Dubai’s popular prime real estate areas have become oversupplied and congested, offering limited investment opportunities, Ahmed Alhatti, chairman of Saudi developer Cayan Group has told Arabian Business.
The company, mostly known for the construction of the world’s tallest twisted tower in Dubai’s Marina area, has recently shifted its investment strategy. Last month, it unveiled plans for Cayan Cantara, a luxury residential development set to be built in Mohammed Bin Rashid City, an emerging area which is expected to be finished by 2018-2019.
The difference in land prices is one of the main factors that led to the change, according to the chairman, as emerging areas offer more value for money and the space to launch new concepts and creative designs.
It appears that the strategy is paying off for Cayan. It announced last month that it had sold all 100 units in the new project's first phase in just two weeks.
Alhatti described the current state of Dubai’s real estate market as "healthy," and that he expects prices to begin rising again in the third quarter of this year.
The Saudi-based developer continues to see strong interest from international and Saudi investors looking to buy in the Emirate, he added.
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