The UAE-based real estate investment company Emaar has released its Park Ridge apartments plan that will combine home and office features for the price of one.
Last year, Abu Dhabi announced that startups can have the flexibility of operating from their homes for a fixed period.
“More resi-office combos will be brought to market by developers if the concept clicks,” said Sameer Lakhani, Managing Director at Global Capital Partners. “Pricing will be the key point, because buyers for these homes will typically be keen on getting the business license as well, which means they don’t have to pay for office premises. The ideal pricing could be between Dh1 million to Dh1.5 million.”
These “home offices” will mostly attract end-user buyers who can still rent out their residencies. Dubai already had “flexi-offices” and accompanying visas at its free zones, but developers are now marrying that to a residential concept.
Emaar and Nshama have also launched a coworking concept at their Dubai Hills and Town Square developments in an effort to hop onto the successful market.
JLL revealed that coworking and serviced office projects rose from just 10 in 2010 to 70 in 2018 in the UAE.
The UAE authorities have begun introducing and updating initiatives to boost certain sectors of the economy, including real estate.
Craig Plumb, Head of Research at JLL’s Middle East and North Africa operations, says that 2019 prospects depend on how quickly these initiatives, such as the flexible visa requirements, will take to drive demand.