
Owners also have the freedom to add features and amenities like an infinity pool, play areas, gazebos, grilling stations and more. Upgrades in technology also allow developers to offer options for smart home designs with automated systems for a more comfortable modern-day lifestyle.
Another reason why individuals prefer to buy land is due to its long-term benefits, i.e., stability and as a family investment or asset.
Although plot sales are seeing an upward trend in Dubai’s investor market, many seasoned investors still tend to prefer acquiring freehold property in prime residential and commercial areas like Jumeirah.
There is also a limitation on areas where homeowners can purchase freehold land for villas. Most freehold land is within master-planned communities. These are designed to make remarkable residential developments with a complete bouquet of services to cater to all of the residents’ needs and requirements.
Several highly in-demand residential areas such as the Palm Jumeirah, that steadily attract property investors with exclusive luxury property units, have also opened up plots for sale to allow for the customisation and choice of design that elite buyers and investors tend to look for. Buyers or homeowners do, however, need to follow the set of construction guidelines provided.
Residential plots with custom-designed villas are also a more favourable option due to the relatively lower maintenance and service charges as compared to those attached with luxury apartments.
With residential plots gaining popularity among buyers, Dubai is gradually and steadily expanding the scope for investment within its real estate sector, inviting a variety of investors and potential buyers that is looking for customisable luxury real estate options in a comfortable investment climate
source: Rakesh Mirchandani, Special to Freehold
Director, KGR Real Estate