Emaar takes the lead in serviced residences

Dubai, UAE; March 12, 2008: Emaar Properties has taken the lead in the serviced residences sector, having recorded strong customer response to the recent sale of serviced apartments at Dubai Marina and Downtown Burj Dubai. The high customer interest highlights the emerging trend in the UAE property market in favour of serviced residences, also reflecting the boom of tourism within the bustling city. 

Recent customer response to the sale of a limited collection of luxury waterfront serviced apartments at the 38-storey Dubai Marina Mall Hotel & Serviced Residences was overwhelming. The sales event followed strong interest for serviced residences at the Dubai Mall Hotel & Serviced Residences within Downtown Burj Dubai. 

Mr Saif Al Mansoori, Sales Director, Emaar Properties, said: “In-bound tourism to the UAE is projected to grow at an average 7.2 per cent annually* with 14 million visitors expected by 2015. The growth in tourism has traditionally spurred demand for serviced residences, more so, given the growth of the Meetings, Incentives, Conference and Exhibition sector in Dubai. Serviced residences are thus preferred investment choices, signaling an emerging trend in the UAE property sector.”

He added: “Emaar has a strong component of serviced residences in Downtown Burj Dubai and Dubai Marina, both to be managed by renowned hospitality operators. By investing in serviced residences, customers enjoy the dual advantage of owning a home in a prime location in Dubai, and also earning rental yields, which are on the rise.”

The Dubai Marina Mall Hotel & Serviced Residences is part of the 150,000 sq m Dubai Marina Mall complex which also includes the Dubai Marina Mall Hotel; the Dubai Marina Mall - a modern shopping and entertainment destination; and an 8-storey tower dedicated to diverse cuisines. The Serviced Residences are located next to Marina Plaza, an innovative 28-storey boutique building offering freehold commercial property, offering exclusive and private access to Sheikh Zayed Road. 

The Dubai Mall Hotel & Serviced Residences are an integral component of The Dubai Mall, one of the world’s largest shopping and entertainment destinations, located within Downtown Burj Dubai. The exceptional location of the serviced residences enhances its increasing demand. Downtown Burj Dubai is a 500-acre mega project regarded as the new heart of the city, and has a thriving community life with homes at The Residences and The Old Town handed over to customers.