When buying premium property, buyers’ lifestyles play a major role in influencing their selections. Rajiv Ghanekar, Associate Director at Fine and Country Real Estate in the UAE, points out that in Dubai, the demand for luxury mansions is far more than that for penthouses. “The demand for premium homes can visibly spiral upwards if the mortgage cap is elevated to Dh12 million Dh15 million in the luxury segment,” he says. The current mortgage cap for properties worth more than Dh5 million is 65 per cent for expats and 70 per cent for UAE nationals. Furthermore, luxury villas in the city are more popular because of the wider choice in location and the availability of themed communities, adds Ghanekar.
Rajiv Ghanekar Associate Director, Fine and Country Real Estate Then there are larger builtup spaces and the option of bigger plots for leisure and guest entertainment that also attract buyers. Other factors such as lower maintenance and service fees, ease of customisation and privacy add value as well.
Ghanekar says that luxury can be interpreted in different ways, all of which are correct from buyers’ per- spectives. He cites a few examples: luxury could mean an intelligent space a smart home equipped with modern technology and remote-controlled systems. Luxury could be about life-style for instance, a gated
community with a limited number of mansions over looking a polo field or a premium golf course. It could also be about space customised villas or penthouses with generous outdoor space, open-air decks for entertainment, a basement large enough to accommodate a gym or private theatre and fleet parking arrangement. Or it could mean convenience – master planned communities in the city designed taking into account the smallest needs such as having supermarkets, pharmacies, community centres, recreation facilities, schools, nurseries and clinics in close proximity.
No matter which of these categories it falls under, the luxury property is a scarce commodity, which will experience steady demand.
Source: Property Weekly, Gulf News
Associate Director, Fine and Country Real Estate