Demand for affordable property in Dubai remains strong, with Danube Properties' latest Dh350 million project, Gemz, selling out within a few hours of its launch to end users and brokers.
"This demonstrates the buyers' confidence in Danube Properties – as we continue to deliver on our promise to a growing number of UAE residents who are our biggest strength and inspiration," said Rizwan Sajan, founder and chairman of Danube Group.
It is the developer's third project launched and sold out within eight months, reflecting positive market sentiment and more buyers entering the market.
Buying to Save on Rent
As Khaleej Times has reported, expatriates planning to stay long term are increasingly buying their own homes to save on rent. Industry executives and analysts say the trend is strongest among salaried residents in their 20s, 30s and 40s who are investing to hedge against inflation. Read our guide to renting vs buying in Dubai.
Danube Properties said it has delivered 11 of the 17 projects announced so far. "In terms of the number of units – we have so far delivered 4,556 units out of 8,272 units sold out. In terms of value, we have delivered Dh3.63 billion worth of homes to our happy customers, out of the total development value of Dh5.65 billion," Sajan added.
He said Danube will start processing long-term residency and Golden Visas for investors meeting the Dh2 million, Dh5 million and Dh10 million thresholds from September 2022, when the process begins.
About Gemz
With a built-up area of 530,000 sq ft on a 101,000 sq ft plot, the 14-storey project has 270 apartments: 24 studios, 74 one-bedroom, 114 two-bedroom and 42 three-bedroom apartments, plus 16 duplexes.
Source: Khaleej Times
