Danube Properties, a leading UAE developer, on Tuesday launched its new freehold Mediterranean-themed residential project, Skyz Tower, with a development value of more than Dh475 million.
Prices
Located in the master-planned Arjan community, Skyz goes on sale from October 30.
| Home | Starting price |
|---|---|
| Studio | Dh399,000 |
| One-bedroom | Dh599,000 |
| Two-bedroom | Dh799,000 |
"Due to the sell-out of all of our previous projects, we were running out of stocks since the beginning of the year. This necessitated the launch of the new project," said Rizwan Sajan, founder and chairman of Danube Group.
Designed for End Users
"The payment plan for Skyz Tower is very attractive from the end-user point of view. For example, the buyer has to pay only Dh60,000 as a down payment for a one-bedroom apartment and a Dh24,000 registration fee. Then it's just one per cent per month. The payment plan has been designed keeping in mind that it doesn't hit the pocket of the end-users, who are mainly from the working class. They're our target customers and they happily pay this instalment every month because it falls within their budget," Sajan added.
With Skyz, Danube's development portfolio exceeds 7,000 units with a combined value of more than Dh5 billion. It is Danube's first launch since the Covid-19 pandemic, reflecting confidence in a market that is gradually recovering. Sajan said the real estate sector is back and off-plan property is in demand.
"Demand for affordable apartments is very strong because 85 per cent of expats here still stay in rented apartments. They are our main target market because everybody has a dream to own a house in Dubai. The majority of our customers have been end-users who were staying in rental apartments and wanted to shift to their own apartments," he said.
Who Is Buying
Sajan said Asians remain the dominant buyers, led by Chinese, Indian and Pakistani nationals, and that owning is better than renting now that rents in Dubai have started to rise.
"There are some investors from Europe as well. In fact, locals are also investing to earn rental income as rents have started to recover now. Outlook for the local property market is very strong for the next three to five years. The demand will pick up further, hence the prices, because a good number of high net worth individuals are relocating to the UAE," he said, adding that while some developed countries remain in lockdown, it is business as usual in Dubai and the UAE, which further reassures foreign investors.
