Rising end-users in Dubai property spur new launches catering to this sector
Symbolic Developments Officials at the launch of Symbolic Zen Residences.
A shift in mindset among Dubai residents towards homeownership is leading to a change among the emirate’s developers as well, as more projects come onstream with the end-user in mind.
“Seventy per cent of customers who have bought our properties are end-users,” Mustafa Moiz, managing director, Speedex Group, which owns Symbolic Developments, said on the sidelines of the launch of their latest project, the Dh210 Million Symbolic Zen Residences in Al Furjan. “We are looking at that kind of market where first time users like the tenants who have been probably thinking long term staying in this country,” he added.
This launch marks the developer’s third project in Dubai and second within Al Furjan’s master community. It follows the success of Symbolic Aura, which was sold out swiftly, and the ahead-of-schedule handover of their debut project Symbolic Alpha in Liwan which was delivered in just 14 months.
Located along Al Asayel Street in Al Furjan, the project features 82 units, offering 2.5-bedroom apartments and 3.5-bedroom garden residences. The homes are fully furnished, Vaastu-compliant and feature closed kitchen, en-suite bedrooms, panoramic balconies, and 12-foot ceilings. Strategically located just two minutes away from Discovery Gardens Metro Station, the development offers seamless access to Dubai Marina, Downtown Dubai, DIFC, Expo City, and major airports.
From a single hardware store in Deira, Speedex Group has now grown into a multidimensional enterprise. Its sustainability project, UNS Farms, specialises in vertical farming and produces fruit and vegetables. “Our initial foray into hardware and construction material retail has immensely helped us in our journey as a developer,” Moiz said. “We are looking at opening more farms, and catering to the concept of fresh from farm to table,” he added.
The Speedex Group MD does not see the current boom in Dubai ending anytime soon. “Corrections can happen. But that is not a downward trend. That is always part of the market trend. I don’t see the real estate, especially for Dubai, real estate going anywhere more than what the regular corrections can be. There is lot of room for growth, and the initiative that the government is bringing up and the kind of infrastructure that the government has provided for future projects, especially towards Dubai South, will continue to sustain the economy,” Moiz said.
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