Young people targeted in new Dubai property initiative

21/05/2012 - Dubai Property News Posted by Neil King
Young people targeted in new Dubai property initiative

Younger people are at the heart of a new development, which aims to create opportunities for property investment in Dubai for first and second-jobbers and similar new generation owner-occupiers.Nakheel - an organisation that once aimed all its schemes at premiership footballers and the ultra-wealthy - has stated it wants to make apartments and houses on The Palm - one of the most exclusive parts of town - available to customers in a different league to its usual clientele.The developer has announced its plans to build a 192-studio apartment complex on the artificial peninsula, with the first residents expected to receive their keys in the first quarter of 2014.These plush flats will be located in the marina area of The Palm overlooking the sought-after Jumeirah Beach Residence - a hotspot for affluent families and professionals in the emirate.Nakheel has revealed that the complex will be christened Palm Views East and West, with studio apartments expected to sell as attractive pied-a-terres priced at AED 1 million (£172,145) per unit.Chairman Ali Rashid Lootah said: "We identified a segment where we think there's going to be a demand. Young people want to live on The Palm and at the moment a lot of them are sharing. It's not a question of affordability but dealing with all segments of different people."Nakheel hopes seasoned buyers, who have a portfolio of property investment acquisitions in Dubai will procure the studio flats and rent them to young people.Tenants in Dubai currently have a wealth of choice, but the opportunity to live on The Palm may be too good to pass up, as such an address may have been out of some young persons' reaches up until now.In addition to apartments, the ground floor of the Palm Views East and West will include retail and food outlets, making a commercial hub for its residents, in addition to it just being a base from which to explore other parts of the city.