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Affordable properties did Danube good last year

Posted by Irish Manluctao on June 20, 2016
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Danube terms 2015 the year of affordable housing and convenient payment plans, intends to launch three to four projects annually

Dubai’s property market is all about affordability now and that is because demand is driven by genuine home buyers who plan on living in the units they purchase themselves. The real estate market is currently offering long-term investment prospects and the doubling of property registration fee is effectively keeping property flippers at bay. Amidst such trends, property developers offering affordable residential units are making good profits and the recent announcement by Danube Group is a clear evidence of that.

Danube Group said that it attained a turnover of AED 5.13 billion last year thanks to its plans of moving into mid-market residential projects and securing incremental gains in its core building materials. The increase in profits has led the company to announce an intention of launching three to four affordable residential projects annually. The company said plans of widening the building material stores network by another six new outlets were also on the table.

Danube Group Chairman Rizwan Sajan said, “We started the properties division with a clear focus on affordable housing segment. We identified the gap that existed in the market, which was too focused on luxury and super-luxury segments while the mid-income population was left untouched. They form a very high percentage of the local population and the majority of this population consider Dubai their home. They were waiting for the right opportunity to invest in real estate.”

“Without a doubt, 2015 was the year of affordable housing and convenient payment plans,” he said.

Needless to say, affordable housing is the talk of town in Dubai. More residents are reported to be looking for economical residential units on flexible payment plans to end their period of tenancy and become home owners once and for all.

Danube believes that if a project is being offered at the right price, with the right payment plan and at the right location, there would always be buyers in the market. Company’s first project, Dreamz by Danube in Al Furjan is also scheduled for delivery this year. The project offers 171 townhouses and is worth AED 500 million.

Construction work is also progressing seamlessly on the Glitz 1, 2 and 3 projects and the Starz Tower development. Recently, the developer launched a new AED 300 million Glamz Residence in the Al Furjan area near Discovery Gardens. The project will have 418 studio, 1- and 2- bedroom apartments.