Despite being considered a slow time for real estate sector, the summer of 2016 is witnessing abundant buying and selling action in the market. A number of developers have reported 100 percent sales of off stock in recently launched projects.
Dubai Properties Group’s development arm Dubai Properties recently announced that 100 units released in the first building of Bellevue Towers had been sold out and the booming sales had encouraged them to launch the second phase as well. Real estate agents dealing in the project revealed that prices of 1-, 2- and 3-bed apartments started at AED 1.20 million, AED 1.95 million and AED 2.95 million, respectively.
Bellevue Towers is located near the AED 1 billion-Marasi Business Bay and is expected to be completed in 2019.
Similarly, Danube Group’s subsidiary Danube Properties reported selling all units in its AED 300 million Glamz project in Al Furjan area. The project houses 418 apartments and we think that affordable prices and flexible payment plans were the main reasons behind the successful sales.
Danube Group Founder & Chairman Rizwan Sajan 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’.”
Master developer Damac Properties has not been far behind in terms of sales. The developer sold out all units in phase one of its project in Ghalia, which encouraged it to release additional units in the same area. The project is a 38-storey tower in Jumeirah Village and comprises 742 apartments with prices starting from AED 550,000.
According to a news source, Real Estate Regulatory Agency’s CEO Marwan bin Ghalita reportedly said that 38 new projects were launched in first quarter 2016 and some developers in Dubai were actually giving 100 percent construction guarantee on their project, which was the “ultimate guarantee” that any developer could give.