Tilal Al Ghaf, one of the newest residential communities in Dubai which began handing over its first units at the start of this year, has become a hot commodity amongst both property investors and end-users over the past few months. Luxury Property, an award-winning luxury brokerage based in Dubai, recorded two sales within Tilal Al Ghaf’s Harmony neighborhood last month and has set a new pricing benchmark there.
Sadaf Madani, Private Client Advisor and specialist in Tilal Al Ghaf, was responsible for both sales. Anactive presence in the community for some time, Sadaf has been cultivating relationships with owners who had bought units during the construction phase. Many of those owners are now looking to turn a profit on their investment.
“There has been significant price appreciation in Tilal Al Ghaf over the first quarter of the year,” according to Sadaf. “I had a corner unit in Harmony that had been fully upgraded by the owner. It sold for 55% above the average asking price at the time, and that has now become the average starting price in the community. As a result, my second sale in Harmony was also at that price point.”
The former of the two villas was listed with Luxury Property exclusively, after the owner had a string of bad experiences with other agents who overpromised and underdelivered. Sadaf was able to secure the listing and to close a sale that exceeded expectations.
According to Sadaf, there has been a noticeable influx of realtors operating in Tilal Al Ghaf over the past 6 months. “The community has gotten very competitive now because of its value proposition,” says Sadaf. “Tilal Al Ghaf offers a great location in the city, good sizes, and a fantastic set of amenities. With villas being in short supply, a new community that is handing over immediately becomes a point of interest.”
Mark Castley, CEO of Luxury Property, sees this as an opportunity for the best agents to stand out. “In a market that is as active as Tilal Al Ghaf, brokers will need to demonstrate their expertise and to deliver tangible results. This is not a space where you can afford to lead clients on for nothing – someone else will come along and close the deal instead.”
On that note, Mark also cautions homeowners about who they list with. “When a community is popular, every broker in the city wants a piece of the action. Property owners need to take a look at an agent’s credentials and their knowledge of the market – the right person will give you a realistic outlook instead of just telling you what you want to hear.”
Tilal Al Ghaf is the flagship project of Majid Al Futtaim Properties, the real estate division of leading retail and leisure developer Majid Al Futtaim Group. Tilal Al Ghaf is a low-rise community of single-family homes – primarily villas and townhouses – that are set in an open green space and surround a man-made body of water known as the Lagoon Al Ghaf. Originally announced in 2018, it drew a fresh wave of interest in a post-Covid market and has now quickly become a property hotspot in the city.
Media ContactCompany Name: Luxury PropertyContact Person: Arpan GhoshEmail: Send EmailCountry: United Arab EmiratesWebsite: https://www.luxuryproperty.ae/
