Seven Tides has announced that it has sold 260 apartments within its Se7en Residences the Palm development.
Russian, UK and Brazilian investors having bought over 38 per cent of the project to date.
Construction work on the project – which is Seven Tides’ third project on Palm Jumeirah – started in September last year, with completion due during quarter four of 2020.
Russian nationals have been the top investors by volume, buying 45 units (17 per cent), while UK investors acquired 32 units (12 per cent) closely followed by Brazilian investors who snapped up 24 apartments (nine per cent).
Other notable investors came from Germany (eight per cent), Poland (seven per cent) and Belgium (five per cent).
Interestingly, Russian and Brazilian investors have snapped up over 26 per cent of the project to date – enticed by the luxury lifestyle and growing work opportunities, the UAE now has an estimated population of around 18,000 Russian expatriates and more than 55,000 Russian speakers from CIS countries.
Meanwhile, the UAE is home to the third largest community of Brazilians in the Middle East.
In all, investors came from 14 different countries, including Pakistan, Algeria, Canada, Kazakhstan, Ukraine, Austria, Greece and India.
Abdulla bin Sulayem, chief executive, Seven Tides, said: “The nationality of investors in our Se7en brand developments, and in particular our Se7en Residences the Palm project, has been one of the most diverse that we have witnessed in recent years.
“Despite the tough trading conditions that many developers have been facing over recent months, Se7en Residences the Palm remains a very attractive investment opportunity for investors from across the globe.
“This underscores the point that if you offer a compelling proposition, based on ROI, location and quality, they will invest irrespective of prevailing market sentiment.”
The 14-storey two tower complex, joined at the top by stunning infinity pool, is located next to Seven Tides’ second development on Palm Jumeirah, Dukes the Palm, a Royal Hideaway Hotel.
“Providing views over the Dubai Marina skyline, the development also features two restaurants either side of the pool, a fully equipped gymnasium, direct beach access and various retail outlets including a gourmet grocery store, laundry services and a pharmacy – to name but a few.”