Europeans invested €12 million in Oceana Residence in January (UAE)

Europeans from Britain, Russia, Holland and Belgium, invested AED 60 million (approx. €12 mln.) in January, as sales of apartments at the luxurious Oceana Residence, averaged almost one per day during the first month of 2010.

"We have had a very busy January," said Ian Hollingdale, Head of Project for leading 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% of our sales, with the French, Dutch and Belgians making up the bulk of the rest."

The fully-furnished show homes were only 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. Of course some owners will rent out their apartments when they are not in use, but the buyers' sentiment has changed and by modifying our marketing strategy, we have successfully managed to appeal to that profile," he added.

The Oceana Residence apartments, developed by independent United Arab Emirates holding company Seven Tides, are competitively priced from between AED1.8 million for a 1,237 ft² one-bedroom apartment and AED3.7 million for a three-bedroom 2,239 ft² 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 AED 160,000 for one bedroom apartments up to AED 230,000 for a three bedroom apartment," said Hollingdale.

Located on the trunk of Palm Jumeirah the Oceana Residence comprises spacious apartments, high quality finishes and panoramic views over the private gardens and beach and beyond to the adjacent marina and Palm Jumeriah.

Nearing completion, the resort includes a private infinity pool, lazy river and beach, 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.

Source: Shamal Marketing

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