Ithra Dubai’s Ei8hty Ei8ht, located in Dubai Silicon Oasis, is now fully occupied with all residential units being let. Ithra Dubai, is a real-estate company wholly owned by Investments Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai.
The project is an innovative residential development that focuses on clean lines and elegant modern design that follows the principles of minimalism. The exterior makes ample use of open spaces and glass for natural light to streak in. The open spaces incorporate children’s playgrounds, added to it are amenities such as abundant parking, a swimming pool and gym as well.
Issam Galadari, Chief Executive Officer and Board Member at Ithra Dubai, in a statement, confirmed that all 88 residential units were rented out in less than four weeks after being introduced to the market.
He added: “Despite the quiet rental market in Dubai, we have not seen any difficulty in renting out and we felt that rates, services, facilities, living environment, and the special building location have all added value to the tenant who lost no time to rent from us and perfectly took advantage of the situation.”
In the meanwhile, things are looking good for Dubai’s rental market, according to a recently published report by real estate listings portal Property Finder. The report stated that despite the sales prices and rents softening in the first half of this year, properties in UAE continued to provide high rental yields with properties in Dubai consistently offering more than 7% rental yields on average, which, according to the report, compares favourably with other major cities. Average rental yields in New York stand at 2.9%, London 2.7%, Singapore 2.5%and Hong Kong 2.4%.