Dubai developer Danube Properties recorded 78.5% growth in residential unit sales last year, it announced on Wednesday.
2018 Results
The company sold 1,869 homes, 89 ready-to-move-in units and 1,780 off-plan properties, with sales value up 19.26% to Dhs978m, compared with Dhs820m from 1,047 units in 2017.
| Indicator | 2018 | 2017 |
|---|---|---|
| Homes sold | 1,869 | 1,047 |
| Sales value | Dhs978m | Dhs820m |
| Off-plan market share | 10.6% | 5% |
| Headcount | 220 | 151 |
Danube said it has awarded Dhs1.6bn in construction contracts for 10 of its 12 projects. In 2018, it completed 358 homes and awarded contracts for 926, with 1,339 units at tender stage and a further 17% at design stage.
Focused on Affordable Housing
Atif Rahman, director and partner of Danube Properties, attributed the growth to the company's focus on affordable housing. "Our consumer sensitive business approach is paying off. These results show that if you have the right properties at the right location and are offered at the right price with the most competitive payment plan, customers will buy them."
Part of Danube Group, Danube Properties launched in June 2014 with the Dhs500m Al Furjan project, and its development portfolio now comprises 3,680 units worth more than Dhs3.14bn.
Rizwan Sajan, founder and chairman of Danube Group, said: "We see strong growth opportunities, and we remain fully committed to the local economy and the real estate sector with more project launches as we move forward."
Dubai's property market has been in a slump for several years, with analysts expecting prices to fall further this year, mainly because of oversupply and tough economic conditions.
