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Dubai developers selling out projects thick and fast

Posted by Irish Manluctao on July 12, 2016
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38 new projects were launched in first quarter 2016

Contrary to the belief of the summer month slowing down real estate sales in Dubai, three developers have said that they have sold out their projects or their inventory at the launch date.

Dubai Properties, the development arm of Dubai Properties Group, has claimed that 100 units released in the first building of Bellevue Towers has been sold out following which it has launched the second phase of sales.

The prices of one-, two- and three-bed units start at Dh1.20 million, Dh1.95 million and Dh2.95 million, respectively, real estate agents told Emirates 24|7.

Bellevue Towers is close Dh1-billion Marasi Business Bay and with the scheduled completion date being 2019.

Similarly, Danube Properties, a part of Danube Group, said all units in its Dh300 million Glamz in Al Furjan area project have been sold. The project houses 418 apartments.

Rizwan Sajan, Founder & Chairman, Danube Group said: “The launch of Glamz was quite interesting, as we had made an assumption based on home- buyers’ feedback and backed our innovative ‘convert part of the living room into a bedroom’ concept’.”

Maintaining its launch drive, Damac Properties released a limited number of units in Ghalia following the sell-out of phase one.

The 38-storey tower in Jumeirah Village comprises 742 keys with prices starting at Dh550,000.

Construction is already underway on the Sharia-compliant serviced hotel apartment project, which will be operated by Damac Hotels & Resorts, the hospitality arm of Damac Properties.

In fact, Real Estate Regulatory Agency’s CEO Marwan bin Ghalita told Emirates 24|7 in April said that 38 new projects were launched in first quarter 2016.

He asserted that “some” developers in Dubai were giving 100 per cent construction guarantee, which was the “ultimate guarantee” that any developer could give.

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