Dubai-based real estate developer Pure Gold Living has revealed its plans for new residential projects in Dubai, with an investment of AED 300M. After successfully completing their first project, Pure Gold Living finished the AED 100M PG Upper House ahead of schedule. The upcoming projects in Al Furjan and Meydan will contribute to Pure Gold Living’s goal of creating a high-quality community that delivers value to its residents.
Karim Merchant, CEO of Pure Gold Living, expressed confidence that these ventures would continue to meet the expectations of discerning end-users.
“PG One Al Furjan, the first plot in this exciting community hence the name, will be located one minute from the Discovery Garden metro station. This residential tower will feature studios, 1-, 2- and 3-bedroom duplex apartments, each with its own pool. The building itself will also house the largest infinity pool in that part of Dubai, along with several other unique amenities that will be unveiled soon,” Merchant said.
Successful Completion of PG Upper House: Setting New Standards
Karim Merchant, CEO of Pure Gold Living, confirms that Pure Gold Living has handed over all 103 units of PG Upper House, including two retail outlets, to buyers ahead of the initial completion date of June 30. The residential development offers one-bedroom and one-bedroom plus study apartment options, designed to meet rigorous contemporary standards.
The starting prices for units at Pure Living’s first residential project begin at Dh699,000, which equates to approximately AED 950 per square foot. Notably, the prevailing market prices in the area, which have surpassed Dh1,000 per square foot, are higher compared to this price.
“By completing the project ahead of schedule, we have not only cemented our credibility in the market but also set a new standard in dependability and confidence,” said Merchant.
“These are the same values that have marked more than 30 years of success for our parent company, the renowned Pure Gold Jewellers. Pure Gold Living believes implicitly in making the buyer an integral part of the equation from start to finish and offering a relationship based on real time data, total transparency, and a reiterated promise of on time delivery with no hidden costs,” he added.
Key Findings in Dubai’s Real Estate Market
The Dubai real estate sector witnessed a post-pandemic recovery driven by pent-up demand and increased resident spending. Inflation concerns may impact sentiment, leading to price discovery and rent increases in 2023. Dubai’s occupancy averaged 72% in 2022, with a 22% year-on-year increase in average daily rates. Residential sales prices rose by 10% between Q3 2021 and Q3 2022, while rents increased by 21% during the same period. Office rents returned to pre-pandemic levels with a 12% increase. Retail and warehouse sectors also experienced growth.
The Economist Intelligence Unit (EIU) forecasts a 4.2% increase in total UAE retail sales volume in 2022, with an average sales growth of 3.9% expected between 2023 and 2026. Meanwhile, average warehouse rents have been on the rise as logistics companies maintain strong demand, and freight movements at Dubai International Airport (DXB) and Dubai World Central (DWC) have surpassed 2021 levels by 3% and 5%, respectively.
