Chance to own a custom-built home sparks rush for land plots

Even as the ongoing decline in Dubai's property values continues to attract a slew of buyers and investors to its market for luxury property, developers have hit upon a novel idea to attract more customers to their projects while simultaneously leveraging the city's unique demographic profile that is a mixture of several diverse communities.

In a new trend aimed at capturing the expanding diversity in the city's resident and investor profile, many developers here are now offering customers plots of land with the added convenience of the customized construction of residential units as per buyer preferences in addition to interior solutions, amenities and specific service preferences.

Already popular with a growing list of developers who are now flaunting such customized residential options, the trend first gained prominence when builders began the sale of plots located within planned communities like Emirates Hills, which is today among the most sought-after residential communities in the city.

Taking the cue, other mega residential projects such as Dubai Hills and Pearl Jumeirah have also followed suit since and now consider significant customer inputs and preferences prior to project completion.

Several high profile residential areas such as the Palm Jumeirah, which attracts a steady stream of investors to its exclusive luxury property units have also opened up plots for sale that allow elite buyers and investors to customize their purchase, albeit in sync with certain construction guidelines.

Not surprisingly an increasing number of buyers are now looking into plot purchase options in Dubai, excited by the opportunity of designing their home and interiors as per their specific requirements. According to industry experts, many high networth individuals and foreign expat professionals based here have shown a marked preference for such purchases which allow them to complete freedom in terms of home design and customization.

Upping the ante, many of these gated residential communities are now also offering customers the opportunity to opt for custom villa layouts which includes completely customisable kitchens and living spaces.

Alternately customers can also choose to design their own dream homes and add features like an infinity pool, play areas, gazebos, grilling stations and more, subject to certain guidelines and Dubai Municipality approvals. Others have leveraged technology upgrades to offer customers options for smart home designs with automated systems that ensure a comfortable and contemporary lifestyle.

Residential plots with custom-designed villas are also a more favourable option due to the relatively lower maintenance and service charges as compared to those attached with luxury apartments.

While the chance to own a customized home is a key factor, the long term benefits of owning a plot of land in terms of its stability and long-term investment value is also responsible for driving individual buyers into buying land.

However there are limitations on areas where buyers can purchase freehold land to develop villa properties, with a major chunk of such land available only within master-planned communities that also offer a complete range of services that cater to the needs of their residents.

It is this combination of customized homes and essential services on call that is responsible for a slew of Dubai' seasoned property investors continued preference for buying freehold property in the city's many upmarket residential and commercial areas.

Dubai's residential property values have shed most of the premium they had put on at the peak of the upturn in June 2014, with average prices now hovering to what they were during January last year.

With the option of buying residential plots now gaining currency among buyers, Dubai is slowly but surely expanding the scope for investment within its real estate sector by wooing a variety of investors and potential buyers looking for customisable luxury real estate options in a comfortable investment climate.