Why is it significant that City Walk presents the first freehold opportunity for expats?
It’s significant because until now Jumeirah has traditionally only been open to GCC buyers. However, the area has always been a popular neighbourhood for expats and historically they have had to paid premium rents to live there. With City Walk designed as a freehold project in the midst of Jumeirah, it allows expats to move from renting to purchasing, and in a community that’s already very familiar to them.
How will it impact future developments in popular residential areas like Jumeirah?
There is an emerging trend that we are seeing whereby some developers are moving away from mega-structures where cars are essential, to more pedestrianised, urban communities which align with a high-end European lifestyle. These developments are typically low-rise and promote more intimate and small-scale shopping, grocery and street retail experiences, which are growing in popularity.
Is this the start of the end of areas dedicated solely to GCC investors?
No – we think there will always be areas that are solely open to GCC or UAE Nationals, but this move definitely points to a loosening of the restrictions for expat buyers – in reaction to the great demand for freehold properties.
The architectural design is similar to Canary Wharf or Westfield shopping mall, London. Why is this type of development attractive in Dubai?
City Walk is offering something completely new in Dubai. It’s moving away from the high-rises to a more human-scale, livable development, with street retail. There is a real community feel at City Walk, it’s very much pedestrian-friendly and synonymous with the traditional High Street developments seen in Europe.
How will City Walk set future trends for other developers here?
I think developers will have to be more creative going forward in terms of architectural concepts and they will really need to think carefully about the living experience that the buyer is going to get once the project is complete. It’s not just about the interiors of the apartment, but also the features and benefits they get from being part of the neighbourhood they’re buying into.
Talk us through the apartments at City Walk…
For the most part they are open-plan apartments, with one-beds around 1,000 to 1,250 square feet and three-beds topping 2,200 to 2,2450 square feet. In addition to en-suite bathrooms for every bedroom, there is also a powder room. In all two- and three- bedroom apartments there are separate maid’s quarters with direct access to the hallway for convenience. They are fitted with SieMatic kitchens and Parador wood flooring throughout, for a modern living experience.
What kind of buyer will be attracted to City Walk?
The apartments are targeted at end-users who are familiar with the Jumeirah area, who want to be in an integrated community where they can enjoy the benefits of having retail, food and beverage and entertainment facilities in close proximity to where they live. It’s also attracting buyers who want to be centrally located with fantastic connectivity to the major road networks, CBDs and to the beach.
One-bedroom: from AED 1.75 million
Two-bedroom: from AED 2.9 million
Three-bedroom: from AED 4 million