wasl properties (wasl), a subsidiary of wasl Asset Management Group, announced the success of the company’s strategy of encouraging target groups, especially Emirati youth and small Arab families, to invest in real estate. wasl achieved its intended goals during the campaign with notable sales of its units at ‘The Nook’
wasl’s investment strategy — launched in October 2018— is tailored to encouraging the youth to save and invest in real estate to achieve balance between the fundamental necessities of life and investing in the future.
The strategy revealed the emergence of millennial investors in the Dubai real estate market who contributed to the success of wasl’s campaign through the unprecedented sales of studio apartments and one-bedroom units at ‘The Nook’. The company managed to also gain market insights that will enable it to focus on and target various segments of the society in the future to meet the significant demand from youth and small Arab families.
Zainab Mohammed, Chief Property Management and Marketing Officer at wasl properties, said: “One of the most important results we achieved was attracting this segment of the youth, especially locals, in a manner not experienced before and for them to understand the vision and the feasibility of investing in the real estate sector to secure their future. I am pleased to see them take such investment decisions at an early age as this will greatly benefit their families in particular and the society as a whole.”
The company organised a special sales day to maintain direct communication with investors and provide them with information and the overall benefits of the project. Buyers were keen to take advantage of the excellent deals announced by wasl, including offers on residential units with starting prices of AED 377,000 for studio apartments and AED 877,000 for three-bedroom units. Since the project’s launch, a total of 144 apartments were sold, including the full inventory of studios (21) and one-bedroom units (65). In addition, 46 two-bedroom apartments and 12 three-bedroom apartments were sold.
50% of the investors were in the 25 – 39 age group followed by 30% in their 40s and 50s. As for the nationalities of the investors, 50% were Emirati, 10% were Arab, and 40% were international.
This success of the sales launch is attributed to several factors, including the ability for investors to book their apartments for a down payment of 2% without the need to settle any registration fees. Additionally, government employees received an additional 2% off from the total unit value. Moreover, the project’s location on Sheikh Zayed Road, in proximity to Ibn Battuta Mall and Energy Metro Station, is another major attraction for investors.
The Nook is ideal for young people as it enjoys a prestigious location within wasl gate — the master development— offering a variety of recreational options that accommodate to their vibrant lifestyles and passion for exploration as well as being a conducive climate that inspires innovation and embraces entrepreneurial projects, ideas, and opportunities.
The project will also host a new mall by Al-Futtaim, one of the most diversified and progressive regional businesses in the Gulf, Festival Plaza — scheduled to be completed by Q4 2019, hosting Dubai’s second IKEA and ACE establishments — a number of restaurants, coffee shops, family entertainment and leisure outlets, and a new concept hypermarket.