Dubai: Build, sell and then build some more – Dubai’s developers have stuck to this simple formula through every turn of the market cycle. Only rarely have they made a foray into creating rental properties, and mostly done by government-owned developers.
For a private developer to do so was unheard of. It’s a fact that the promoters of Ellington Properties – all of 18 months in existence – want to change. The developer, who wants to be seen as more of a boutique brand, is building a portfolio of freehold and leasehold projects. For the leasehold, it has acquired plots at Murjan (one of the clusters in Dubailand) and Jumeirah Village Circle.
So, what’s with the need to create rental properties and with the likelihood they might end up being a distraction?
According to Robert Booth, Managing Director of Ellington Properties, “The reality is we’ve done lots of market surveys, and it shows 80 per cent of the [Dubai] market are renters. It is one of the largest rental marketplaces in the world.
