Europeans Invest $16.3 Million in Oceana in January

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(DUBAI, UAE) -- The month of January was spectacular for sales at the luxury Ocean Residences as Europeans from Britain, Russia, Holland, France, and Belgium, invested a total of $16.3 million. Apartments were bought at the average rate of almost one per day.

"We have had a very busy January," said Ian Hollingdale, Head of Project for property management company Asteco.  According to Hollingdale, half of the investors are British, one quarter are Russians, and the final quarter includes French, Dutch, and Belgian buyers.

Oceana Residence is an exclusive gated community of one, two, and three bedroom apartments on the trunk of Palm Jumeirah. "A trend we have noticed is the shift in the motivation of the buyers", Hollingdale said. "Prior to the downturn, many sales were made to investors who were primarily using their purchase as an investment vehicle." Today it is different. "Now investors are also end-users, buying into a family-focused resort lifestyle."

The Oceana Residence apartments were developed by independent UAE holding company Seven Tides. Princes range from $490,000 for a 1,237 square foot one-bedroom apartment to  $1 million for a three-bedroom 2,239 square foot apartment.

Those who can't afford to buy are waiting to rent the resort apartments. "We actually have a waiting list. Owners wishing to rent their properties will find no shortage of tenants, with prices starting from $43,600  for one bedroom apartments up to $ 62,700 for a three bedroom apartment," said Hollingdale. In the UAE rents are paid annually, so the prices translate to $3,633 to $5,225 per month.

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