Europeans invest in Oceana

Tuesday, 23 February 2010

Ian Hollingdale

Europeans from Britain, Russia, Holland and Belgium invested up to AED60 million in January as sales of apartments at Oceana Residence averaged almost one per day during the first month of 2010.

“We have had a very busy January,” said Ian Hollingdale, project head for property management company Asteco. "Currently, year to date, we are averaging almost one sale per day.”

According to Hollingdale, almost half of the investors are British. Russians account for around 25 per cent of sales, with the French, Dutch and Belgians making up the bulk of the rest.

The fully-furnished show homes were opened to the public late last year to promote the sale of the final one-, two- and three-bedroom apartments in an exclusive gated community on The Palm Jumeirah.

“A trend we have noticed is the shift in the motivation of the buyers. Prior to the downturn, many sales were made to investors who were primarily using their purchase as an investment vehicle,” said Hollingdale. “Now investors are also end-users, buying into a family-focused resort lifestyle."

Hollingdale added: "Of course, some owners will rent out their apartments when they are not in use, but the buyers’ sentiment has changed."

Oceana Residence apartments, developed by independent UAE holding company Seven Tides, are priced from between AED1.8 million for a 1237-square-foot one-bedroom apartment and AED3.7 million for a three-bedroom 2239-square-foot apartment.

Rental demand is also exceptionally strong for the resort apartments. “We actually have a waiting list. Owners wishing to rent their properties will find no shortage of tenants, with prices starting from AED160,000 for one-bedroom apartments up to AED230,000 for a three-bedroom apartment,” said Hollingdale.

Located on the trunk of The Palm Jumeirah, Oceana Residence is nearing completion and includes a private infinity pool, lazy river and beach, a waterside promenade and jogging track, landscaped recreation areas and a gymnasium. A five-star hotel operated by Movenpick will be opened within the complex next year.