Danube Properties makes the latest changes to the project of a residential complex with a total value of AED1.5 billion. It will be the largest complex in Dubai today, where housing prices start at AED290,000 (US$79,000), and a three-room apartment can be bought for AED1.2 million (US$326,700).
The project, which includes more than 2,000 residential units, will be located in the
But the developer plans to launch the project, that is, to start
In fact, there is a debate going among the leading Dubai developers now: one side insists that all new launches should be frozen for 12 months or more, while the other side believes that business should be done as usual, and leave the final decision to the investors and home buyers themselves.
But Danube does not seem to be involved in this dispute, having its own point of view. “We would like to launch the project this year,” said Atif Rahman, director and partner of Danube Properties. “Yes, there is little time left until the end of the year, but we have almost completed all the formalities before launch. I would say that we are at 85% level of readiness."
And it seems that Danube has every reason for such confidence. The recent handover of The Glitz, another project by the developer, a low-rise cluster in Studio City, demonstrated that buyers are ready to help the market absorb everything that is for sale: the occupancy rate of this project by the time of completion was more than 90%.
Some local developers also held back sales until their project reaches 60-70% completion. They believe that buyers today are more likely to buy ready or almost ready units. But Danube rejects this strategy as well. “We recently launched the Waves project, and we managed to sell more than 90% of the apartments presented in a relatively short time,” Rahman shares his firm’s achievements.
Selling real estate at prices that the market considers affordable is the main concept of the company. The price of AED2,000,000 (US$544,500) for a studio is quite consistent with current average market rates, and moreover, Danube also supports its customers with unprecedented offers of 1% monthly payments.
Such a payment strategy allows Danube not to give it up to the extended payment plans for many years, as most developers have done over the past two years.
To always stay up to date with the latest analytics data and real estate prices in Dubai, subscribe to our newsletter using the form below. And in order to sell, lease or buy/ rent housing or commercial properties in Dubai, contact IMEX Real Estate. Our contacts:
Tel. in Dubai, UAE: +971 (50) 2528188 (Whatsapp, Viber, Telegram)
Toll Free Dubai: 800-IMEX (800-4639)
IMEX REAL ESTATE BROKER LLC, UAE
Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE