{"id":26966,"date":"2019-07-09T09:30:18","date_gmt":"2019-07-09T05:30:18","guid":{"rendered":"https:\/\/www.propertyfinder.ae\/blog\/?p=26966"},"modified":"2023-07-11T12:00:30","modified_gmt":"2023-07-11T08:00:30","slug":"co-living-projects-gain-popularity-in-dubai","status":"publish","type":"post","link":"https:\/\/www.propertyfinder.ae\/blog\/co-living-projects-gain-popularity-in-dubai\/","title":{"rendered":"Co-living projects gain popularity in Dubai"},"content":{"rendered":"<h2 class=\"wp-block-heading\">It&rsquo;s popular with millennials as they want to be part of a community, yet have their own personal space <\/h2><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><figure class=\"wp-block-image\"><img decoding=\"async\" width=\"800\" height=\"515\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2019\/07\/PR_Blog_Co-Living-Spaces_EN-800x515.jpg\" alt=\"\" class=\"wp-image-26969\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2019\/07\/PR_Blog_Co-Living-Spaces_EN-800x515.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2019\/07\/PR_Blog_Co-Living-Spaces_EN-400x257.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2019\/07\/PR_Blog_Co-Living-Spaces_EN.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption>While residents live in private apartments within a co-living project, they come together in shared vibrant common spaces to socialise and interact.<\/figcaption><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><p>Co-living projects, a relatively new concept in the Dubai real estate market, are seeing good buyer demand, according to the Research &amp; Data Team at Property Finder.<\/p><p>Responding to the\ncrowded market, developers in Dubai have launched co-living projects to cater\nto young professionals and millennials.<\/p><p>This new affordable\nasset class in real estate presents an opportunity for investors and aspiring\nhomeowners.<\/p><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>We have started and will continue to see this trend grow here. Not only is it affordable, but it&rsquo;s also popular with millennials as they want to be part of a community, yet have their own personal space <\/p><cite>Lynnette Abad, Director of Research &amp; Data, Property Finder <\/cite><\/blockquote><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><p>Emaar\nprojects Collective, Collective 2.0 and Socio at Dubai Hills Estate (in\n<a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/mohammed-bin-rashid-city\" title=\"Mohammed Bin Rashid City\" data-wpil-keyword-link=\"linked\" target=\"_blank\">Mohammed Bin Rashid City<\/a>) account for most sales in the co-living segment. UNA,\ndeveloped by Nshama at <a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/town-square\" title=\"Town Square\" data-wpil-keyword-link=\"linked\" target=\"_blank\">Town Square<\/a>, is also a co-living and co-working project\nfeaturing 192 studios and 764 1-bedroom apartments. KOA&rsquo;s Canvas project off\nMohammad Bin Zayed Road is also targeted at millennials.<\/p><p>The co-living phenomenon\nshould not be confused with sharing rooms, a practice that is not legal in the\nUAE. While\nresidents live in private apartments within a co-living project, they come\ntogether in shared vibrant common\nspaces to socialise and interact. Co-living projects are ideal for small\nbusiness owners and entrepreneurs who can work in the common areas and meet\nwith like-minded people, thereby promoting an entrepreneurial vibe.<\/p><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>We have also seen some creative schemes with Emaar and DMCC offering a trade licence and residency with a unit within a co-living project. This is an excellent incentive for those with small, home-based businesses or freelancers <\/p><cite>Lynnette Abad, Director of Research and Data, Property Finder<\/cite><\/blockquote><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h2 class=\"wp-block-heading\"><strong>How much does it cost to buy<\/strong><\/h2><p>In\nterms of sales price, Nshama&rsquo;s UNA is priced most competitively among co-living\nprojects, with a studio costing around AED450,000 to buy. In comparison, a\nstudio at Collective is priced at approximately AED680,000.<\/p><p>For a\n1-bedroom apartment, the price is most competitive at UNA again (AED558,000),\nfollowed by Socio at AED673,000 and Collective at around AED700,000. A\n1-bedroom in KOA&rsquo;s Canvas is more expensive at AED982,000. The 2-bedroom\napartments in all these co-living projects are priced at around AED1 million,\nwith Canvas bearing a higher price tag of AED2.75 million.<\/p><p>Although\nall co-living projects in Dubai are currently under construction, these units,\nonce ready, are likely to be cheaper to rent than a regular apartment. This is\nthe trend in bigger cities where co-living spaces offer a significant discount\ncompared to regular apartments.&nbsp;&nbsp;&nbsp;&nbsp;<\/p><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h2 class=\"wp-block-heading\"><strong>Transactional volume<\/strong><\/h2><p>In\nterms of registered transactions, Emaar&rsquo;s Collective has seen 372 deals in\ntotal since launch, Socio is at 200, Collective 2.0 is at 135, KOA&rsquo;s Canvas is\nat 7 and Nshama&rsquo;s UNA is at 183.<\/p><p>In total,\nDubai has seen 902 registered transactions (both <a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/new-projects\" target=\"_blank\" title=\"off-plan\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"23\">off-plan<\/a> and secondary) for\nco-living spaces to date.<\/p><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><hr class=\"wp-block-separator\">\n","protected":false},"excerpt":{"rendered":"<p>It&rsquo;s popular with millennials as they want to be part of a community, yet have their own personal space Co-living projects, a relatively new concept in the Dubai real estate market, are seeing good buyer demand, according to the Research &amp; Data Team at Property Finder. Responding to the crowded market, developers in Dubai have&#8230;<\/p>\n","protected":false},"author":30203,"featured_media":26969,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[511],"tags":[],"class_list":["post-26966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-guide"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.0 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Co-living projects gain popularity in Dubai - Property Finder Blog UAE<\/title>\n<meta name=\"description\" content=\"It\u2019s popular with millennials as they want to be part of a community, yet have their own personal space While residents live in private apartments within\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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