Seven Tides’ rent-free periods pay dividends

Seven Tides’ rent-free periods pay dividends

Luxury residential and hospitality property developer Seven Tides has announced that its competitive pricing strategy, has paid off with occupancy in their developments in Discovery Gardens (DG) and The Residences at Ibn Battuta Gate (RIBG), running at over 97%.

Seven Tides first introduced its ‘free rent’ promotion in November 2020, as the Dubai economy was steadily recovering in the wake of the pandemic. It was reintroduced in Q1 of this year and that decision has paid off handsomely. At the end of July this year, Seven Tides’ developments in DG and RIBG recorded 97% and 97.2% occupancy respectively.

Over the 12 months to the end of July 2022, 655 new leases were approved, 521 were renewed and 280 tenants vacated their apartments. It was a similar picture at RIBG, with 74 new tenants, 47 tenants renewed and 28 vacated.

In Discovery Gardens, new tenants can secure a one-bedroom apartment with balcony for just AED 52,500 spread over 13 months, inclusive of chiller fees. Seven Tides owns ten buildings within the community, with a total inventory of 1,528 apartments in a contemporary residential setting, offering a cosmopolitan style of living. It is ideally located, with its own Metro station and easy access to JLT