Private developer Danube Properties, based in Dubai, reported that its most recent Dh550 million project, Elitz, had sold out at the time of launch, indicating that demand for the cheap segment is still high in the city.
The project will be built on a 36,930-square-foot plot of land at Jumeirah Village Circle and have a 695,000-square-foot built-up area. 268 studios, 203 one-bedroom apartments, 65 two-bedroom apartments, 13 three-bedroom apartments, and four duplexes will be delivered. A podium complex that includes 284 retail spaces, community facilities, and parking connects the twin-tower structure.
Investors, purchasers, and brokers rushed to the project, whose completion was scheduled for the fourth quarter of 2025.
“The real estate market in Dubai has come out of age and has demonstrated resilience by registering growth amid the biggest pandemic in human history, by recording Dh300 billion sales and mortgage transactions last year, which is definitely going to be broken this year to create a new record,” said Rizwan Sajan, founder, and chairman of Danube Group.
“For Danube Properties, 2022 is going to be a record year for us when we launched six sold-out projects –consecutively, this reflects the buoyancy in the market and strong investor interest in quality homes,” said Sajan.
“As we close 2022, we look forward to a new year with renewed hope of delivering some more landmark projects while delivering the under-construction projects to take the real estate market to the next level.”
It also offers home-office options for two-bedroom apartments, enabling families to handle work from home, which has become popular since the Covid-19 outbreak, by turning a portion of the open space into a co-working space. Nowadays, most businesses allow employees to work remotely, which saves time, reduces traffic on the streets, and boosts productivity. Additionally, it provides a better work-life balance.
The developer has so far delivered 4,556 units with a combined sales value of Dh3.63 billion, or more than half of the total portfolio value, out of a total of 8,779 units with a portfolio value of over Dh6.75 billion.